Globalisering har möjliggjort för svenska företag att expandera utomlands och etablera sig påinternationella marknader. Det största hindret för små- och medelstora företag (SMFs) i ainternationaliseringsprocess är avsaknad av finansiella medel och kunskap om den nyamarknaden. På grund av detta är användandet av en utlandsbaserad agent ett bra alternativ. Enagent har en god lokal marknadskunskap och representerar en etableringsform som är mindrekostsam i jämförelse med etableringen av ett dotterbolag. Med hänsyn till detta äranvändandet av en agent ett vanligt tillvägagångssätt bland internationaliserande SMFs.Samtidigt drivs företaget och dess agent av olika mål på grund av skillnader i egenintresse.Trots att en agent är anlitad i syfte att arbeta i enighet med företagets ambitioner, kan denneha ett egenintresse som kolliderar med företaget. Det är därför nödvändigt för företag attskydda det egna intresset genom implementering av olika kontrollsystem. I denna studie harvi använt oss av principal- agentteorin i syfte att förklara förhållandet mellan svenska SMFsoch dess agenter. Utöver detta undersöker vi även hur svenska SMFs kan kontrollera sinautlandsagenter. För att undersöka detta har vi formulerat följande forskningsfrågor: “Hur kanprincipal-agenteorin tillämpas i syfte att beskriva uppdragsrelationen mellan svenska SMFoch dess agent på den internationella marknaden?” samt ”Hur kan svenska SMFs styra attdess agent på den internationella marknaden arbetar enligt företagets önskemål?”. I syfte attbesvara dessa forskningsfrågor har det insamlats och bearbetats teoretiskt material, vilketutgjort underlag för den semistrukturerade intervjuguide som besvarats av studiensintervjupersoner. Detta har resulterat i en analys följt av slutsats där forskningsfrågornabesvaras. Studien avslutas med rekommendationer till framtida forskning. / Globalization has enabled firms to expand abroad and enter international markets. The mainobstacle for small and medium-sized firms in their internationalization-process is the lack offinancial resources and local market knowledge. Therefore, the use of an offshore agent is agood option. An agent holds good local market knowledge and represents an establishmentform that is less costly, compared to the start-up of a subsidiary. Hence, the use of an agent isa common approach amongst internationalized small and medium-sized firms (SME’s).Simultaneously, a firm and its agent are driven by different ambitions due to divergence intheir self-interests. Although an agent is hired to work in unity with the firm’s ambitions, itmay hold a self-interest that collides with the firm’s objectives. Therefore, it is vital for firmsto protect their own interests by implementing different mechanisms that can control theagent. In this study, the principal-agent theory has been applied in order to explain therelationship between Swedish SME’s and their agents. Additionally, it has been investigatedhow Swedish SME’s are able to control their offshore agents on the international market. Toexamine this, the following two research questions have been formulated: “How can theprincipal-agent theory be applied to describe the relation between Swedish SME’s and theiragent on the international market?” and “How can Swedish SME’s control that their agent onthe international market are working in unity with the firm’s requests?” In order to answerthese two questions, theoretical material has been collected and processed in order toformulate the basis of the semi-structured interview guide that has been answered by therespondents. This has resulted in an analysis followed by a conclusion where the researchquestions are answered.

