Capital Structure, Internationalization and Countries of Destination of Brazilian Companies: An Analysis of the Upstream-Downstream Hypothesis

This study examines the effect of defining the country of destination of the international debt of Brazilian multinationals, based on the Upstream–Downstream hypothesis. To deepen the discussion of stability suggested by the theory, this paper inserted institutional variables...

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Autores principales:	Rafael Borges Ribeiro, Vinícius Silva Pereira, Karem Cristina de Sousa Ribeiro
Formato:	article
Lenguaje:	EN PT
Publicado:	FUCAPE Business School 2017
Materias:	capital structure internationalization upstream downstream hypothesis Business HF5001-6182
Acceso en línea:	https://doaj.org/article/c466fb88468340f4bf3314b686128844
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spelling	oai:doaj.org-article:c466fb88468340f4bf3314b6861288442021-11-11T15:48:07ZCapital Structure, Internationalization and Countries of Destination of Brazilian Companies: An Analysis of the Upstream-Downstream Hypothesis1807-734Xhttps://doaj.org/article/c466fb88468340f4bf3314b6861288442017-01-01T00:00:00Zhttp://www.redalyc.org/articulo.oa?id=123053350002https://doaj.org/toc/1807-734XThis study examines the effect of defining the country of destination of the international debt of Brazilian multinationals, based on the Upstream–Downstream hypothesis. To deepen the discussion of stability suggested by the theory, this paper inserted institutional variables of the target countries of internationalization in econometric models used by previous studies, testing whether the hypothesis Upstream-Downstream remains valid. Starting from a sample involving Brazilian publicly traded multinational and domestic companies between the years 2007 to 2011 and as a statistical method, we performed a regression with panel data. The results show that Brazilian companies when defining the destination countries of internationalization, regardless of these countries presenting higher or lower stability in relation to Brazil, increase their indebtedness. The results showed that among the characteristics present in countries considered as more stable, only the Corruption Perception Index was positively associated with the level of indebtedness of multinationals.Rafael Borges RibeiroVinícius Silva PereiraKarem Cristina de Sousa RibeiroFUCAPE Business Schoolarticlecapital structureinternationalizationupstreamdownstream hypothesisBusinessHF5001-6182ENPTBBR: Brazilian Business Review, Vol 14, Iss 6, Pp 575-591 (2017)
institution	DOAJ
collection	DOAJ
language	EN PT
topic	capital structure internationalization upstream downstream hypothesis Business HF5001-6182
spellingShingle	capital structure internationalization upstream downstream hypothesis Business HF5001-6182 Rafael Borges Ribeiro Vinícius Silva Pereira Karem Cristina de Sousa Ribeiro Capital Structure, Internationalization and Countries of Destination of Brazilian Companies: An Analysis of the Upstream-Downstream Hypothesis
description	This study examines the effect of defining the country of destination of the international debt of Brazilian multinationals, based on the Upstream–Downstream hypothesis. To deepen the discussion of stability suggested by the theory, this paper inserted institutional variables of the target countries of internationalization in econometric models used by previous studies, testing whether the hypothesis Upstream-Downstream remains valid. Starting from a sample involving Brazilian publicly traded multinational and domestic companies between the years 2007 to 2011 and as a statistical method, we performed a regression with panel data. The results show that Brazilian companies when defining the destination countries of internationalization, regardless of these countries presenting higher or lower stability in relation to Brazil, increase their indebtedness. The results showed that among the characteristics present in countries considered as more stable, only the Corruption Perception Index was positively associated with the level of indebtedness of multinationals.
format	article
author	Rafael Borges Ribeiro Vinícius Silva Pereira Karem Cristina de Sousa Ribeiro
author_facet	Rafael Borges Ribeiro Vinícius Silva Pereira Karem Cristina de Sousa Ribeiro
author_sort	Rafael Borges Ribeiro
title	Capital Structure, Internationalization and Countries of Destination of Brazilian Companies: An Analysis of the Upstream-Downstream Hypothesis
title_short	Capital Structure, Internationalization and Countries of Destination of Brazilian Companies: An Analysis of the Upstream-Downstream Hypothesis
title_full	Capital Structure, Internationalization and Countries of Destination of Brazilian Companies: An Analysis of the Upstream-Downstream Hypothesis
title_fullStr	Capital Structure, Internationalization and Countries of Destination of Brazilian Companies: An Analysis of the Upstream-Downstream Hypothesis
title_full_unstemmed	Capital Structure, Internationalization and Countries of Destination of Brazilian Companies: An Analysis of the Upstream-Downstream Hypothesis
title_sort	capital structure, internationalization and countries of destination of brazilian companies: an analysis of the upstream-downstream hypothesis
publisher	FUCAPE Business School
publishDate	2017
url	https://doaj.org/article/c466fb88468340f4bf3314b686128844
work_keys_str_mv	AT rafaelborgesribeiro capitalstructureinternationalizationandcountriesofdestinationofbraziliancompaniesananalysisoftheupstreamdownstreamhypothesis AT viniciussilvapereira capitalstructureinternationalizationandcountriesofdestinationofbraziliancompaniesananalysisoftheupstreamdownstreamhypothesis AT karemcristinadesousaribeiro capitalstructureinternationalizationandcountriesofdestinationofbraziliancompaniesananalysisoftheupstreamdownstreamhypothesis
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Capital Structure, Internationalization and Countries of Destination of Brazilian Companies: An Analysis of the Upstream-Downstream Hypothesis

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