Este trabalho teve como foco principal o estudo dos processos de entrada de empresas estrangeiras no Brasil com o objetivo de responder à seguinte questão de pesquisa: Como auxiliar às empresas internacionais interessadas em se estabelecer no Brasil? Para responder à pergunta acima, o objetivo principal do trabalho foi propor um modelo de fluxo de ações e cuidados a serem tomados para que o dirigente executivo da empresa estrangeira possa se basear e assim, melhor se preparar para a execução de um plano de entrada no mercado brasileiro. A estrutura teórica utilizada para dar apoio ao estudo está dividia em três grupos: As teorias de internacionalização, mostrando a sua evolução no tempo. O segundo grupo descreve os principais modos de entrada de uma empresa em outro país, destacando suas vantagens e características. O terceiro grupo, apresenta as barreiras potencialmente encontradas à entrada de uma empresa em um país estrangeiro. O método utilizado para o desenvolvimento deste estudo, incluiu, além da pesquisa teórica, o desenvolvimento e aplicação de entrevistas exploratórias com quatro empresas estrangeiras, em que os achados revelaram os modos de entrada utilizados e as razões de escolha de cada uma, bem como as barreiras à entrada e os problemas enfrentados por falta de um plano pré-expansão. A terceira etapa foi constituída de uma abordagem em formato de entrevista com entidades brasileiras de fomento à internacionalização de empresas no Brasil, para entender quais os critérios e processos essas entidades aplicam a suas empresas clientes estrangeiras. Para concluir o método, a quarta etapa foi outra pesquisa, juntamente com um grupo seleto de especialistas consultores em expansão internacional, com o objetivo de validar tais critérios mencionados nas duas pesquisas anteriores. O resultado foi um modelo de fluxo de ações e critérios a serem observados na etapa pré-expansão como a busca por network local, a visita ao país anfitrião de interesse com a participação em rodadas de negócios e desenvolvimento de pesquisa do mercado para o apoio em informações que servirão à continuidade ou não ao plano de expansão. Em sequência, outros critérios que foram mencionados nas pesquisas foi a listagem das potenciais barreiras à entrada e os modos de entrada com suas vantagens e desvantagens para o mercado e a empresa interessada. Por fim, foi mencionado a importância de preparar o plano de negócio e sua implementação, baseados no tempo e custos de investimento encontrados, seguido da fase de acompanhamento com visitas e auditorias locais. Os achados atenderam ao objetivo desta pesquisa, e podem servir de base de consulta para estudantes e outros especialistas sobre o tema de expansão internacional de empresas no Brasil, além do desenvolvimento de novos estudos comparativos. / This work had as its prime focus the study of the processes for the entrance of foreign companies in Brazil in order to respond to the following research question: How to assist international companies interested in establishing themselves in Brazil? To answer the prior question, the main objective of the work was to propose a flow model of actions and care to be taken, so that the executive officer of the foreign company can be based and thus be better prepared for the execution of a plan of entry in the Brazilian market. The theoretical structure used to support the study is divided into three groups: The theories of internationalization, showing their evolution in time. The second group describes key modes for a company to enter another country highlighting its advantages and characteristics. The third group presents potential barriers against the entering of a company in a foreign country. The method used for the development of this study included, in addition to the theoretical research, the development and application of exploratory interviews with four foreign companies, where the findings revealed the used entry modes and the reasons for choosing each as well as the barriers to the entry and the problems faced by the lack of a pre-expansion plan. The third stage consisted of an approach in the format of an interview with Brazilian entities promoting the internationalization of companies in Brazil, in order to understand what criteria and processes these entities apply to their foreign client companies. To conclude the method, the fourth step was another research along with a distinct group of experts, consultants in international expansion, with the aim of validating such criteria mentioned in the previous two surveys. The result was a flow model of actions and criteria to be observed in the pre-expansion stage such as the search for local network, a visit to the host country of interest with participation in business rounds and the development of market research for information-based support that will serve to the continuity or not of the expansion plan. In sequence, other criteria that were mentioned in the surveys were a list of potential barriers to the entrance and the modes of entry with their advantages and disadvantages for the market and for the interested company. Finally, it was mentioned the importance of preparing the business plan and its implementation based on time and the investment costs found, followed by the monitoring phase with visits and local audits. The findings met the goal of this research and can serve as a basis of consultation for students and other experts about the subject of international expansion of companies in Brazil as well as the development of new comparative studies.

