A Gestão de Riscos Corporativos (GRC) tem despertado interesse da academia desde a década de 1990, quando foi definida como uma administração abrangente e holística dos riscos empresariais, em contraste à Gestão Tradicional de Riscos que objetiva proteção. Desde então, a maior parte dos estudos empíricos disponíveis sobre a GRC pretenderam associá-la a desempenho ou eficiência e pouco há sobre sua relação com o processo de internacionalização de empresas. O menor foco da literatura sobre essa relação desperta atenção, uma vez que o processo de internacionalização implica na exposição a riscos inerentes às diversas geografias e frequentemente atípicos nos países de origem das empresas. Dessa forma, a GRC pode ser uma vantagem competitiva no processo de internacionalização. Nesse contexto, esta dissertação investigou a relação entre Grau de Internacionalização (GI) e Nível de Maturidade em Gestão de Riscos Corporativos (NMGRC) de empresas brasileiras. Para isso, utilizou-se de análise de conteúdo dos Formulários de Referência de 72 empresas listadas nos três níveis de governança corporativa da BM&F Bovespa no ano fiscal de 2013. Por meio da técnica estatística multivariada de Análise de Componentes Principais foram definidos três construtos para a composição do GI (Receita do Exterior, Recursos Físicos e Humanos no Exterior e Participação em Sociedades no Exterior) e três para NMGRC (Liderança na Gestão de Riscos, Suporte Externo para Gestão de Riscos e Prática de Gestão de Riscos). Os construtos então foram agrupados em um índice composto para NMGRC e GI, seguidos de propostas métricas aplicáveis a dados primários. As análises estatísticas foram realizadas de forma associativa, por meio de correlações, entre grupos, com a análise de quatro agrupamentos ordenados por GI; e de forma preditiva, com emprego de Regressão Logística Ordinal. Os resultados mostraram uma relação direta e proporcional entre o Nível de Maturidade em Gestão de Riscos Corporativos e o Grau de Internacionalização das empresas pesquisadas pelos três métodos de análise. Quanto ao efeito da GRC no GI, esta última teve maior relação com Liderança na Gestão de Riscos, seguida em importância por Prática de Gestão de Riscos. O construto Suporte Externo para Gestão de Riscos não foi conclusivo. Quanto ao efeito da internacionalização no NMGRC, a maior relação foi encontrada para Receita do Exterior, seguida de Recursos Físicos e Humanos no Exterior. O construto Participação em Sociedades no Exterior não foi conclusivo. Com esses resultados, esta dissertação encontrou indícios de que o engajamento da alta direção com a GRC pode trazer vantagem no atingimento dos objetivos de internacionalização das empresas brasileiras de capital aberto, principalmente quando as receitas do exterior aumentam ou há alocação de recursos físicos e humanos fora do país. / The Enterprise Risk Management (ERM) has been of academic interest since the 90´s when it was defined as a wider and holistic management of business risks, in contrast to the Traditional Risk Management practice, which intends to protection. Since then, the vast majority of available empirical researches on ERM aimed to associate it with performance and efficiency and scarce literature is found on its relationship with the internationalisation process. The absence of this connection draws attention as the internationalisation process involves the exposition of a firm to risks derived from the array of involved geographies, frequently unusual in its origin country. Then, the ERM is potentially a competitive advantage in the internationalisation process of a firm. This research investigated the relationship between the Degree of Internationalisation (DI) and the Maturity Level of Enterprise Risk Management (MLERM) thru empirical data. To meet this objective, a documental research on 72 listed companies in the three top tier corporate governance index of the Brazilian Stock Exchange was conducted. Data was extracted from the forms officially submitted to the government market authority in the fiscal year of 2013 by an extensive content analysis. Using the multivariate statistic method of Principal Component Analysis, three constructs were defined to DI (Revenues from Abroad, Physical and Human Resources Abroad and Interest in Societies Abroad) and three to MLERM (Leadership in Risk Management, External Support to Risk Management and Risk Management Practices). These constructs were then used to build composite indexes to MLERM and DI, followed by a proposition of counterpart indexes applicable to primary data. The statistical analysis were made in three ways: associative, with use of correlations; between groups, with the analysis of four clusters ranked by their DI; and predictive, with the use of Ordinal Logistic Regression. The results have shown a proportional and direct relation between the Maturity Level of Enterprise Risk Management and the Degree of Internationalization of researched companies by the three applied methods. As for the effect of ERM on ID, the later shown greater relation to Leadership in Risk Management, followed in importance by Risk Management Practices. The construct External Support to Risk Management was inconclusive. As for the effect of internationalization on MLERM, the greater relation was found to Revenues from Abroad, followed in importance by Physical and Human Resources Abroad. The construct Interest in Societies Abroad was inconclusive. With these results this research has found indications that the engagement of the higher directive board towards ERM may be an advantage in achieving the internationalization targets of Brazilian public companies, mainly when the revenues from abroad increase or there are human or physical resources invested out of the borders.

