Capital structure as a determinant of internationalization opportunities for brazilian multinationals
Keywords:
Degree of internationalization. State ownership. Political risk. Macroeconomic scenario.
Abstract
Objective: The objective of this study is to analyze the determinants of the capital structure of Brazilian multinationals, verifying whether the degree of internationalization, state ownership, the macroeconomic scenario and political risk influence the capital structure.
Method: A panel data regression model with a fixed effects estimator was used, with a time horizon from 2006 to 2021. The final sample contains 56 companies from different sectors, obtained from the Fundação Dom Cabral reports.
Originality/Relevance: The originality of this article consists of analyzing the internal and external factors that can impact on the capital structure, which allows us to verify all the sources of value creation that Brazilian multinational companies use to stimulate the internationalization process.
Results: The results show that the degree of internationalization, state ownership and political risk are the main determinants of the capital structure of Brazilian multinationals. This finding is justified because, when companies internationalize their activities, they are faced with a greater source of resources and better conditions than in the domestic market. Similarly, when the government acts as a shareholder in the company, it can obtain access to credit at a lower interest rate, generating a positive impact on its capital structure.
Theoretical/methodological/practical contributions: The study makes a theoretical contribution by extending the analysis of capital structure to the scenario of emerging markets, specifically Brazil. In practical terms, this analysis could be of interest to users of financial statements, especially analysts and investors. Finally, the social contribution focuses on the evaluation of state shareholding in Brazilian multinational companies, by verifying the effectiveness of this public policy.
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References
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Chiang, Y. C., & Chen, S. W. (2008). The relationship between internationalization and capital structures of Taiwan firms. The International Journal of Business and Finance Research, 2(1), 1-12.
Click, R. W., & Weiner, R. J. (2010). Resource nationalism meets the market: Political risk and the value of petroleum reserves. Journal of International Business Studies, 41(5), 783-803.
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Cuervo-Cazurra, A., Ciravegna, L., Melgarejo, M., & Lopez, L. (2018). Home country uncertainty and the internationalization-performance relationship: Building an uncertainty management capability. Journal of World Business, 53(2), 209-221.
Cuervo-Cazurra, A., Inkpen, A., Musacchio, A., & Ramaswamy, K. (2014). Governments as owners: State-owned multinational companies. Journal of international business studies, 45(8), 919-942.
Desai, M. A., Foley, C. F., & Hines Jr, J. R. (2004). A multinational perspective on capital structure choice and internal capital markets. The Journal of finance, 59(6), 2451-2487.
Desai, M. A., Foley, C. F., & Hines Jr, J. R. (2008). Capital structure with risky foreign investment. Journal of financial economics, 88(3), 534-553.
dos Santos, J. G. C., de Vasconcelos, A. C., & De Luca, M. M. M. (2013). Perfil da inovação e da internacionalização de empresas transnacionais. RAI Revista de Administração e Inovação, 10(1), 189-211.
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Published
2025-09-12
How to Cite
Querino, F. F., Prado, J. W. do, & Calegario, C. L. L. (2025). Capital structure as a determinant of internationalization opportunities for brazilian multinationals. Enfoque: Reflexão Contábil, 44(3), 136-157. https://doi.org/10.4025/enfoque.v44i3.69564
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