Submitted by Claudio Ramos Conti (claudio_conti@hotmail.com) on 2014-06-16T19:10:12Z No. of bitstreams: 1 Dissertation defense - completa para Bilioteca Digital 16 jun 2014.pdf: 1996146 bytes, checksum: ce7d575e4bb9a7e35329ad8e331b134e (MD5) / Approved for entry into archive by ÁUREA CORRÊA DA FONSECA CORRÊA DA FONSECA (aurea.fonseca@fgv.br) on 2014-06-17T13:24:45Z (GMT) No. of bitstreams: 1 Dissertation defense - completa para Bilioteca Digital 16 jun 2014.pdf: 1996146 bytes, checksum: ce7d575e4bb9a7e35329ad8e331b134e (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2014-06-18T11:48:21Z (GMT) No. of bitstreams: 1 Dissertation defense - completa para Bilioteca Digital 16 jun 2014.pdf: 1996146 bytes, checksum: ce7d575e4bb9a7e35329ad8e331b134e (MD5) / Made available in DSpace on 2014-06-18T11:48:38Z (GMT). No. of bitstreams: 1 Dissertation defense - completa para Bilioteca Digital 16 jun 2014.pdf: 1996146 bytes, checksum: ce7d575e4bb9a7e35329ad8e331b134e (MD5) Previous issue date: 2014-02-13 / In recent years, emerging countries have assumed an increasingly prominent position in the world economy, as growth has picked up in these countries and slowed in developed economies. Two related phenomena, among others, can be associated with this growth: emerging countries were less affected by the 2008-2009 global economic recession; and they increased their participation in foreign direct investment, both inflows and outflows. This doctoral dissertation contributes to research on firms from emerging countries through four independent papers. The first group of two papers examines firm strategy in recessionary moments and uses Brazil, one of the largest emerging countries, as setting for the investigation. Data were collected through a survey on Brazilian firms referring to the 2008-2009 global recession, and 17 hypotheses were tested using structural equation modeling based on partial least squares. Paper 1 offered an integrative model linking RBV to literatures on entrepreneurship, improvisation, and flexibility to indicate the characteristics and capabilities that allow a firm to have superior performance in recessions. We found that firms that pre-recession have a propensity to recognize opportunities and improvisation capabilities for fast and creative actions have superior performance in recessions. We also found that entrepreneurial orientation and flexibility have indirect effects. Paper 2 built on business cycle literature to study which strategies - pro-cyclical or counter-cyclical – enable superior performance in recessions. We found that while most firms pro-cyclically reduce costs and investments during recessions, a counter-cyclical strategy of investing in opportunities created by changes in the environment enables superior performance. Most successful are firms with a propensity to recognize opportunities, entrepreneurial orientation to invest, and flexibility to efficiently implement these investments. The second group of two papers investigated international expansion of multinational enterprises, particularly the use of distance for their location decisions. Paper 3 proposed a conceptual framework to examine circumstances under which distance is less important for international location decisions, taking the new perspective of economic institutional distance as theoretical foundation. The framework indicated that the general preference for low-distance countries is lower: (1) when the company is state owned, rather than private owned; (2) when its internationalization motives are asset, resource, or efficiency seeking, as opposed to market seeking; and (3) when internationalization occurred after globalization and the advent of new technologies. Paper 4 compared five concurrent perspectives of distance and indicated their suitability to the study of various issues based on industry, ownership, and type, motive, and timing of internationalization. The paper also proposed that distance represents the disadvantages of host countries for international location decisions; as such, it should be used in conjunction with factors that represent host country attractiveness, or advantages as international locations. In conjunction, papers 3 and 4 provided additional, alternative explanations for the mixed empirical results of current research on distance. Moreover, the studies shed light into the discussion of differences between multinational enterprises from emerging countries versus those from advanced countries.