Submitted by João Paulo Linhares (jplinhares@yahoo.com.br) on 2013-08-29T13:38:47Z No. of bitstreams: 1 Dissertacao_Joao_Paulo_Martins_Linhares.pdf: 794952 bytes, checksum: 1261bfeec451e67fee91682262045dda (MD5) / Approved for entry into archive by Suzinei Teles Garcia Garcia (suzinei.garcia@fgv.br) on 2013-08-29T13:46:05Z (GMT) No. of bitstreams: 1 Dissertacao_Joao_Paulo_Martins_Linhares.pdf: 794952 bytes, checksum: 1261bfeec451e67fee91682262045dda (MD5) / Made available in DSpace on 2013-08-29T14:19:03Z (GMT). No. of bitstreams: 1 Dissertacao_Joao_Paulo_Martins_Linhares.pdf: 794952 bytes, checksum: 1261bfeec451e67fee91682262045dda (MD5) Previous issue date: 2013-07-29 / O presente estudo teve por objetivo examinar a influência dos fatores macroeconômicos (câmbio, inflação e diferença das taxas de financiamento) e risco político na estrutura de capital das Subsidiárias das Multinacionais Estrangeiras no Brasil (SME) comparando-as com as Empresas Brasileiras Locais (EBL). Durante o período analisado (1998 – 2008) verificou-se que a média de alavancagem das SME foi superior ao das EBL. Foi possível também notar que existiu uma mudança de tendência na qual as EBL passaram a ser mais alavancadas do que as SME a partir de 2003, mesmo quando pareadas pelo tamanho aproximado. A variação cambial possui uma associação positiva com a alavancagem evidenciando a hipótese de hedge das receitas no contexto de exposição estrangeira da matriz. Contrapondo a hipótese inicial, o risco político representado pela corrupção diminui a alavancagem das SME. Por fim, a diferença as taxas de financiamento entre o Brasil e país da matriz da SME teve relação negativa com a alavancagem externa (dívida com terceiros). No entanto, a associação positiva com alavancagem intercompany (com a matriz) ocorreu apenas após 2003. / The present study aimed to examine the influence of macroeconomics factors (rates, inflation and difference between rates of financing) and political risk in capital structure of Multinational Foreign Subsidiaries in Brazil (MFS) comparing them with Brazilian Local Companies (BLC). During the analyzed period (1998 - 2008) it was found that the average leverage of MFS was higher than the BLC. It can be also noted a trend which BLC became more leveraged than the MFS after 2003, even when matched by proxy size. The exchange rate has a positive association with the leverage, showing that the hypothesis of hedge revenues in the context multinational parent foreign exposure. Contradicting the initial hypothesis, the political risk represented by corruption reduces the leverage of MFS. Finally, the difference between financing rates in Brazil and in the parent country of MFS had negative relationship with the external leverage (external debt). However, the positive association with intercompany leverage (parent debt) occurred only after 2003.

