Capital Structure, Internationalization and Countries of Destination of Brazilian Companies: An Analysis of the Upstream-Downstream Hypothesis

Detalhes bibliográficos
Autor(a) principal: Ribeiro, Rafael Borges
Data de Publicação: 2017
Outros Autores: Pereira, Vinícius Silva, Ribeiro, Karem Cristina de Sousa
Tipo de documento: Artigo
Idioma: eng
por
Título da fonte: BBR. Brazilian Business Review (English edition. Online)
Texto Completo: http://www.bbronline.com.br/index.php/bbr/article/view/69
Resumo: 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.
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spelling Capital Structure, Internationalization and Countries of Destination of Brazilian Companies: An Analysis of the Upstream-Downstream HypothesisEstrutura de Capital, Internacionalização e Países de Destino de Empresas Brasileiras: Uma Análise da Hipótese Upstream-DownstreamCapital structureInternationalizationUpstream-downstream hypothesisEstrutura de CapitalInternacionalizaçãoHipótese Upstream-DownstreamThis 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.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.FUCAPE Business Shool2017-11-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionPeer-reviewed ArticleArtigo revisado pelos paresapplication/pdfapplication/pdfhttp://www.bbronline.com.br/index.php/bbr/article/view/6910.15728/bbr.2017.14.6.2Brazilian Business Review; Vol. 14 No. 6 (2017): November to December 2017; 575-591Brazilian Business Review; v. 14 n. 6 (2017): Novembro a Dezembro de 2017; 575-5911808-23861807-734Xreponame:BBR. Brazilian Business Review (English edition. Online)instname:Fucape Business School (FBS)instacron:FBSengporhttp://www.bbronline.com.br/index.php/bbr/article/view/69/108http://www.bbronline.com.br/index.php/bbr/article/view/69/109Ribeiro, Rafael BorgesPereira, Vinícius SilvaRibeiro, Karem Cristina de Sousainfo:eu-repo/semantics/openAccess2018-10-31T19:02:19Zoai:ojs.pkp.sfu.ca:article/69Revistahttps://www.bbronline.com.br/index.php/bbr/indexONGhttp://www.bbronline.com.br/index.php/bbr/oai|| bbronline@bbronline.com.br1808-23861808-2386opendoar:2018-10-31T19:02:19BBR. Brazilian Business Review (English edition. Online) - Fucape Business School (FBS)false
dc.title.none.fl_str_mv Capital Structure, Internationalization and Countries of Destination of Brazilian Companies: An Analysis of the Upstream-Downstream Hypothesis
Estrutura de Capital, Internacionalização e Países de Destino de Empresas Brasileiras: Uma Análise da Hipótese Upstream-Downstream
title Capital Structure, Internationalization and Countries of Destination of Brazilian Companies: An Analysis of the Upstream-Downstream Hypothesis
spellingShingle Capital Structure, Internationalization and Countries of Destination of Brazilian Companies: An Analysis of the Upstream-Downstream Hypothesis
Ribeiro, Rafael Borges
Capital structure
Internationalization
Upstream-downstream hypothesis
Estrutura de Capital
Internacionalização
Hipótese Upstream-Downstream
title_short Capital Structure, Internationalization and Countries of Destination of Brazilian Companies: An Analysis of the Upstream-Downstream Hypothesis
title_full Capital Structure, Internationalization and Countries of Destination of Brazilian Companies: An Analysis of the Upstream-Downstream Hypothesis
title_fullStr Capital Structure, Internationalization and Countries of Destination of Brazilian Companies: An Analysis of the Upstream-Downstream Hypothesis
title_full_unstemmed Capital Structure, Internationalization and Countries of Destination of Brazilian Companies: An Analysis of the Upstream-Downstream Hypothesis
title_sort Capital Structure, Internationalization and Countries of Destination of Brazilian Companies: An Analysis of the Upstream-Downstream Hypothesis
author Ribeiro, Rafael Borges
author_facet Ribeiro, Rafael Borges
Pereira, Vinícius Silva
Ribeiro, Karem Cristina de Sousa
author_role author
author2 Pereira, Vinícius Silva
Ribeiro, Karem Cristina de Sousa
author2_role author
author
dc.contributor.author.fl_str_mv Ribeiro, Rafael Borges
Pereira, Vinícius Silva
Ribeiro, Karem Cristina de Sousa
dc.subject.por.fl_str_mv Capital structure
Internationalization
Upstream-downstream hypothesis
Estrutura de Capital
Internacionalização
Hipótese Upstream-Downstream
topic Capital structure
Internationalization
Upstream-downstream hypothesis
Estrutura de Capital
Internacionalização
Hipótese Upstream-Downstream
description 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.
publishDate 2017
dc.date.none.fl_str_mv 2017-11-01
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Peer-reviewed Article
Artigo revisado pelos pares
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://www.bbronline.com.br/index.php/bbr/article/view/69
10.15728/bbr.2017.14.6.2
url http://www.bbronline.com.br/index.php/bbr/article/view/69
identifier_str_mv 10.15728/bbr.2017.14.6.2
dc.language.iso.fl_str_mv eng
por
language eng
por
dc.relation.none.fl_str_mv http://www.bbronline.com.br/index.php/bbr/article/view/69/108
http://www.bbronline.com.br/index.php/bbr/article/view/69/109
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
application/pdf
dc.publisher.none.fl_str_mv FUCAPE Business Shool
publisher.none.fl_str_mv FUCAPE Business Shool
dc.source.none.fl_str_mv Brazilian Business Review; Vol. 14 No. 6 (2017): November to December 2017; 575-591
Brazilian Business Review; v. 14 n. 6 (2017): Novembro a Dezembro de 2017; 575-591
1808-2386
1807-734X
reponame:BBR. Brazilian Business Review (English edition. Online)
instname:Fucape Business School (FBS)
instacron:FBS
instname_str Fucape Business School (FBS)
instacron_str FBS
institution FBS
reponame_str BBR. Brazilian Business Review (English edition. Online)
collection BBR. Brazilian Business Review (English edition. Online)
repository.name.fl_str_mv BBR. Brazilian Business Review (English edition. Online) - Fucape Business School (FBS)
repository.mail.fl_str_mv || bbronline@bbronline.com.br
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