Este trabalho teve como foco principal o estudo dos processos de entrada de empresas estrangeiras no Brasil com o objetivo de responder à seguinte questão de pesquisa: Como auxiliar às empresas internacionais interessadas em se estabelecer no Brasil? Para responder à pergunta acima, o objetivo principal do trabalho foi propor um modelo de fluxo de ações e cuidados a serem tomados para que o dirigente executivo da empresa estrangeira possa se basear e assim, melhor se preparar para a execução de um plano de entrada no mercado brasileiro. A estrutura teórica utilizada para dar apoio ao estudo está dividia em três grupos: As teorias de internacionalização, mostrando a sua evolução no tempo. O segundo grupo descreve os principais modos de entrada de uma empresa em outro país, destacando suas vantagens e características. O terceiro grupo, apresenta as barreiras potencialmente encontradas à entrada de uma empresa em um país estrangeiro. O método utilizado para o desenvolvimento deste estudo, incluiu, além da pesquisa teórica, o desenvolvimento e aplicação de entrevistas exploratórias com quatro empresas estrangeiras, em que os achados revelaram os modos de entrada utilizados e as razões de escolha de cada uma, bem como as barreiras à entrada e os problemas enfrentados por falta de um plano pré-expansão. A terceira etapa foi constituída de uma abordagem em formato de entrevista com entidades brasileiras de fomento à internacionalização de empresas no Brasil, para entender quais os critérios e processos essas entidades aplicam a suas empresas clientes estrangeiras. Para concluir o método, a quarta etapa foi outra pesquisa, juntamente com um grupo seleto de especialistas consultores em expansão internacional, com o objetivo de validar tais critérios mencionados nas duas pesquisas anteriores. O resultado foi um modelo de fluxo de ações e critérios a serem observados na etapa pré-expansão como a busca por network local, a visita ao país anfitrião de interesse com a participação em rodadas de negócios e desenvolvimento de pesquisa do mercado para o apoio em informações que servirão à continuidade ou não ao plano de expansão. Em sequência, outros critérios que foram mencionados nas pesquisas foi a listagem das potenciais barreiras à entrada e os modos de entrada com suas vantagens e desvantagens para o mercado e a empresa interessada. Por fim, foi mencionado a importância de preparar o plano de negócio e sua implementação, baseados no tempo e custos de investimento encontrados, seguido da fase de acompanhamento com visitas e auditorias locais. Os achados atenderam ao objetivo desta pesquisa, e podem servir de base de consulta para estudantes e outros especialistas sobre o tema de expansão internacional de empresas no Brasil, além do desenvolvimento de novos estudos comparativos. / This work had as its prime focus the study of the processes for the entrance of foreign companies in Brazil in order to respond to the following research question: How to assist international companies interested in establishing themselves in Brazil? To answer the prior question, the main objective of the work was to propose a flow model of actions and care to be taken, so that the executive officer of the foreign company can be based and thus be better prepared for the execution of a plan of entry in the Brazilian market. The theoretical structure used to support the study is divided into three groups: The theories of internationalization, showing their evolution in time. The second group describes key modes for a company to enter another country highlighting its advantages and characteristics. The third group presents potential barriers against the entering of a company in a foreign country. The method used for the development of this study included, in addition to the theoretical research, the development and application of exploratory interviews with four foreign companies, where the findings revealed the used entry modes and the reasons for choosing each as well as the barriers to the entry and the problems faced by the lack of a pre-expansion plan. The third stage consisted of an approach in the format of an interview with Brazilian entities promoting the internationalization of companies in Brazil, in order to understand what criteria and processes these entities apply to their foreign client companies. To conclude the method, the fourth step was another research along with a distinct group of experts, consultants in international expansion, with the aim of validating such criteria mentioned in the previous two surveys. The result was a flow model of actions and criteria to be observed in the pre-expansion stage such as the search for local network, a visit to the host country of interest with participation in business rounds and the development of market research for information-based support that will serve to the continuity or not of the expansion plan. In sequence, other criteria that were mentioned in the surveys were a list of potential barriers to the entrance and the modes of entry with their advantages and disadvantages for the market and for the interested company. Finally, it was mentioned the importance of preparing the business plan and its implementation based on time and the investment costs found, followed by the monitoring phase with visits and local audits. The findings met the goal of this research and can serve as a basis of consultation for students and other experts about the subject of international expansion of companies in Brazil as well as the development of new comparative studies.

