The impact of government equity investment on internationalizationthe case of Brazil

Resumo

We examine the impact of government equity ownership on the degree of internationalization of emerging market firms. Our analysis of 173 Brazilian publicly traded firms from 2002 to 2011 shows that the higher the equity held by the state through the state investment bank and the pension funds of SOEs and privatized SOEs, the higher the firm’s degree of internationalization. Firms in which the government shared control with families, and with both families and foreigners, had a higher degree of internationalization. Our findings underline the importance of the institutional context in explaining the internationalization of Brazilian firms.

Ficha do documento

Tipo

Outro

Ano

2016

Instituição

EAESP - Escola de Administração de Empresas de São Paulo

Fonte

Repositório da FGV

Idioma

Inglês

Acesso

Não informado

Identificador

oai:repositorio.fgv.br:10438/17776

Palavras-chave

Business-government interactionsState ownershipInstitutions in emerging economiesInternationalizationOwnership structureBrazilAdministração de empresasGlobalização - BrasilÁreas subdesenvolvidas - Condições econômicasInvestimentos de capital - Brasil