Impacto de crises econômicas sobre desempenho de empresas brasileiras exportadoras e não exportadoras

• Autor(a) principal: Araujo, Bruno Henrique de
• Data de Publicação: 2020
• Tipo de documento: Tese
• Idioma: por
• Título da fonte: Biblioteca Digital de Teses e Dissertações da ESPM
• Texto Completo: http://tede2.espm.br/handle/tede/525
• topic: negócios internacionais; gestão internacional; estratégia internacional; crise econômica; exportação; teoria de opções reais; international business; international management; international strategy; cconomic crisis; export; real options theory; CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO

The effect of the economic crisis on firm performance and strategies that are related to a higher performance during this period has increased the number of studies in international business. The focus of this thesis is to analyze whether export investment affects the performance of Brazilian firms during a period of crisis. Based on the literature of international business, the theory of real options and exports, this study analyzes the effects of the European economic crisis, between 2010 and 2012, and the Brazilian crisis, between 2014 and 2016, on the performance of Brazilian firms and the use of investments in exports as an operational hedge to mitigate impacts. We analyzed data from 532 companies present in the Fipecafi-Exame database between 2010 and 2018. Through multilevel models in longitudinal data, we analyze the results of the averages of the companies at each beginning of the period, by centrality, and the performance trend concerning the sector averages. The results allow us to identify that despite the reduction in performance during periods of stability, export investment minimizes the impact of local crises. The export experience contributes to reducing the effect, indicating that investment in exports only during a period of crisis does not change the firms' performance concerning other firms. Already, during a period of external crisis, export investment does not alter the firms' performance curve and negatively affects the average performance of exporting firms