Tato diplomová práce se zabývá kritickou analýzou možností dané společnosti rozšíření na zahraniční trh – do Velké Británie. Hlavním cílem je tedy zjistit, jestli je toto rozšíření proveditelné a jestli může společnosti eventuelně generovat zisk. V teoretické části práce jsou shrnuty informace nezbytné k provedení dalších částí práce – analytické a praktické. Analytická část obsahuje analýzu Velké Británie jako potenciálního trhu a analýzu společnosti samotné. V praktické části je rozebrán souhrn aktivit, které společnost musí podstoupit, aby mohla úspěšně expandovat.

本研究主要探討高階經營團隊成員的背景與企業國際擴張策略之間的關係。以高階經營團隊成員的學經歷背景為討論重點，探討高階經營團隊成員國外經驗的有無、教育程度的高低，以及本科專業異質性的程度是否會對企業海外投資金額的多寡與對大陸地區投資的集中程度造成影響。由高層理論可以得知，高階經理人個人的認知基礎與價值觀會成為他們進行策略選擇的依據，因此，要探討企業選擇某一策略的原因時，就必須從其高階經營團隊成員著手。本研究選擇臺灣的電子產業為樣本，以臺灣經濟新報資料庫（TEJ）中產業代碼分別為M2324半導體、M2326光電業、M2328電子零組件與M2329電子通路業等之公司為研究對象，研究時期為2001年、2006年以及2012年。實證結果發現，若高階經營團隊成員的國外經驗愈多，對海外地區（不包含大陸地區）的投資金額愈高；若高階經營團隊成員的教育程度愈高，對大陸地區投資的集中程度愈低；然而，關於高階經營團隊成員主修專業異質性的部分，則並未得出任何顯著之結果。本研究之發現不僅再一次證實過往研究的結果，確定高階經營團隊成員對企業的重要性，更給企業在聘用高階經理人時提供參考，若企業未來有往國際擴展的目標，則應盡量聘用擁有國外經驗的高階經理人，借助其經驗與優勢，讓企業在國際市場上能更有效率且成功地發展。 / This study investigates the relationship between the background of top management team and international expansion. It discusses whether foreign experience, the level of education and major heterogeneity will influence the amount of overseas investment and the concentration degree of investment in China or not. According to the upper echelons theory, personal cognitive basis and value of top managers have an impact on their decision-making process. Thus, in order to understand the reasons why an enterprise chooses one strategy, it is necessary to explore its top management team. Relying on data from Taiwan's electronics industry (TEJ codes M2324, M2326, M2328, M2329), we find that certain characteristics of top management team are related to international expansion. Empirical results show that, if the top management team members have more foreign experience, the amount of overseas investment will be higher; additionally, if the top management team members with higher education levels, the concentration degree of investment in China will be lower. However, concerning the effect of major heterogeneity, it does not find any significant results. In a word, the findings of this study not only confirm the importance of top management team but also provide a reference for a company when employing top managers.