Submitted by Chiara Fumagalli (fumachiara@gmail.com) on 2016-12-14T14:12:16Z No. of bitstreams: 1 Chiara Fumagalli MPGI Thesis.pdf: 1992906 bytes, checksum: 26dfbfc09c12655c54a59f69ab3369b5 (MD5) / Approved for entry into archive by Josineide da Silva Santos Locatelli (josineide.locatelli@fgv.br) on 2016-12-14T14:41:45Z (GMT) No. of bitstreams: 1 Chiara Fumagalli MPGI Thesis.pdf: 1992906 bytes, checksum: 26dfbfc09c12655c54a59f69ab3369b5 (MD5) / Made available in DSpace on 2016-12-14T15:03:26Z (GMT). No. of bitstreams: 1 Chiara Fumagalli MPGI Thesis.pdf: 1992906 bytes, checksum: 26dfbfc09c12655c54a59f69ab3369b5 (MD5) Previous issue date: 2016-11-16 / The Italian business presence in Brazil has been characterizing, since years, the economic landscape of Brazil. More than 1300 Italian companies, from the biggest to the smallest one, are acting in Brazil, exploiting the overall potential of this country and contributing with the excellence they can bring. Noting the consistency of the Italian presence and wondering how those companies have entered such a complex country and, a recurring name has been GM Venture, which became the protagonist of this dissertation. The thesis in fact aims at studying how GM Venture Company has been able to create value for Italian SMEs, contributing to their success in Brazil during the last ten years. Therefore this analysis focuses firstly on the literature dealing with the key success factors for the internationalization of small-medium enterprises. The second part of the literature goes deep in the specific case of the Brazilian context, trying to understand the major problems that this particular environment poses to small-medium companies internationalizing here and some specific factors Italian companies should pay attention to. Given this introduction, the analysis centers on the core topic of this dissertation. In fact the investigation regarding the GM Venture case looks specifically at how this company has been able create value despite those problems and create a business model able to successfully support SMEs entering Brazil. The inquiry on the case and the conclusion reports how GM Venture, through its operations, has been able to respond to the Brazilian rtise, and positively contribute to the growth and value of the Italian economic reality in this country. Moreover looking at the literature findings, this specific case introduces some novelty in the emerged factors, such as a new way of conceiving the Network, as well as new factors or undervalued ones for success such as promptness in the response and trustworthiness, which are essential in the Brazilian economic environment. / Desde muitos anos a presença Italiana no Brasil foi caracterizante do panorama econômico brasileiro. Mais de mil trezentos empresas italianas, das maiores ate as menores, são presente hoje no Brasil, aproveitando inteiramente do potencial Brasileiro e levando no Brasil uma contribuição relevante no sistema econômico, por meio da excelência que caracteriza estas empresas Italianas. Olhando ao tamanhão da realidade das empresas italiana no Brasil, e como todas essas corporações podia ter entrado em um pais muito complexo, ponto central foi a GM Venture, que se tornou o protagonista da minha dissertação. Esso TCC tem o escopo de entender melhor como esses deis anos GM Venture conseguiu em criar valor econômico por muitas media e pequena empresas Italianas, levando eles ao sucesso no novo país. Por isso a dissertação se focaliza inicialmente sobre a literatura da internacionalização e dos fatores essenciais de sucesso por uma pequena e media empresa em general. O secundo fator de analise nela literatura para o caso especifico do contexto Brasileiro, foi a compreensão dos problemas principais que o Brasil põe para pequenas-medias empresas estrangeiras, e algumas atenções que são necessárias em particular para empresários italianos. Para evoluir no tema, depois de essa introdução ao tema e ao contexto, o tópico mais importante é discutido. Então a investigação de esse trabalho se focaliza sobre o tema de como a GM Venture tem capacidade de responder com uma solução para os problemas presentados criando valor, e como ela criou um modelo de business que seja capaz de levar ao sucesso as empresas clientes no Brasil. A analise e conclusão do caso vão elaborar como a GM Venturo contribuiu ao resolver e evitar a complexidade Brasileira com meios legais e experiência, cooperando em positivo no crescimento da realidade econômica italiana em Brasil. Olhando ainda mais na analise da literatura e comparando o caso, parece evidente como o caso da GM Venture introduziu algumas novidades nos fatores já individuados, como uma ideais nova de network, e no mesmo tempo foi capaz de presentar fatores novos o subestimado, como a pronta velocidade e a confiança nos relacionamento de business que são muito importantes especialmente no Brasil.