Les normes et lignes directrices encadrant la responsabilité sociale des entreprises reçoivent application seulement au moment où les États et entreprises décident de les appliquer. Ce volontarisme est synonyme d’autorégulation. Dans un contexte de mondialisation, les gouvernements ont souhaité accorder de plus en plus de liberté au marché et en ce sens aux grandes entreprises. Afin de faciliter les échanges commerciaux internationaux, les investisseurs directs étrangers bénéficient dorénavant de protections internationales face aux réglementations des pays hôtes, quitte à évincer des considérations essentielles vis-à-vis de la société. Les impacts des multinationales sur la société sont justement encadrés par la RSE dont les organisations internationales posent les balises grâce à des normes et standards internationaux. La prise en compte sur une base volontaire des enjeux de la société sont dorénavant présents dans les accords de libre-échange dit de nouvelle génération comme l’Accord économique et commercial global entre le Canada et l’Union européenne. Les parties sont encouragées à respecter les lignes directrices et principes internationalement reconnus en matière de responsabilité sociale des entreprises. Cependant, ceux-ci souffrent de difficultés inhérentes à leur nature. En ce sens, les multinationales sont souvent à l’abri de sanction contre leurs manquements puisque leurs statuts juridiques restent encore compliqués. Ensuite, l’arbitrage d’investissements apporte aux investisseurs étrangers un pouvoir de contrebalancer leurs obligations. Les pays d’accueil sont soumis à l’attractivité et la concurrence malgré leurs devoirs de respecter des valeurs universelles de la communauté internationale. Ces valeurs universelles de la communauté internationale pourraient englober des enjeux économiques, sociaux, environnementaux afin de réunir les enjeux transversaux du XXIe siècle. / Norms and directives of corporate social responsibility become effective only once countries and corporations decide to implement them. In a context of globalization, governments decided to encourage an increasing freedom to markets and therefore to big corporations. In order to facilitate commercial exchanges, foreign investors benefits from international protection in the face of host countries legislations. Even if it means circumventing essential societal considerations. Corporations’ societal impacts are built upon social responsibility that international organizations have created through international norms and standards. This concern on a voluntarily basis of certain societal issues now appears in so called ‘new generation’ free trade agreement like the European Union-Canada Comprehension Economic Trade Agreement. Parties are encouraged to respect universally recognized guidelines and principles related to corporate social responsibility. These currently suffer from their intrinsic difficulties. Multinational corporations are often sheltered from their breaches (to social responsibility) as their legal statue remain unclear. Furthermore, investment arbitration allows foreign investors to balance their obligations by having a scrutiny right over their host country’s regulations. Those host countries are facing attractiveness and competitiveness challenges despite their obligations to respect the international community’s universally accepted values.

This study focuses on foreign direct investment ("FDI") and its importance to the economy of South Africa. Recognising that FDI, notwithstanding the type, can contribute to economic growth and development, most countries including South Africa are constantly working to attract it, and hence its demand has become highly competitive. However, FDI does not go without some negative effects, such as conflicts between host and investor country, and the creation of damaging competition to local firms. These negative effects could be minimised if policies and strategies for the promotion and attraction of FDI is part of, and integrated into, general economic development and economic reform policies, and not seen in isolation. Although South Africa has implemented strategies to attract more FDI, a refinement of some of these policies is needed if the country is to be successful in this regard. / Economics / M. Comm. (Economics)

Le recours à la stratégie du recentrage sur le cœur de métier (core business) par les entreprises fait apparaître, en discours comme en pratique, trois mouvements qui déstabilisent les ensembles bureaucratiques: la réorganisation de la grande firme en « centres de profits », la multiplication des relations inter-firmes et un changement d’ordre qualitatif dans les termes de l’échange. L’avènement et le maintien de ce que nous convenons d’appeler l’« entreprise réseau » demeurent à ce jour problématique : soit cette forme organisationnelle serait le résultat d’une adaptation unilatérale à son environnement; soit la dynamique sociale serait réglée par la confiance entre les acteurs. Notre démarche inductive et exploratoire d’un cas d’entreprise réseau québécoise veut contribuer au démontage de la notion, puis à la compréhension sociologique du phénomène. Nous constatons que cette forme d’entreprise ne peut être comprise que lorsque nous la mettons en perspective avec l’entreprise bureaucratique. / The strategic focus on the core business by bureaucratic firms contributed to the destabilization of this organizational form in three ways: the move to small « profits centers », the multiplication of exchange relations between firms and the changing nature of the relationships between them. The literature that explains the why and how of what we conceptualize as a « network firm » is still problematic. This management literature has two paradigms: either this organizational form is the result of a unilateral adaptation it’s environment ; either the social dynamic between firms is only based on trust. Our inductive research design is based on a single case of a multinational network Quebec firm. It tries to contribute to the analysis of this concept and to its sociological understanding. We conclude that this organizational form cannot be fully understood unless it is putted in perspective with the bureaucratic firm.

