Efeito moderador da inovação na relação entre internacionalização e desempenho financeiro corporativo: evidências empíricas no Brasil e Europa

Detalhes bibliográficos
Autor(a) principal: Albuquerque Filho, Antonio Rodrigues
Data de Publicação: 2019
Tipo de documento: Dissertação
Idioma: por
Título da fonte: Repositório Institucional da Universidade Federal do Ceará (UFC)
Texto Completo: http://www.repositorio.ufc.br/handle/riufc/49090
Resumo: The internationalization of companies corresponds to the geographical expansion of their economic activities, providing opportunities such as economies of scale and cost reduction, besides promoting the growth of the company through its insertion in new markets, acquisition of new resources and strategic assets in the environments that envision introducing its services, products and resources. Under the conjecture of Internalization Theory and Eclectic Paradigm Theory, companies use their advantages of internalization, property (ownership) and location to achieve such opportunities, which makes it possible to infer the possibility of a positive relationship between the internationalization of companies and their financial performance. Despite being extensive the literature dealing with the relationship between the constructs, including in less developed economies, the empirical results presented in these studies are divergent, making the discussions related to the subject inconclusive, which makes it propitious a comparative study between companies from emerging countries and companies from developed countries. Therefore, it inquires, according to the Theory of Resource-Based View (RBV), that innovation activities, or more specifically, the ambidexterity of innovation activities (exploration x exploitation) can intervene in the relationship, which has not yet been specifically investigated in these studies. In this perspective, this research aims to analyze the moderating effect of innovation in the relationship between internationalization and financial performance in Brazilian and European companies. The study sample brings together the companies listed on the stock exchanges, Brasil Bolsa Balcão (B3) and NYSE Euronext, adopting as period of analysis the years 2014 to 2018, totalizing of 340 and 1500 observations company-year for Brazilian and European companies, respectively. Different statistical procedures were used, such as descriptive statistics, ANACOR, correlation and multiple linear regression with parameters estimated by the Generalized Method of Moments (GMM). The results suggest that internationalization and innovation are more homogeneous among Brazilian companies than among European companies. It was observed that there are significant differences in financial performance (ROA) among Brazilian companies that have higher levels of internationalization than those with a lower level, whereas a high variability in the financial performance of European enterprises (ROA and MKB) was identified, but without statistical significance. Estimates of the GMM econometric models showed that the level of internationalization by itself does not provide high financial performance (ROA and MKB) for Brazilian companies, while it has a negative effect on performance (ROA) of European enterprises. After the insertion of the innovation variables, it was shown that the individual use of Exploration (R&D) and exploitation (CAPEX) innovation activities as moderators of the internationalisation level do not affect financial performance (ROA and MKB) of Brazilian and European companies, so that did not present statistical significance. Finally, there was also a positive and significant effect of the ambidexterity of innovation activities in the relationship between internationalization and financial performance, from the perspective of the ROA. Based on the results, it is confirmed the evidence of the effect of internationalization on the financial performance both in Brazilian companies and in European companies, when empowered by the simultaneous engagement of innovation activities (exploration x exploitation) which will act as a balancing in the exploitation of new current resources and capabilities and in the exploitation of new skills.
