INTERNATIONALIZATION OF COMPANIES AND THE CLOSING OF CAPITAL

ISBN-13: 9786203718539 / Angielski / Miękka / 108 str.

Murilo Alves Santos; Vinícius Silva Pereira; Antônio Sérgio Torres Penedo

Opis

The proposal is to analyze the relationship between the degree of internationalization of companies and the probability of delisting. Based on the internalization theory, given the benefits that internationalization brings to the organization, its relationship with the tendency to exit the stock market would be negative. As an alternative hypothesis, the positive relationship is based on the agency theory, given the geographical separation between shareholders and managers and, consequently, the difficulty of monitoring.The baseline model developed by Pour and Lasfer (2013) was used, to which internationalization and crisis proxies were added, also considering adjustments required for the Brazilian context. The period from 2006 to 2014 was analyzed, considering active and inactive companies on Bovespa.The results indicate negative significance between the degree of internationalization and the exit from the capital markets, attesting that the benefits generated by the company's internationalization translate into differentials that reduce the probability of delisting. One cannot, however, disregard such effects on the country's governance environment, from which a positive relationship for delisting was also noted.

O autorze

Alves Santos, Murilo Murilo Santos, Master in Administration (FAGEN/UFU), has experience of over 10 years in the financial market.Vinícius Silva, PhD in Administration (EAESP/FGV), is a professor at the Federal University of Uberlândia.Antônio Penedo, PhD in Production Engineering (Federal University of São Carlos), is a professor at the Federal University of Uberlândia.