Capital Structure, Internationalization and Countries of Destination of Brazilian Companies: An Analysis of the Upstream-Downstream Hypothesis
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Data de Publicação: | 2017 |
Outros Autores: | , |
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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BBR. Brazilian Business Review (English edition. Online) |
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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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1754732236933955584 |