Abstract Purpose The singularity of being the first Chinese manufacturer of drug-eluting stents to arrive in Brazil and the country being selected as the company's first experience outside its home country motivated the interest in the study of this case, vis-à-vis with the characteristic of internationalization medical device companies according to the Uppsala model. Considering this context, the following research question was outlined: “How did Microport internationalize before the distribution of its stents product in Brazil?” The aim of the study is to investigate Microport's internationalization process for the distribution of its drug-eluting stents in Brazil. Design/methodology/approach Exploratory research under the qualitative method was adopted. It chose the single case study as a procedure for data collection, as it is a revealing, exemplary subject that offers opportunities for access to unusual research. The company MicroPort was chosen because in the period when Chinese medical device companies were focused on gaining market share in China, MicroPort began its international expansion, choosing Brazil as the first country to have its own subsidiary. It consists in the case of the internationalization of a high-tech EMNE in an emerging country that has institutional and cultural differences. Findings Taking advantage of new technology in highly internationalized environments favors its insertion; the internationalization of medical technology can expand according to the Uppsala Model, which does not explain internationalization, but rather its evolution. Cultural and behavioral issues reinforce that the development of the market for medical devices depends on local perspectives and values. The formation of an ecosystem in the local market for internationalization is observed. One implication of the study is that MicroPort's experience and the application of the Uppsala model for international expansion can serve as an important learning experience for Brazilian multinational companies. Research limitations/implications Empirical analysis carried out in the context of a single company. Although the results can be used as lessons learned from the application of the Uppsala model for international expansion of EMNE in an emerging market, caution should be exercised when generalizing its findings. Future studies could carry out comparative cases considering other emerging multinational companies, from the same sector or even from different industries, investing in other emerging markets. There is a limitation of the fact that the case studied does not explore the concepts of the later stages of the Uppsala model. Practical implications High-tech EMNEs internationalizing in other markets need to adopt aggressive strategies. The need to adopt different strategies for supply chain operations according to the specificities of the markets in which they operate. Important contributions to the Uppsala model, with regard to the process of passing stages, learning and networking. The findings of this study have similarities to the process described as a sequence of distinct phases of activities. Social implications A local top management team is essential to deal with institutional issues of government agencies when EMNE is internationalized in a culturally distant market. When there are major institutional differences between the country of origin and the host country, the autonomy in the management of the foreign subsidiary positively influences the acceleration of the internationalization process of companies in the high-tech sector. When there are major institutional differences between the country of origin and the country of destination, the use of local social networks positively influences the acceleration of the internationalization process of companies in the high-technology sector. Originality/value Regardless of these limitations, the study provided an exciting case of internationalization of a Chinese company in Brazil operating in a high-tech medical sector. The challenges for the internationalization of EMNEs continue, which makes it opportune for future studies to include more research in this area. The propositions suggested in the study may be the first step.

RESUMO Contexto: projetos de infraestrutura pressupõem o uso de capital intensivo e a participação de diversos atores, onde o ambiente institucional influencia seus respectivos arranjos contratuais. Um instrumento financeiro para a governança é a utilização do seguro garantia (SG) cuja finalidade é garantir o cumprimento do objeto contratado. Entretanto, ainda são incipientes pesquisas que envolvam o uso do SG no contexto de países emergentes como o Brasil. Objetivo: com o objetivo de compreender o uso do SG no Brasil e propor um modelo conceitual de análise das transações, este artigo contribui para a literatura ao investigar a relação entre os atores e transações envolvidos no SG utilizando as perspectivas da teoria de custos de transação da teoria da agência. Métodos: adotou-se metodologia qualitativa com dados primários provenientes de 10 entrevistas em profundidade semiestruturadas junto a profissionais do mercado com notória experiência em SG, e como dados secundários, debate e palestra específicas sobre o tema envolvendo a realidade e o uso do SG. Resultados: os resultados indicam que os problemas de agência e os elevados custos de transação presentes no Brasil impedem o desenvolvimento desse mercado de cobertura de riscos, ensejando políticas públicas direcionadas. Conclusão: o modelo conceitual proposto traduz as várias transações específicas no uso do SG, os fenômenos subjacentes e a comprovação de proposições relacionadas às falhas de mercado e à influência do ambiente institucional.