In the wake of globalization, an increasing amount of firms must consider internationalization strategies to remain competitive. The strategic decision of where to expand is complex by nature. This is particularly true for retailers, and despite this being generally accepted, relatively little is in fact known about retailers ́ choice of foreign markets. Hence, this study investigates international market selection (IMS) strategies of Swedish retailers with global operations. The purpose of this study is twofold; first, to explore which criteria Swedish retailers use upon making international market selection decisions and investigate the relative importance among these criteria. Second, to assess the possibilities of creating a weighted IMS model for retailers, which can be use as guidance for marketing practitioners. The research questions which will be answered are: How do Swedish international retailers select foreign markets? What are the possibilities of creating a weighted IMS model for retailers? The study embraces a qualitative strategy with an exploratory research approach and a multiple case study design. Through extensive literature review, a conceptual framework is constructed, and subsequently developed, post gaining insight in practitioners’ reasoning. The empirical data was gathered through interviews with managers of Swedish retailers with international presence, as well as strategy consultants who routinely work with strategy conformation for Swedish retailers. Our findings show that criteria which influence IMS decisions among Swedish retailers are quite similar among firms and can be arranged under three main categories; market attractiveness, psychic distance and internal factors. Moreover, as a result of the empirical findings, we suggest previous IMS research lack one important factor which influences the IMS decisions, namely “gut-feeling”/coincidence. The relative importance among factors proved to vary among firms. Consequently, four concepts aiming at explaining the variations were developed. The four concepts include firm size, firm objective, industry of the firm, and ownership structure. Finally, with support from respondents, we arrived at a conclusion suggesting that construction of a weighted IMS model for all types of retailers is unfeasible. However, if the scope is limited to only include firms of similar characteristics as proposed by the four concepts, such model could potentially yield solid validity.

Syfte – Att skapa förståelse för hur internationell marknad framgångsrikt kan väljas för internetföretag genom att beskriva och identifiera tillvägagångssätt för val av internationell marknad. Metod – Kvalitativ fallstudie där elva semistrukturerade intervjuer genomfördes på olika internetföretag som valt internationell marknad. Resultat - Två olika strategier för att välja internationell marknad identifierades. 1) hagelböss-strategi som innebär mindre analys men att fler länder testas än i 2) prickskytt-strategi. De tre parametrarna 1) befolkningsmängd, 2) betalsystem och 3) psykologiskt avstånd är dominerande i en hagelböss-strategi.  I en prickskytt-strategi dominerar elva olika parametrar utöver de tre som kan studeras vid en hagelböss-strategi. Tre kostnadsdrivare identifierades som kan förklara när företag kan använda de olika strategierna, där hagelböss-strategin kan användas vid lägre internationaliseringskostnader och prickskytt-strategin när internationaliseringskostnaderna är högre. Teoretiska implikationer – Studien bidrar till att öka förståelsen kring hur internetföretag kan välja internationell marknad där mycket av tidigare forskning vidareutvecklats och andra delar bekräftats. Ett avgörande och viktigt tillägg till tidigare forskning är de i resultatet genererade strategierna som kan bidra till att internetföretag mer framgångsrikt välja kan internationell marknad. Dessutom utvecklas kunskap om vilka parametrar som kan vara centrala för hur internetföretag kan välja internationell marknad och hur dessa kan tillämpas. Praktiska implikationer - För internetföretag ökar studien förståelse för när de olika strategierna kan användas där kostnaderna för internationalisering kan avgöra vilken strategi som är fördelaktig att använda för att välja internationell marknad. Dessutom presenteras parametrar som kan studeras vid val av internationell marknad för de båda strategierna där varje företag kan basera dessa parametrar på sina egna egenskaper. / Purpose - To create an understanding of how international markets can be successfully selected for internet companies by describing and identifying approaches for selecting international markets. Method - Qualitative case study where eleven semi structured interviews were conducted on various internet companies that have previously selected international market. Results - Two different strategies for selecting international markets were identified. 1) shotgun strategy that involves less analysis but testing of more countries than 2) sniper strategy. The three parameters 1) population, 2) payment systems and 3) psychological distance are dominant in a shotgun strategy. In a sniper strategy, eleven different parameters dominate in addition to the three that can be studied when using a shotgun strategy. Three cost drivers were identified that can explain when companies can use the different strategies, where the shotgun strategy can be used when having lower internationalization costs and the sniper strategy when internationalization costs are higher. Theoretical implications - The study helps to increase the understanding of how internet companies can select an international market where much of previous research has been further developed and other parts confirmed. A crucial and important addition to previous research are the result-generated strategies that can help internet companies more successfully select international market. In addition, knowledge is extended regarding which parameters can be central to how internet companies can select international market and how these parameters can be applied. Practical implications - For internet companies, the study increases the understanding of when the different strategies can be used, where costs for internationalization can determine which strategy is beneficial to use in selecting international market. In addition, parameters that can be studied in selecting the international market for the two strategies are presented, where each company can choose among these parameters based on their own characteristics.