Tidigare studier har identifierat två olika typer av information som kreditgivarna tar del av för att avgöra om kredittagaren är kapabel att betala sina skulder och fullfölja sina förpliktelser, transaktionsorienterad och relationsorienterad information (Rad et al., 2013; Gray et al., 2006). Dessa två huvudgrupper av information delas upp i olika bedömningsgrunder somSvensson (2003) presenterar i en analysmodell som används som grund för denna studies föreställningsram. Kreditbedömningen baseras till stor del på den finansiella informationen som ingår i den transaktionsorienterade informationen och som finns att tillgå i årsredovisningen. Årsredovisningen är dock en statisk presentation av företaget (Svensson, 2003) och bör därför kompletteras med ytterligare information.Kreditvärdighetsbedömningen sker utifrån företagets fortlevnad, företagets säkerheter och dess framtida värde, där säkerheter är tillgångar ställda som garantier under kredittiden. Dessa ställda säkerheter får ett säkrare värde om företaget har revisor. Med lagändringen som trädde i kraft i november 2010, som resulterade i en avreglering för revisionsplikten för mindre bolag i Sverige, har drygt 40 % av dagens ca 400 000 aktiebolag ingen revisor (Spängs, 2014).Syftet med uppsatsen var att utvärdera och beskriva vilken betydelse hård och mjuk information har för institutionella kreditgivare vid kreditbedömning av små och medelstora företag i Sverige. Vidare var syftet att utvärdera av vilken vikt det är att den transaktionsorienterade informationen är kvalitetssäkrad genom revision. För att uppfylla syftet med studien har en kvantitativ metod med deduktiv ansats använts, där primärdatainsamlats med hjälp av en webbaserad enkät riktad till företagsrådgivare inom bankväsendet som ligger till grund för empirin i denna studie. Det empiriska materialet har sedan analyserats mot sekundärdata som insamlats från vetenskapliga artiklar, litteratur och svenska lagar.Resultatet visar att kreditbedömningen av små och medelstora företag utifrån studiens urval styrker tidigare studier inom området och resultatet tyder på att revision för att kvalitetssäkra den finansiella informationen inte har avgörande roll för kreditbedömningen. Relationsorienterad information används vid kreditbedömning, men nyttjas inte i samma utsträckning som den transaktionsorienterade. (Rad et al., 2013; Gómez-Guillamón, 2003) / Previous studies have identified two different types of information that lenders uses to decide if the borrower is able to pay its debts and fulfil their obligations, transaction-oriented and relationship-oriented information (Rad et al., 2013; Gray et al., 2006). These two main groups of information is divided into different assessment bases, Svensson (2003) presents ananalysis model that is used as the base for this study. Credit assessment is based on the financial information included in the transactional information that is available in the annual report. The annual report is, according to Svensson (2003), a static presentation of the company and should therefore be supplemented with additional information.Creditworthiness is based on the chance of going concern, the company's assets and its future value, where the collateral assets are pledged as guarantees during the credit period. These collateral assets get a more curtain value by the company's auditor. With the amendment which came into force in November 2010, which resulted in a settlement of audit requirementfor smaller companies in Sweden, has just over 40% of today's 400 000 incorporated companies no auditor (Spängs, 2014).The purpose of this paper was to evaluate and describe the significance that accountant information and relations has for institutional lenders in credit rating of SME’s in Sweden. A further purpose was to evaluate the importance of the assurance that the auditing of the transactional information provides. To fulfil the purpose of the study a quantitative method of deductive approach was used, where primary data collected through a web-based surveyaimed at business advisers within the banking system as the basis for empirical data in this study. The empirical data were then analyzed against secondary data collected from scientific articles, literature and Swedish laws.The result shows that the credit assessment of SME’s based on the study sample, evidence of previous studies in the subject and the results indicate that the auditing in ensuring the quality of the financial information not is crucial in the credit assessment. Relationship-oriented information is also used in the credit rating, but is not utilized to the extent as the transactionoriented information. (Rad et al., 2013; Gómez-Guillamón, 2003)