ABSTRACT Context: infrastructure projects assume the use of intensive capital and the participation of several actors, where the institutional environment influences their respective contractual arrangements. A financial instrument for project governance is surety bond (SB), whose purpose is to ensure compliance with the contracted object. However, research involving SB in the context of emerging countries such as Brazil is still incipient. Objective: this study aims to understand the use of SB in Brazil and proposes a conceptual model for analyzing transactions. It contributes to the literature by investigating the relationship between the actors and transactions involved in SB using the transaction costs theory and agency theory perspectives. Methods: this study adopts a qualitative methodology using primary data collected with 10 in-depth semi-structured interviews with market professionals with substantial experience in SB. In addition, it uses secondary data based on debate and a specific lecture on the topic involving the reality and the use of SB. Results: the findings indicate that the agency problem and the high transaction costs in Brazil prevent the development of this risk coverage market, giving rise to targeted public policies. Conclusion: the proposed conceptual model reflects the various specific transactions in the use of SB, the underlying phenomena and the validation of propositions related to market failures, and the institutional environment’s influence.

RESUMO A sobrevivência da subsidiária é um importante indicador de sucesso de investimentos estrangeiros. Pesquisas dedicadas a abordagens institucionais foram realizadas nesse sentido, mas geralmente restritas a um número limitado de distâncias transnacionais. Esta pesquisa examina o impacto de nove distâncias transnacionais e da experiência local na sobrevivência da subsidiária estrangeira. Além disso, testamos os efeitos moderadores da experiência local na distância transnacional para analisar capacidade moderadora para redução das distâncias. Utilizamos uma amostra de 1.650 subsidiárias estrangeiras estabelecidas em 36 países europeus. Aplicamos a regressão de Cox em uma análise longitudinal do período entre 2007-2014. Os resultados indicam que as distâncias transnacionais impactam significativamente a sobrevivência subsidiária. Das nove distâncias transnacionais, quatro aumentam a taxa de risco de mortalidade, enquanto apenas uma auxilia o aumento da longevidade. A experiência local também desempenha papel significativo para a continuidade da operação no exterior, enquanto modera o impacto entre uma das distâncias e a sobrevivência. Os resultados encontrados podem amparar a seleção de estratégias, apoiar a tomada de decisões e contribuir para o sucesso de sobrevivência das operações internacionais.

ABSTRACT Survival of overseas subsidiaries is an important success indicator of foreign investments. Research on institutional approaches has been undertaken in this way, but generally restricted to a limited number of cross-national distances (CNDs). This research examines the impact of nine CNDs and local experience on subsidiary survival of foreign subsidiaries. Moreover, we tested the moderating effects of local experience on CND to analyze whether it could reduce these distances. Using a sample of 1,650 foreign subsidiaries established in 36 European countries, we applied Cox regression with a longitudinal analysis for the period 2007-2014. The results indicate that CND significantly affect subsidiary survival. Out of nine CND, four increase the risk of mortality, while one increases longevity. Local experience also plays a significant role for the continuity of the foreign operation in the local market, while moderating the impact between one CND and survival. These results can provide valuable information for strategic processes and better decision making of internationalization, and contribute to the success and survival of international operations.

Este trabalho tem como objetivo geral caracterizar os países BRICS (Brasil, Rússia, Índia, China e África do Sul) com base em uma análise de suas regulamentações que interferem na realização de negócios. Para tanto, sua fundamentação teórica consistiu em discussões acerca da teoria institucional e realização de negócios nos países BRICS. Quanto à sua metodologia, foram utilizados dados do projeto Doing Business, examinados mediante técnica de análise de conglomerados, que separou os países em quatro grupos: grupo 1, da África do Sul; grupo 2, da China, Índia e Rússia; grupo 3, do Brasil; e grupo 4, formado, em sua maioria, por países desenvolvidos, sem a presença de algum país do BRICS, sendo este o grupo com os melhores países em facilidade para fazer negócios.

This study aims to characterize the BRICS countries (Brazil, Russia, India, China and South Africa) based on an analysis of their regulations that affect the conducting of business. To do so, its theoretical foundation consisted of discussions on institutional theory and conducting business in the BRICS countries. Regarding methodology, data came from the Doing Business project, analyzed using a cluster analysis technique. The countries were separated into four groups: group 1, South Africa; group 2, China, India and Russia; group 3, Brazil; and group 4, formed mostly by developed countries, without the presence of any country in the BRICS. Group 4 was found to be the group with the best countries regarding the ease of doing business.