Une des caractéristiques des entreprises multinationales est leur implantation dans des pays divers géographiquement et culturellement. Les services de communication interne sont représentés majoritairement comme la solution pour susciter l’adhésion à la culture d’entreprise et pour développer une synergie autour de celle-ci en dehors des considérations culturelles de chacun.Le discours dominant veut que la culture d’entreprise soit acceptée de la même façon par l’ensemble des salariés, notamment grâce à la communication interne qui y est définie comme un acteur stratégique jouant un rôle dynamique dans le quotidien de l’entreprise. L’objectif de cette thèse est de contraster les discours sur la communication interne avec les conclusions tirées de l’observation des tâches assurées par ses responsables dans trois filiales d’entreprises multinationales, en particulier pour constater à quel point les questions interculturelles font partie de leur quotidien. Il s’agit également de contraster les discours qui représentent l’entreprise comme une organisation à l’ordre social statique, basé sur une culture d’entreprise consolidée, avec le quotidien des salariés qui essaient de se trouver un espace d’expression de leur différence culturelle face à la culture de l’entreprise, ce qui remet en cause l’idée de l’environnement interne d’entreprise solide et inerte.Pour faire ressortir les écarts entre les discours et la réalité du travail dans l’entreprise multinationale, nous avons construit un cadre conceptuel basé sur la théorie de la régulation sociale de J.-D. Reynaud, en faisant l’hypothèse que la communication entre la culture de l’entreprise et les cultures des salariés se manifesterait via un jeu de règles permanent, et sur la théorie de l’ordre négocié de A. Strauss qui représente l’organisation en construction permanente de son ordre social basé sur la négociation des compromis entre acteurs. Les concepts du pouvoir et des représentations sociales sont utilisés pour renforcer l’idée selon laquelle toute interaction au sein de l’entreprise ne peut exister sans la présence des différentes manifestations de ces deux concepts.Pour formuler des conclusions, nous avons adopté une méthodologie de recherche basée sur l’étude de cas durant laquelle nous avons eu recours à l’observation participante, aux entretiens semi-directifs et à l’analyse du contenu des publications de la communication interne. / One of the characteristics of multinational enterprises is their implementation in countries geographically and culturally diverse. Internal communication services are represented mostly as the solution to build support for the corporate culture and to develop synergy around it beyond workers' cultural considerations. The dominant discourse states that the corporate culture is to be accepted in the same way by all employees, notably through internal communication services, which are defined as a strategic actor playing an active role in everyday business. The objective of this thesis is to contrast the discourse of internal communication services with the conclusions drawn from the observation of tasks performed by its officials in three subsidiaries of multinational companies, in particular to see how cross-cultural issues are part of their daily lives. It aims also at contrasting how discourses that represent the company as an organization whose static social order is based on a consolidated corporate culture, with employees trying to find a space to express their cultural difference against the company culture in their daily life. In order to highlight the gaps between the rhetoric and reality of working in a multinational enterprise, we assembled a conceptual framework based on J.-D. Reynaud's theory of social regulation, assuming that communication between the corporate culture and the cultures of the employees would manifest itself through a set of permanent rules, and A. Strauss' negotiated order theory, which represents the organization permanently constructing its social order through the negotiation of compromises between actors. The concepts of power and social representations are used to highlight the idea that any interaction within the company can not exist without the presence of different manifestations of these two concepts. In order to draw conclusions, we have adopted a research methodology based on case studies. We have therefore used participant observation, semi-structured interviews and content analysis of the publications of internal communication services.

Esta investigación analiza los efectos económicos y sociales de las masivas inversiones multinacionales mineras en la década de los noventa, sobre una región del Norte de Chile llamada Antofagasta. Se propone una visión de desarrollo económico durable a partir un modelo de enclave, adaptado de la escuela latinoamericana del desarrollo (centro periferia). Con este modelo se cuestiona si el enclave tradicional se transforma garantizando su desarrollo económico durable, como resultado del aparente dinamismo económico de la zona receptora. Se comienza presentando una discusión teórica confrontando los enclaves tradicionales y modernos con visiones opuestas, distritos industriales, neoclásica y de clusters industriales. En la primera parte de los resultados se recupera la historia económica social de la región de Antofagasta y las políticas mineras. En la segunda parte se estudian el actual modelo económico neoliberal chileno y las políticas regionales que han favorecido las inversiones extranjeras. En