Submitted by Vinicius Pereira (viniciuss56@gmail.com) on 2013-09-12T13:41:13Z No. of bitstreams: 1 Tese_Vinicius.pdf: 1188639 bytes, checksum: fa3f685e633674f7a7886ce3aa74e703 (MD5) / Approved for entry into archive by Suzinei Teles Garcia Garcia (suzinei.garcia@fgv.br) on 2013-09-12T13:55:27Z (GMT) No. of bitstreams: 1 Tese_Vinicius.pdf: 1188639 bytes, checksum: fa3f685e633674f7a7886ce3aa74e703 (MD5) / Made available in DSpace on 2013-09-12T14:34:31Z (GMT). No. of bitstreams: 1 Tese_Vinicius.pdf: 1188639 bytes, checksum: fa3f685e633674f7a7886ce3aa74e703 (MD5) Previous issue date: 2013-08-02 / This thesis examines three gaps that have not been discussed in the literature. The gaps relate to the effects of internationalization on capital structure and ownership structure of multinational companies. Therefore, three essays about the effects of internationalization were prepared. The first essay examined the effects of entry modes on debt, the second the effects of internationalization in the forms of indebtedness and the third the effects of internationalization on the ownership structure. Data form domestic and multinational publicly traded companies in Latin America from 2007 to 2011 were assembled into panel data with test and control variables for each essay. The results of the first essay indicate that the entry modes are relevant to determine the debt level of multinational and complement the studies based on upstream-downstream hypothesis. It also showed that companies with equity entry modes tend to be more indebted in the total and long term than companies with non-equity entry modes, reinforcing explanations given by the static trade-off theory, and less indebted in the short term, urging agency and pecking order theories. The results of the second essay show that the degree of internationalization: (i) increases the debt level of almost all debts provided by financial agents (banks), as hypothesized upstream-downstream and reduce the debt provided by non-financial (trade-credit), as suggested by the theory of financial constraint, (ii) has no effect on debt maturity (iii) different than expected, does not increase debt via national development bank (encouraged loans), (iv) was relevant to change the composition of indebtedness of multinationals compared to domestic firms and (v) the entry modes on internationalization does not affect the composition of debt. In the third essay, the main finding result was that the most internationalized companies and equity entry mode have lower levels of ownership concentration. Another important result of the third essay was that there is an unexplored simultaneity in determining the level of internationalization and concentration of ownership. Both the results of the third essay are supported by the Resource Based View countering the traditional view of agency theory. / Esta tese analisa três lacunas que ainda não foram discutidas na literatura. As lacunas dizem respeito aos efeitos da internacionalização na estrutura de capital e de propriedade de empresas multinacionais. Para tanto, três ensaios sobre os efeitos da internacionalização foram elaborados. O primeiro analisou os efeitos dos modos de entrada sobre o endividamento; o segundo os efeitos da internacionalização nas formas de endividamento e o terceiro os efeitos da internacionalização na estrutura de propriedade. A partir de dados de empresas multinacionais e domésticas de capital aberto latino-americanas de 2007 a 2011, foram montados painéis de dados com variáveis de teste e controle para cada ensaio. Os resultados do primeiro ensaio apontam que os modos de entrada são relevantes para determinar o nível de endividamento das multinacionais e complementam os resultados de trabalhos baseados na hipótese upstream-downstream. Evidenciou-se também que empresas com modos de entrada patrimoniais tendem a ser mais endividadas no longo prazo e total que empresas com modos de entrada não-patrimoniais, reforçando explicações dadas pela teoria do static trade-off; e menos endividadas no curto prazo, reforçando as explicações das teorias da agência e pecking order. Os resultados do segundo ensaio apontam que o grau de internacionalização: (i) aumenta o nível de endividamento da quase totalidade das dívidas providas por agentes financeiros (bancos), conforme a hipótese upstream-downstream e diminuem as dívidas providas por agentes não-financeiros (trade-credit), conforme teoria da restrição financeira; (ii) não produz efeitos sobre a maturidade das dívidas (iii) diferente do que esperava, não aumenta endividamento via banco nacional de desenvolvimento (empréstimos incentivados), (iv) foi relevante para alterar a composição do endividamento das multinacionais se comparada às empresas domésticas e (v) a forma de entrada na internacionalização não afeta a composição de endividamento. No terceiro ensaio o principal resultado encontrado foi que as empresas mais internacionalizadas e com modo de entrada patrimonial têm menores níveis de concentração de propriedade. Outro importante resultado do terceiro ensaio foi de que há uma simultaneidade ainda não explorada em estudos anteriores na determinação do nível de internacionalização e da concentração de propriedade. Ambos os resultados do terceiro ensaio estão amparados pela Visão Baseada em Recursos contrapondo a visão tradicional da teoria da agência.

Cette thèse s’applique à explorer dans quelle mesure et par quels mécanismes lamondialisation, au travers de ses différentes composantes, impacte la santé des travailleurseuropéens. Dans une première partie, nous exposons les conséquences socio-économiques de cephénomène. Dans une deuxième partie, nous montrons que l’exposition concurrentielleinternationale constitue un facteur de risque pour la santé des travailleurs non qualifiés. Lesfacteurs individuels et organisationnels sont néanmoins les plus à même d’expliquer la prévalencede troubles physiques et mentaux chez l’ensemble des travailleurs. La mondialisation impliqueaussi de nouvelles pratiques organisationnelles liées à l’internationalisation des firmes, une autrefacette de la mondialisation. Nous soulignons que les travailleurs doivent ainsi trouver lesressources nécessaires pour rester attractifs dans ce monde en perpétuelle évolution. Dans unetroisième partie, nous exposons que la mondialisation favorise le développement des activités deservices dans les pays industrialisés. En parallèle, l'organisation de type "lean" est mise en placedans ces secteurs et la pression concurrentielle s’accroit. Ces changements impactent les conditionsde réalisation du travail. Dans ce contexte, la santé se trouve dégradée par des facteurs de risqueen évolution, parmi eux l’intensité du travail liées aux relations interpersonnelles. Enfin, nousmontrons que la Responsabilité Sociale de l’Entreprise apparait comme une solution dont lesentreprises peuvent s’emparer pour améliorer la santé de leurs travailleurs et par conséquent, leurperformance sociale et financière. / This thesis aims at exploring to what extent globalization, through its diversecomponents, impacts the health of European workers. In a first part, we expose the socio-economicconsequences of this multi-faceted phenomenon. In a second part, we show that internationalcompetition, one of the essential components of globalization, is a risk factor for non-skilledworkers. Nevertheless, individual and organizational factors are the most likely to explain mentaland physical disorders prevalence in the population as a whole. Globalization also implies newpractices linked to firms’ internationalization strategy, another component of globalization. Weunderline that workers must acquire the skills to stay attractive in a constantly changing worldand they do not find much support in their companies. In a third part, we show that globalizationenhances the surge of the service sector in industrialized countries. In addition, the leanmanagement is implemented in those sectors and competitive pressure increases. These changesimpact the way the work is performed. Within this context, the health of workers deterioratesbecause they are exposed to changing risk factors, among them: intense of work related tointerpersonal relationships. Finally, we find that the Corporate Social Responsibility comes as ananswer to improve workers’ health and as a consequence, firms’ social and financial performance.