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spelling Efeito moderador da inovação na relação entre internacionalização e desempenho financeiro corporativo: evidências empíricas no Brasil e EuropaInternacionalizaçãoDesempenho financeiroInovaçãoThe internationalization of companies corresponds to the geographical expansion of their economic activities, providing opportunities such as economies of scale and cost reduction, besides promoting the growth of the company through its insertion in new markets, acquisition of new resources and strategic assets in the environments that envision introducing its services, products and resources. Under the conjecture of Internalization Theory and Eclectic Paradigm Theory, companies use their advantages of internalization, property (ownership) and location to achieve such opportunities, which makes it possible to infer the possibility of a positive relationship between the internationalization of companies and their financial performance. Despite being extensive the literature dealing with the relationship between the constructs, including in less developed economies, the empirical results presented in these studies are divergent, making the discussions related to the subject inconclusive, which makes it propitious a comparative study between companies from emerging countries and companies from developed countries. Therefore, it inquires, according to the Theory of Resource-Based View (RBV), that innovation activities, or more specifically, the ambidexterity of innovation activities (exploration x exploitation) can intervene in the relationship, which has not yet been specifically investigated in these studies. In this perspective, this research aims to analyze the moderating effect of innovation in the relationship between internationalization and financial performance in Brazilian and European companies. The study sample brings together the companies listed on the stock exchanges, Brasil Bolsa Balcão (B3) and NYSE Euronext, adopting as period of analysis the years 2014 to 2018, totalizing of 340 and 1500 observations company-year for Brazilian and European companies, respectively. Different statistical procedures were used, such as descriptive statistics, ANACOR, correlation and multiple linear regression with parameters estimated by the Generalized Method of Moments (GMM). The results suggest that internationalization and innovation are more homogeneous among Brazilian companies than among European companies. It was observed that there are significant differences in financial performance (ROA) among Brazilian companies that have higher levels of internationalization than those with a lower level, whereas a high variability in the financial performance of European enterprises (ROA and MKB) was identified, but without statistical significance. Estimates of the GMM econometric models showed that the level of internationalization by itself does not provide high financial performance (ROA and MKB) for Brazilian companies, while it has a negative effect on performance (ROA) of European enterprises. After the insertion of the innovation variables, it was shown that the individual use of Exploration (R&D) and exploitation (CAPEX) innovation activities as moderators of the internationalisation level do not affect financial performance (ROA and MKB) of Brazilian and European companies, so that did not present statistical significance. Finally, there was also a positive and significant effect of the ambidexterity of innovation activities in the relationship between internationalization and financial performance, from the perspective of the ROA. Based on the results, it is confirmed the evidence of the effect of internationalization on the financial performance both in Brazilian companies and in European companies, when empowered by the simultaneous engagement of innovation activities (exploration x exploitation) which will act as a balancing in the exploitation of new current resources and capabilities and in the exploitation of new skills.A internacionalização de empresas corresponde a expansão geográfica de suas atividades econômicas, proporcionando oportunidades, tais como economia de escala e redução de custos, além de promover o crescimento da empresa por meio de sua inserção em novos mercados, aquisição de novos recursos e ativos estratégicos nos ambientes que vislumbram introduzir seus serviços, produtos e recursos. Sob a conjectura da Teoria da Internalização e Teoria do Paradigma Eclético, as empresas utilizam-se de suas vantagens de internalização, propriedade e localização para alcançar tais oportunidades, o que permite inferir a possibilidade de uma relação positiva entre a internacionalização das empresas e seu desempenho financeiro. Apesar de ser extensa a literatura que trata da relação entre os construtos, inclusive em economias menos desenvolvidas, os resultados empíricos apresentados nesses estudos são divergentes, tornando inconclusivas as discussões relacionadas à temática, o que torna propício um estudo comparativo entre empresas de países emergentes e empresas de países desenvolvidos. Dessa forma indaga-se, à luz da Teoria da Visão Baseada em Recursos (VBR), que as atividades de inovação, ou mais especificamente, a ambidestria das atividades de inovação (exploration x exploitation) poder intervir na relação, o que ainda não foi objeto específico de investigação nesses estudos. Nessa perspectiva, a presente pesquisa tem como objetivo geral analisar o efeito moderador da inovação na relação entre internacionalização e desempenho financeiro nas empresas brasileiras e europeias. A amostra do estudo reúne as empresas listadas nas bolsas de valores, Brasil Bolsa Balcão (B3) e NYSE Euronext, adotando como período de análise os anos de 2014 a 2018, perfazendo um total de 340 e 1500 observações empresa-ano para as empresas brasileiras e europeias, respectivamente. Diferentes procedimentos estatísticos foram empregados, como estatística descritiva, ANACOR, correlação e regressão linear múltipla com parâmetros estimados pelo Método dos Momentos Generalizados (GMM). Os resultados obtidos sugerem que a internacionalização e inovação são mais homogêneas entre as empresas brasileiras do que entre as empresas europeias. Observou-se que existem diferenças significativas em relação ao desempenho financeiro (ROA) entre as empresas brasileiras que possuem maiores níveis de internacionalização em relação as que possuem um nível menor, ao passo que foi identificada uma elevada variabilidade do desempenho financeiro das empresas europeias (ROA e MKB), mas sem significância estatística. As estimações dos modelos econométricos GMM evidenciaram que o nível de internacionalização (NI) por si só, não proporciona desempenho financeiro (ROA e MKB) elevado para as empresas brasileiras, enquanto apresenta efeito negativo sobre o desempenho (ROA) das empresas europeias. Após a inserção das variáveis relativas à inovação, evidenciou-se que a utilização individual das atividades de inovação exploration (P&D) e exploitation (CAPEX) como moderadoras do nível internacionalização, não afetam o desempenho financeiro (ROA e MKB) das empresas brasileiras e europeias, de forma que não apresentou significância estatística. Por fim, constatou-se ainda um efeito positivo e significante da ambidestria das atividades de inovação na relação entre a internacionalização e o desempenho financeiro, sob a perspectiva do ROA. Com base nos resultados, confirma-se os indícios do efeito da internacionalização sobre o desempenho financeiro tanto nas empresas brasileiras quanto nas empresas europeias, quando potencializados pelo engajamento simultâneo das atividades de inovação (exploration x exploitation) que agirão como um balanceamento na exploração de novos recursos e capacidades atuais e na exploração de novas competências.PPAC - FEAAC - UFCGarcia, Editinete Andre da RochaVasconcelos, Alessandra Carvalho deAlbuquerque Filho, Antonio Rodrigues2019-12-30T19:02:02Z2019-12-30T19:02:02Z2019info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfALBUQUERQUE FILHO, A R. Efeito moderador da inovação na relação entre internacionalização e desempenho financeiro corporativo: evidências empíricas no Brasil e Europa. 2019. 111 f. Dissertação (Mestrado) - Universidade Federal do Ceará, Faculdade de Economia, Administração, Atuária e Contabilidade, Programa de Pós-Graduação em Administração e Controladoria, Fortaleza-CE, 2019.http://www.repositorio.ufc.br/handle/riufc/49090porreponame:Repositório Institucional da Universidade Federal do Ceará (UFC)instname:Universidade Federal do Ceará (UFC)instacron:UFCinfo:eu-repo/semantics/openAccess2019-12-30T19:05:23Zoai:repositorio.ufc.br:riufc/49090Repositório InstitucionalPUBhttp://www.repositorio.ufc.br/ri-oai/requestbu@ufc.br || repositorio@ufc.bropendoar:2024-09-11T18:38:01.831693Repositório Institucional da Universidade Federal do Ceará (UFC) - Universidade Federal do Ceará (UFC)false
dc.title.none.fl_str_mv Efeito moderador da inovação na relação entre internacionalização e desempenho financeiro corporativo: evidências empíricas no Brasil e Europa
title Efeito moderador da inovação na relação entre internacionalização e desempenho financeiro corporativo: evidências empíricas no Brasil e Europa
spellingShingle Efeito moderador da inovação na relação entre internacionalização e desempenho financeiro corporativo: evidências empíricas no Brasil e Europa
Albuquerque Filho, Antonio Rodrigues
Internacionalização
Desempenho financeiro
Inovação
title_short Efeito moderador da inovação na relação entre internacionalização e desempenho financeiro corporativo: evidências empíricas no Brasil e Europa
title_full Efeito moderador da inovação na relação entre internacionalização e desempenho financeiro corporativo: evidências empíricas no Brasil e Europa
title_fullStr Efeito moderador da inovação na relação entre internacionalização e desempenho financeiro corporativo: evidências empíricas no Brasil e Europa
title_full_unstemmed Efeito moderador da inovação na relação entre internacionalização e desempenho financeiro corporativo: evidências empíricas no Brasil e Europa
title_sort Efeito moderador da inovação na relação entre internacionalização e desempenho financeiro corporativo: evidências empíricas no Brasil e Europa
author Albuquerque Filho, Antonio Rodrigues