la tercera parte se miden los impactos sobre la Región de Antofagasta, a nivel de desarrollo productivo, social, equidad territorial, medio ambiente, así como la exportación del excedente regional debido a la débil tributación minera y por la lógica de repartición de ingresos y gastos fiscales entre las regiones. Se dedica un capítulo especial a analizar las relaciones de dominación entre las EMN y los proveedores locales, así como las condiciones de vida de los trabajadores, con una gran masa de subcontratados. La tercera parte finaliza investigando de qué manera responden los actores sociales al modelo de desarrollo, al discurso de las EMN y a los mecanismos de control socio-políticos nacional y regional. / Cette recherche analyse les effets économiques, sociaux et environmentales, des investissements massifs de la part des entreprises minières multinationales dans la décennie des années 90, sur une région du nord du Chili appelée Antofagasta. Nous proposons une approche de développement à partir d'un modèle d'enclave, sur base d'une adaptation de l'école latino-américaine du développement. De cette façon, nous demandons si l'enclave traditionnelle se transforme en une enclave moderne qui garantisse son développement économique durable, comme résultat de son dynamisme économique apparent. Nous commençons par une discussion théorique sur le modèle d'enclave, et celui-ci est confronté avec les approches opposées, néo-classique, et de clusters industriels. Dans la première partie des résultats, on récupère l'histoire économique et sociale de la région et les politiques minières de l'État. Ensuite nous étudions le contexte politique institutionnel et les politiques régionales qui ont favorisé les investissements étrangers. Dans la troisième partie, nous mesurons les impacts au niveau productif, fiscal et social, ainsi que l'exportation de l'excédent régional. Dans cette partie nous consacrons une partie à l'analyse des rapports entre les entreprises multinationales et les fournisseurs locaux, ainsi que des conditions de vie des travailleurs, parmi lesquels se trouvent un grand nombre de sous-traitants. Finalement, la troisième partie de la recherche se pose la question : de quelle façon répondent les acteurs sociaux au modèle du développement et au discours des entreprises multinationales.

Le recours à la stratégie du recentrage sur le cœur de métier (core business) par les entreprises fait apparaître, en discours comme en pratique, trois mouvements qui déstabilisent les ensembles bureaucratiques: la réorganisation de la grande firme en « centres de profits », la multiplication des relations inter-firmes et un changement d’ordre qualitatif dans les termes de l’échange. L’avènement et le maintien de ce que nous convenons d’appeler l’« entreprise réseau » demeurent à ce jour problématique : soit cette forme organisationnelle serait le résultat d’une adaptation unilatérale à son environnement; soit la dynamique sociale serait réglée par la confiance entre les acteurs. Notre démarche inductive et exploratoire d’un cas d’entreprise réseau québécoise veut contribuer au démontage de la notion, puis à la compréhension sociologique du phénomène. Nous constatons que cette forme d’entreprise ne peut être comprise que lorsque nous la mettons en perspective avec l’entreprise bureaucratique. / The strategic focus on the core business by bureaucratic firms contributed to the destabilization of this organizational form in three ways: the move to small « profits centers », the multiplication of exchange relations between firms and the changing nature of the relationships between them. The literature that explains the why and how of what we conceptualize as a « network firm » is still problematic. This management literature has two paradigms: either this organizational form is the result of a unilateral adaptation it’s environment ; either the social dynamic between firms is only based on trust. Our inductive research design is based on a single case of a multinational network Quebec firm. It tries to contribute to the analysis of this concept and to its sociological understanding. We conclude that this organizational form cannot be fully understood unless it is putted in perspective with the bureaucratic firm.

This thesis emphasizes the role of political risk in international business by analyzing the impact of political events on the valuation of firms. The guiding question is how governments interfere with the business interests of firms located in their own country as well as with the business interests of firms from other nations, as a consequence of the application of international sanctions. Therefore, the focus is on multi-country and multi-sector effects due to the occurrence of specific sanction events. The empirical methodology is the event-study approach, which analyzes stock market reactions to new information. The research objective is to detect abnormal stock returns across multiple markets and sectors, as a consequence of events related to the imposition of or threat of international sanctions. The empirical model of this thesis differentiates between risk-effects for firms located in the sender country (i.e., the origin of sanctions), for firms located in or specifically related to target countries (i.e., the receiver of sanctions) and firms located in third countries (i.e., countries not directly involved). There are three different cases analyzed: E.U. Economic Sanctions against African countries (2002-2005), the U.S. Steel Tariff (2002) and the Iran