Resumo Recentes meta-análises mostraram que a relação entre diversificação internacional e desempenho pode ser moderada pelo ambiente no qual a empresa está inserida. Segundo a Teoria Contingencial, o desempenho das empresas depende do ajuste entre a estrutura, processos e ambiente organizacional. Conforme a Teoria Visão Baseada em Recursos, a forma com que a empresa gerencia os seus recursos contribui para o seu crescimento e garantia de vantagem competitiva, sendo que os recursos podem ser acessados no ambiente onde a empresa atua. Assim, o presente ensaio teórico propõe um framework teórico para analisar os efeitos da diversificação internacional no desempenho das empresas com base no dinamismo, complexidade e munificência do ambiente operacional das empresas, integrando os aspectos teóricos da hipótese Upstream-downstream, teoria Contingencial e VBR. Este trabalho contribui com a teoria propondo a integração de aspectos teóricos de diferentes teorias na análise da relação entre diversificação internacional e desempenho e permitindo o delineamento de oportunidades de futuras pesquisas. metaanálises meta análises inserida estrutura organizacional Recursos competitiva atua Assim dinamismo Upstreamdownstream, Upstreamdownstream Upstream downstream, downstream Upstream-downstream VBR pesquisas

Abstract Recent meta-analyses have shown that the relationship between international diversification and performance can be moderated by the environment in which the company operates. According to the Contingency Theory, the performance of companies depends on the fit between the structure, processes and organizational environment. According to the Resource-Based View Theory, the way the company manages its resources contributes to its growth and guarantees of competitive advantage, and that resources can be accessed in the environment in which the company operates. Thus, the present work proposes a theoretical framework to analyze the effects of international diversification on the performance of companies based on the dynamism, complexity, and munificence of the companies’ operating environment, integrating the theoretical aspects of the Upstream-downstream Hypothesis, Contingency theory and RBV. This work contributes to the theory by proposing the theoretical aspects integration of different theories in the analysis of the relationship between international diversification and performance and allowing the outlining of opportunities for future research. metaanalyses meta analyses operates Theory structure ResourceBased Resource Based advantage Thus dynamism complexity Upstreamdownstream Upstream downstream Hypothesis RBV research

RESUMO Este estudo analisa os efeitos da definição do país de destino da internacionalização no endividamento das empresas multinacionais brasileiras, a partir da hipótese Upstream-Downstream. Para aprofundar na discussão da estabilidade sugerida pela teoria, este trabalho inseriu variáveis institucionais dos países alvo da internacionalização nos modelos econométricos utilizados pelos estudos anteriores, testando se a hipótese Upstream-Downstream continua válida. Partiu-se de uma amostra envolvendo empresas multinacionais e domésticas brasileiras de capital aberto entre os anos de 2007 a 2011, e como método estatístico aplicou-se a regressão com dados em painel. Os resultados mostram que as empresas brasileiras, ao definirem os países de destino de sua internacionalização, independentemente da maior ou menor estabilidade desses países em relação ao Brasil, aumentam seus endividamentos. Dentre as características presentes em países considerados mais estáveis, apenas o Índice de Percepção de Corrupção associou de forma positiva com o nível de endividamento das multinacionais.

ABSTRACT This study examines the effect of defining the country of destination of the international debt of Brazilian multinationals, based on the Upstream-Downstream hypothesis. To deepen the discussion of stability suggested by the theory, this paper inserted institutional variables of the target countries of internationalization in econometric models used by previous studies, testing whether the hypothesis Upstream-Downstream remains valid. Starting from a sample involving Brazilian publicly traded multinational and domestic companies between the years 2007 to 2011 and as a statistical method, we performed a regression with panel data. The results show that Brazilian companies when defining the destination countries of internationalization, regardless of these countries presenting higher or lower stability in relation to Brazil, increase their indebtedness. The results showed that among the characteristics present in countries considered as more stable, only the Corruption Perception Index was positively associated with the level of indebtedness of multinationals.

ABSTRACT Purpose: This study aimed to analyze determinants related with the delisting of Brazilian companies, through the analysis of the problems of agencies coming from structures of property/control and the internationalization of organizations. Originality/value: The present work seeks to fill the existing gap of more detailed studies related to the delisting of companies in the Brazilian capital market. In addition, it presents a contribution to the literature through the analysis of the relationship between Corporate Governance, Corporate Internationalization and Deslisting from the perspective of Agency Theory. Design/methodological/approach: Four econometric models based on existing literature were elaborated and then analysis of logit regressions with panel data. For data of all organizations listed in BM&FBOVESPA in the period between 2006 and 2015, period in which it was found that 205 businesses closed down their capital. Findings: As a result, it was observed that when considering the year before the delisting, organizations which have greater concentration of property had higher probability of closing their capital, which does not occur when analyzing the control structures. As to the entrance mode into international market, it was noted that there is a negative relationship between entrance mode non-patrimonial and volunteer delisting.

We analyze the direct and simultaneous effects of internationalization on the ownership structure of Latin American companies based on agency theory. Using a sample of 425 Latin American firms between 2007 and 2011, which corresponds to 1,776 observations, we use random effects and three-stage least squares panel data regression to test these effects. We find that the hypothesized positive effect of internationalization on ownership concentration is rejected. Our results support the negative relationship that is predicted by principal-agent theory when analyzing the effect of ownership on the degree of internationalization. Greater internationalization via the equity entry mode is associated with lower levels of ownership concentration. Finally, there is simultaneity in the determination of the relationship between the degree of internationalization and ownership concentration.