INTERNATIONAL DIVERSIFICATION STRATEGIES AND THEIR EFFECTS ON THE PERFORMANCE OF COMPANIES LISTED ON B3
DOI:
https://doi.org/10.14392/asaa.2022150201Palavras-chave:
Diversificação Internacional, Caixa, Contingências Ambientais, DesempenhoResumo
Objetivo: A pesquisa busca verificar se o caixa moderado pelas contingências ambientais (munificência e dinamismo) medeia a relação entre diversificação internacional e desempenho das empresas brasileiras exportadoras listadas na B3.
Método: Foram analisadas empresas brasileiras exportadoras listadas na B3, no período de 2010 a 2020 e realizadas análises multivariadas com dados em painel com efeitos fixos e dinâmicos, nesse caso, utilizando-se o método System-GMM, por meio do modelo de mediação moderada proposto por Muller, Judd e Yzerbyt (2005).
Resultados: Os resultados indicam que o caixa, moderado pela instabilidade e crescimento do setor, medeia a relação entre a diversificação internacional e desempenho das empresas exportadoras da amostra. O efeito indireto da diversificação internacional no desempenho é melhor por meio de maior liquidez das empresas exportadoras em um ambiente menos instável e munificente. Os achados sugerem que os gestores de empresas exportadoras devem analisar as reservas de caixa na expansão dos negócios para o mercado externo, levando em consideração o ambiente de tarefas no qual a empresa atua.
Contribuições: O presente estudo traz contribuições para a teoria por expandir os estudos dos efeitos da diversificação internacional no desempenho das empresas, sugerindo que a liquidez tem valor estratégico na expansão dos negócios para o mercado externo. Empiricamente, traz implicações práticas importantes sobre o processo de tomada de decisão de constituição e gestão da liquidez, mostrando que os gestores de empresas exportadoras devem analisar os custos e benefícios da liquidez, observando a instabilidade e crescimento do setor para melhorarem o desempenho das empresas.
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