Sanctions Act (2007). The cases represent sanctions applied on the nationwide, sector- and firm-specific level. The event studies provide empirical evidence for the existence of political risk-effects due to sector-specific sanctions. Risk-effects are detected for firms in target countries and for firms in the sender country itself. The applied political risk framework describes how political risk affects multinational firm value and explains that it varies among firms. The impact of political risk on a firm's value depends on the risk exposure of a firm's individual business interests to it. This contributes a new perspective on political risk that emphasizes multinational and multi-sectoral effects and underlines that a specific political risk can be relevant for a variety of different international business interests. (author's abstract)

Submitted by Fernando Mistura (f.mistura@gmail.com) on 2011-10-10T19:43:49Z No. of bitstreams: 1 20111010 - ThesisMistura.pdf: 9859237 bytes, checksum: 549c3f8971cac6c47966b93ec2c8debc (MD5) / Approved for entry into archive by Gisele Isaura Hannickel (gisele.hannickel@fgv.br) on 2011-10-10T19:48:44Z (GMT) No. of bitstreams: 1 20111010 - ThesisMistura.pdf: 9859237 bytes, checksum: 549c3f8971cac6c47966b93ec2c8debc (MD5) / Approved for entry into archive by Gisele Isaura Hannickel (gisele.hannickel@fgv.br) on 2011-10-10T19:48:59Z (GMT) No. of bitstreams: 1 20111010 - ThesisMistura.pdf: 9859237 bytes, checksum: 549c3f8971cac6c47966b93ec2c8debc (MD5) / Made available in DSpace on 2011-10-11T12:42:21Z (GMT). No. of bitstreams: 1 20111010 - ThesisMistura.pdf: 9859237 bytes, checksum: 549c3f8971cac6c47966b93ec2c8debc (MD5) Previous issue date: 2011-10-07 / This dissertation has sought to identify the role of BRIC country governments in the internationalization of their firms. Drawing upon an exploratory comparative analysis of BRIC OFDI trends and policies, it contributes to further an initial understanding of this phenomenon by shedding light on how and why BRIC governments have been promoting their multinationals. For this, it analysed specific OFDI-related policies implemented by BRIC countries as a way of highlighting policy-gaps and the effects of institutional set-ups in the development of internationalized companies. The rapid rise of MNCs from BRIC countries is quite a recent phenomenon. Although they had invested abroad before, only since the early 2000s OFDI by BRIC MNCs has become substantial. BRIC MNCs are becoming major players in many industries, taking-over competitors in both developed and developing countries, and reshaping competition in many industries. In this process, BRIC governments have played an important role. While until the early 1990s, BRIC governments restricted OFDI because of a negative perspective on its effects on home economies (e.g., reduction in investments at home, exports of jobs, and constraints to the balance-of-payments), in the 2000s their perception of OFDI changed. They have become more aware of the importance of OFDI for the competitiveness of their firms and industrial upgrade. While China, and to a lesser extent India, are one step further, having already put in place a comprehensive set of specific OFDI promoting policies, Brazil and Russia have yet to take further steps in order to create an enabling environment for their companies to fully exploit the advantages of global expansion / Esta dissertação procurou identificar o papel dos governos na internacionalização produtiva de empresas dos países BRIC. Por meio de uma análise comparativa do comportamento dos investimentos diretos no exterior (IDE) destes países e dos mecanismos existentes de suporte à internacionalização das empresas, foi possível identificar as diferentes maneiras de envolvimento desses governos na internacionalização produtiva de suas empresas e apontar lacunas de políticas públicas nestes países. Destarte, esta dissertação contribui à compreensão inicial sobre como e por que os governos destes países têm promovido o desenvolvimento de multinacionais. A rápida ascensão das multinacionais dos países BRIC é um fenômeno recente. Apesar de terem investido no exterior anteriormente, apenas a partir do início dos anos 2000 que o IDE de empresas destes países tornou-se significativo. Desde então, as multinacionais dos países BRIC estão se tornando importantes players em diversas indústrias, adquirindo competidores de países desenvolvidos e em desenvolvimento, e redesenhando a concorrência em muitas indústrias globais. Neste processo, os governos dos países BRIC têm desempenhado um papel importante. Até o início dos anos 1990, o IDE era restringido porque era associado a efeitos negativos sobre as economias domésticas (como por exemplo, à redução de investimentos no país de origem, à exportação de empregos, e a problemas na balança de pagamentos). Desde o início dos anos 2000, entretanto, os governos dos países BRIC mudaram de percepção e passaram a adotar políticas favoráveis à internacionalização produtiva de empresas domésticas. Eles perceberam a importância da internacionalização para a manutenção ou expansão da competitividade das empresas domésticas em um mundo globalizado. A China, e em menor grau a Índia, estão um passo adiante, tendo já posto em prática um conjunto de instrumentos específicos que facilitam a internacionalização de suas empresas. O Brasil e a Rússia ainda têm de tomar novas medidas para criar um ambiente propício para que suas empresas possam mais facilmente explorar as vantagens da expansão global.