本文探討台灣銀行業進入東南亞國家的因素，著重於從理論假設到實證研究，先以跨國銀行理論作為框架提出假設，接著利用實證方法來分析追隨客戶的動機可否充分解釋台灣銀行業的擴張行為？又或者是折衷理論之解釋較為全面？最後對於實證結果進行分析，研究發現：追隨客戶、地主國國家的經濟發展、地主國的融資及母行本身的條件是影響台灣銀行業者跨國經營的主要因素。 / This paper analyze the determinants of the overseas physical presences of Taiwanese banks in Southeast Asia. We focus on the process of from theoretical hypotheses to empirical studies. First, we propose hypotheses based on the theory framework of multinational bank, and then, the multiple regression models are adopted and we investigate whether the “follow-the-client’’ hypothesis is held？Or can the test results in views of eclectic theory explain Taiwanese banks’ behavior more comprehensively. The results of this paper are as follows: following their customers, the host countries’ economy, the host countries’ financing market, and the parent banks’ specific qualities are the main factors affecting the number of presences Taiwanese banks in Southeast Asia.

La globalisation des marchés et les mutations de l’environnement économique incitent les entreprises à accélérer leur expansion internationale par le biais de fusions-acquisitions. Si ces opérations de croissance externe présentent des avantages certains, elles ne sont pas sans risque et leurs performances restent contrastées. Cette recherche doctorale porte sur la localisation et la création de valeur des fusions-acquisitions réalisées par des entreprises françaises. L’analyse proposée comporte deux volets : (1) l’étude de l’influence exercée par les caractéristiques du pays de la cible sur le choix de l’acquéreur d’entreprendre des opérations dans les pays matures ou émergents ; (2) l’identification des déterminants de la création de valeur des fusions-acquisitions relatifs aux caractéristiques de l’acquéreur, de la cible et de l’opération, suivant leur localisation. L’étude empirique est fondée sur un échantillon de 395 fusions-acquisitions réalisées entre 2010 et 2012 par des acquéreurs du SBF 120. Les analyses statistiques effectuées (principalement des régressions logistiques et des études d’événements) montrent que les facteurs caractérisant le pays de la cible, et particulièrement la qualité des institutions, sont déterminants dans le choix de l’acquéreur de procéder à des opérations dans des pays matures ou émergents. Les résultats révèlent également que les variables associées à l’acquéreur et à l’opération exercent une influence significative sur la création de valeur des opérations, à la différence des facteurs liés à la cible qui ne semblent pas jouer un rôle majeur. / Market globalization and the evolution of the economic environment motivate companies to accelerate their international expansion through mergers and acquisitions. These external growth operations have important advantages, but they also generate risks and their performance remains mixed. This doctoral research focuses on the location and value creation of mergers and acquisitions conducted by French companies. The presented analysis has two components: (1) studying the influence of the characteristics of the target country on the choice of acquirers to conduct operations in mature or emerging countries; (2) identifying the determinants of value creation of mergers and acquisitions related to the characteristics of the acquirer, the target and the operation, according to their location. The empirical study is based on a sample of 395 operations realized between 2010 and 2012 by acquirers listed on the SBF 120 index. The statistical analysis (mainly logistic regressions and event studies) shows that factors characterizing the target country, particularly the quality of institutions, are determinant for the acquirer’s choice to realize mergers and acquisitions in mature or emerging countries. The results also indicate that variables concerning the acquiring company and the operation have a significant influence on the value creation of mergers and acquisitions, unlike factors associated with the targets, which do not seem to play an essential role.

This master thesis concentrates especially on practical aspects of entrance of a specific Czech company to the German market through e-commerce. Therefore the thesis affects the whole process from the primary situation analysis prior to entering the market, through entrance strategy making process, partial marketing and financial strategies assembly, logistic and financial partners selection, concluded by launching the e-shop itself and processes of the strategic success factors evaluation. The first objective of this thesis is to create a strategy plan of entrance to the German market through e-shop. The second objective is to map the key aspects of the international expansion of the Czech company via e-shop concerning the environment in Germany.