author_facet Albuquerque Filho, Antonio Rodrigues
author_role author
dc.contributor.none.fl_str_mv Garcia, Editinete Andre da Rocha
Vasconcelos, Alessandra Carvalho de
dc.contributor.author.fl_str_mv Albuquerque Filho, Antonio Rodrigues
dc.subject.por.fl_str_mv Internacionalização
Desempenho financeiro
Inovação
topic Internacionalização
Desempenho financeiro
Inovação
description The internationalization of companies corresponds to the geographical expansion of their economic activities, providing opportunities such as economies of scale and cost reduction, besides promoting the growth of the company through its insertion in new markets, acquisition of new resources and strategic assets in the environments that envision introducing its services, products and resources. Under the conjecture of Internalization Theory and Eclectic Paradigm Theory, companies use their advantages of internalization, property (ownership) and location to achieve such opportunities, which makes it possible to infer the possibility of a positive relationship between the internationalization of companies and their financial performance. Despite being extensive the literature dealing with the relationship between the constructs, including in less developed economies, the empirical results presented in these studies are divergent, making the discussions related to the subject inconclusive, which makes it propitious a comparative study between companies from emerging countries and companies from developed countries. Therefore, it inquires, according to the Theory of Resource-Based View (RBV), that innovation activities, or more specifically, the ambidexterity of innovation activities (exploration x exploitation) can intervene in the relationship, which has not yet been specifically investigated in these studies. In this perspective, this research aims to analyze the moderating effect of innovation in the relationship between internationalization and financial performance in Brazilian and European companies. The study sample brings together the companies listed on the stock exchanges, Brasil Bolsa Balcão (B3) and NYSE Euronext, adopting as period of analysis the years 2014 to 2018, totalizing of 340 and 1500 observations company-year for Brazilian and European companies, respectively. Different statistical procedures were used, such as descriptive statistics, ANACOR, correlation and multiple linear regression with parameters estimated by the Generalized Method of Moments (GMM). The results suggest that internationalization and innovation are more homogeneous among Brazilian companies than among European companies. It was observed that there are significant differences in financial performance (ROA) among Brazilian companies that have higher levels of internationalization than those with a lower level, whereas a high variability in the financial performance of European enterprises (ROA and MKB) was identified, but without statistical significance. Estimates of the GMM econometric models showed that the level of internationalization by itself does not provide high financial performance (ROA and MKB) for Brazilian companies, while it has a negative effect on performance (ROA) of European enterprises. After the insertion of the innovation variables, it was shown that the individual use of Exploration (R&D) and exploitation (CAPEX) innovation activities as moderators of the internationalisation level do not affect financial performance (ROA and MKB) of Brazilian and European companies, so that did not present statistical significance. Finally, there was also a positive and significant effect of the ambidexterity of innovation activities in the relationship between internationalization and financial performance, from the perspective of the ROA. Based on the results, it is confirmed the evidence of the effect of internationalization on the financial performance both in Brazilian companies and in European companies, when empowered by the simultaneous engagement of innovation activities (exploration x exploitation) which will act as a balancing in the exploitation of new current resources and capabilities and in the exploitation of new skills.
publishDate 2019
dc.date.none.fl_str_mv 2019-12-30T19:02:02Z
2019-12-30T19:02:02Z
2019
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dc.identifier.uri.fl_str_mv ALBUQUERQUE FILHO, A R. Efeito moderador da inovação na relação entre internacionalização e desempenho financeiro corporativo: evidências empíricas no Brasil e Europa. 2019. 111 f. Dissertação (Mestrado) - Universidade Federal do Ceará, Faculdade de Economia, Administração, Atuária e Contabilidade, Programa de Pós-Graduação em Administração e Controladoria, Fortaleza-CE, 2019.
http://www.repositorio.ufc.br/handle/riufc/49090
identifier_str_mv ALBUQUERQUE FILHO, A R. Efeito moderador da inovação na relação entre internacionalização e desempenho financeiro corporativo: evidências empíricas no Brasil e Europa. 2019. 111 f. Dissertação (Mestrado) - Universidade Federal do Ceará, Faculdade de Economia, Administração, Atuária e Contabilidade, Programa de Pós-Graduação em Administração e Controladoria, Fortaleza-CE, 2019.
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