Análise da Relação Grau de Internacionalização versus Indicadores Financeiros de Multinacionais Brasileiras

Abstract

This paper aims to empirically investigate the relationship between the degree of internationalization of publicly traded Brazilian companies, assessed by the Fundação Dom Cabral Internationalization Index (IFDC), and their financial and economic performance, measured through the accounting indicators of liquidity, capital structure and profitability. For this purpose, data were used in unbalanced panel of 33 companies, in the period from 2011 to 2018, totaling 275 observations. The research uses the Structural Equation Model for the analysis, with the PLS-SEM method through the SmartPLS 3.0 statistical package. The main results indicate that, when evaluated with the moderation of the presence in Ibovespa, size and type of internationalization, the structure and liquidity constructs are no longer significant for the IFDC's prediction. The control variables related to the market (Ibovespa) and size (net revenue) proved to be significant, corroborating the literature.