INTERNATIONALIZATION OF COMPANIES AND THE CLOSING OF CAPITAL: A study on delisting in the Brazilian market - Couverture souple

Alves Santos, Murilo; Silva Pereira, Vinícius; Torres Penedo, Antônio Sérgio

Couverture souple

ISBN 10 : 620371853X ISBN 13 : 9786203718539

Editeur : Our Knowledge Publishing, 2021

Synopsis

The proposal is to analyze the relationship between the degree of internationalization of companies and the probability of delisting. Based on the internalization theory, given the benefits that internationalization brings to the organization, its relationship with the tendency to exit the stock market would be negative. As an alternative hypothesis, the positive relationship is based on the agency theory, given the geographical separation between shareholders and managers and, consequently, the difficulty of monitoring.The baseline model developed by Pour and Lasfer (2013) was used, to which internationalization and crisis proxies were added, also considering adjustments required for the Brazilian context. The period from 2006 to 2014 was analyzed, considering active and inactive companies on Bovespa.The results indicate negative significance between the degree of internationalization and the exit from the capital markets, attesting that the benefits generated by the company's internationalization translate into differentials that reduce the probability of delisting. One cannot, however, disregard such effects on the country's governance environment, from which a positive relationship for delisting was also noted.

Détails de l'édition

• Éditeur: Our Knowledge Publishing
• Date d'édition: 2021
• Langue: anglais
• ISBN 10: 620371853X
• ISBN 13: 9786203718539
• Reliure: Broché
• Nombre de pages: 108
• Coordonnées du fabricant: non disponible
• Personne responsable: non disponible