Suchergebnisse

Purpose
The purpose of this study is to investigate the effect of international expansion of emerging markets multinationals (EMNEs) on the home country nonmarket political strategy and why some EMNEs intensify this political tie more than others.


Design/methodology/approach
We test our theoretical framework using longitudinal data, with 16 years of observations, in Multilatinas and state loans from Brazil, one of the main outward foreign direct investment (OFDI) players in the world and the OFDI leader in Latin America.


Findings
Theoretically grounded on the institution-based view of strategy, it can be postulated that international expansion is a driver of home country nonmarket political strategy. It can also be hypothesized that political tie intensity is affected by the capacity of EMNEs to deal with international expansion issues without having to depend on relationship with homes country nonmarket political actors. The results provide support for the hypotheses presented.


Originality/value
This paper contributes to the EMNE internationalization literature by extending the understanding of the underlying motivations and forces shaping the home country nonmarket political strategy of multinationals from emerging markets and, thus, helping understand why some EMNEs tend to be more politically active than others. Likewise, the study contributes to advancing understanding regarding the home country strategic responses adopted by Multilatinas and the forces behind the nonmarket political strategies they employ in their international expansions, especially during turbulent times.

The theory holds that in emerging economies, such as the Brazilian one, companies seek to strengthen ties with governmental and institutional actors in order to improve their performance. From the theoretical perspective of the Institutional Theory, this study intends to contribute to previous research, integrating the fields of strategy and finance, investigating the influence of political connections, through campaign donations, the cost of capital and the performance of listed companies on B3. We worked with panel data for data analysis on the period ranging from 1998 to 2016. Our findings do not corroborate the theoretical and intuitive prediction that "crony capitalism" reduces the cost of capital and improves the performance of companies, since we did not obtain empirical evidence that allows affirming that the effect of donations on the cost of capital and the performance of connected companies is different from zero. ; A teoria preconiza que em economias emergentes, como a brasileira, as empresas buscam estreitar e fortalecer laços com atores governamentais e institucionais com objetivo de melhorar seu desempenho. Sob a perspectiva teórica da Teoria Institucional, o presente estudo pretende contribuir com pesquisas anteriores, integrando os campos da estratégia e de finanças, investigando a influência das conexões políticas, por meio das doações de campanha, no custo de capital e no desempenho das empresas listadas na B3. Trabalhamos com dados em painel para análise dos dados no período 1998 a 2016. Nossos achados não corroboram a predição teórica e intuitiva de que o "capitalismo de compadrio" reduz o custo de capital e melhora o desempenho das empresas, uma vez que não obtivemos evidências empíricas as quais permitam afirmar que o efeito das doações no custo de capital e no desempenho das empresas conectadas é diferente de zero.