Structural change and the emergence of the Brazilian MNEs (original) (raw)
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This paper presents the special issue of the Journal of Evolutionary Studies in Business about the internationalization of Brazilian companies. The text aims to shed light on both traditional and new theories of internationalization in order to analyze the trajectories of Brazilian multinationals in light of the world economic scenario of recent decades. This special issue presents five cases of internationalization of Brazilian companies: Embraer, in the aviation sector; WEG, a producer of electric motors; Expocaccer, a coffee cooperative; Gerdau, a company in the steel sector; and Romi, a producer of lathes, machines, and equipment. This introductory article intends to recover theoretical elements about the internationalization of firms and underline the role of the State in the development of Brazilian companies.
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The recent wave of internationalization among Brazilian companies differs from past experiences, in terms of volume, reach, destination and quality. Brazilian multinationals are not restricting their activities solely to regional markets, nor are their first steps entirely directed towards South America. In amount of investment and number of subsidiaries there are signs they increasingly seek to direct Outward Foreign Direct Investment (OFDI) projects to more competitive markets – including Europe, North America and China – where they compete on an equal footing with major conglomerates for a share of these markets. Some Brazilian companies have previous internationalization experience, and a significant portion had been prepared and initiated outward growth in the 1990s, after the economy opened up. However, the boom of internationalization that began in 2004 took place in such unusual conditions as to deserve highlight and special analysis. A substantial portion of academic litera...
Developing Economies, 2002
This paper analyzes changes in the Brazilian productive structure and in ownership structures of leading companies during the 1990s. It uses information from balance sheets published in Gazeta Mercantil and from the Thomson Financial Securities Data database on M&A. The main findings are: (i) the sectoral distribution of leading companies has remained stable; (ii) there has been a strong change in the ownership structure in Brazil, with an increase in the participation of multinational enterprises (MNEs) in the sample of leading companies; (iii) this increase in participation may be partially, though not integrally, explained by M&A transactions; (iv) though the M&A process has been quite intensive in the period, productive concentration has decreased among the group of leading companies; and (v) acquiring firms have adopted specializing strategies during the period. This trend is even clearer when private national enterprises (PNEs) are examined separately.
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The recent wave of internationalization among Brazilian companies differs from past experiences, in terms of volume, reach and quality. Unlike what is suggested by recurrent explanations about the gradual expansion of multinationals from emerging countries, the first steps of Brazilian multinationals were not entirely directed towards South America, in a search for regional dominance. In amount of investment and number of subsidiaries there are signs they prefer activities in advanced markets – mainly Europe and North America – where they compete on an equal footing with major conglomerates and can have access to cutting-edge technology. Some Brazilian companies have previous internationalization experience, and a significant portion had been prepared and initiated outward growth in the 1990s, after the economy opened up. However, the boom of internationalization that began in 2004 took place in such unusual conditions as to deserve highlight and special analysis. This article discu...
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Journal of Evolutionary Studies in Business-JESB, 2018
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Empresas multinacionais e desempenho comercial do Brasil: uma revisão da literatura
Economia e Sociedade, 2008
This paper examines an industry-level model developed to analyze the impact of affiliates of multinational firms (MNFs) on the host country's revealed comparative advantages (RCAs), which predicts that the referred impact is given by both technology service and industry orientation. Based on Brazilian manufacturing industries during the import-substitution industrialization, panel data estimates show that MNFs negatively affected RCA, which is explained by location advantages in industries presenting comparative disadvantages, as reinforced by a location model. Two other important results are: (i) import protection had a stronger anti-export effect on multinationals than on national firms; (ii) MNFs were concentrated in industries with lower world-export growth.
2016
Este estudo analisa a influência do padrão de comércio internacional das Empresas Transnacionais (ETNs) sobre a inserção internacional da indústria de transformação brasileira entre 1995 e 2005, com base em dados do Censo de Capitais Estrangeiros do Banco Central do Brasil. O trabalho tem como objetivo investigar em que medida o aumento da inserção internacional das empresas transnacionais nas economias nacionais tem contribuído para a evolução dos produtos brasileiros em termos de comércio internacional. Concluiu-se que a participação significativa de empresas transnacionais no comércio exterior brasileiro revela que a inserção internacional da produção industrial do país apresenta uma crescente dependência de decisões estratégicas das ETNs.This study analyzes the influence of the international trade pattern of Transnational Corporations (TNCs) on the international insertion of Brazilian manufacturing industry between 1995 and 2005, based on data of the Census of Foreign Capitals o...