Degree of Internationalization and Performance: Evidence from Emerging Brazilian Multinational Firms

Abstract

This paper analyses the relationship between degree of internationalization, as measured by Foreign Sales over Total Sales, and Accounting and Market performance for five Brazilian emerging multinational firms. Results indicates that a higher degree of internationalization of sales is associated to positive returns in terms of ROA and Tobin’s’ Q. Moreover, the firms competing in more added-value sectors exhibited the highest marginal returns over foreign sales.

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