The South African government announced in 2008 that it intends to promote South Africa as a suitable company headquarter jurisdiction for investment in Africa in general and the sub-Sahara region in particular. The 2010 Taxation Laws Amendment Bill introduced a number of tax changes to lure headquarter companies to South Africa. The new South African headquarter company regime attempts to attract foreign direct investment through these changes. The government plans to make South Africa a gateway for African investments. In order to achieve this goal the regulatory, economic and legal frameworks need to be suitable for international investment. This study analyses the tax characteristics of an ideal holding company regime and investigate the importance that is placed on tax considerations compared to non-tax considerations by companies when faced with investment decision making and whether tax is a primary driver of such decisions. A single source ethnographic case study is used to analyse the process followed by an organisation, and the considerations used by the key decision makers within this organisation, for setting up a holding company in South Africa to drive an investment and business expansion. The case study consists of an investigation into the process followed, the strategy formulated and the structuring of the business for making the investment in selected African countries. It further investigates where the ultimate holding company will be located as a headquarter company for all further Africa business expansion. It was found that the tax considerations are mainly a favourable capital gains tax regime, low income taxes, no or low tax on dividends, a favourable tax treaty network, the absence of controlled foreign company legislation and a liberal thin capitalisation and transfer pricing regime. Non-tax factors also play a significant role in decision making when considering the investment destination. These factors include: economic and political stability; adequate physical, business, accounting and legal infrastructure; the absence (or limited presence) of bureaucratic obstacles; adequate communication channels; the ability to repatriate profits freely; an effective banking system; and the availability of an adequate dispute resolution mechanism. There is a definite distinction between tax specific strategies where enterprises are set up to take advantage of tax incentives provided by certain jurisdictions and where an investment decision is taken and aligned with business decisions to align these strategies to take advantage of a favourable tax regime Jurisdictions that only concentrate on tax incentives will find it difficult to attract foreign direct investment. Decision makers that are held responsible for investors’ capital will take tax as well as non-tax aspects into account when deciding to invest in a country and to set up holding company in that jurisdictions. It is therefore important for a jurisdiction to provide an environment that is conducive to do business in order to attract foreign direct investment. / Dissertation (MCom)--University of Pretoria, 2013. / lmchunu2014 / Taxation / unrestricted

Modern management literature highlights the importance of headquarter and country organisations working together in an interdependent fashion to improve their performance. However, empirical support for this link is scarce; moreover, the theoretical framework on the factors that may affect these relationships and the prerequisites for fostering them is limited. Current literature highlights the importance of high levels of interdependency between HQs and subsidiaries for the performance of the subsidiary, but a direct relationship has not been established. In this research, the link between headquarter-subsidiary interdependence and subsidiary-level performance is empirically probed and explored, using a longitudinal, multi-method approach that combines quantitative and qualitative data. Responses to surveys from 53 marketing and business managers are used to describe the interdependence levels, which are then combined with actual launch outcomes data for Xarelto® in their respective countries. Based on the survey results, a direct link between headquarter and subsidiary interdependence and the launch success of Xarleto® could not be established and subsidiary interdependence and uptake levels were used to select 10 countries for further explorative interviews. The results of these highlighted that, through fully collaborative and supportive headquarter subsidiary relationships, improved knowledge transfer, avoidance of duplication and leveraging of materials and expertise, product launch outcomes in the subsidiary could be enhanced. Moderators to these relationships and factors to maintain these relationships will be presented and this research and a link to network theory and social capital will be made. This research provides several practical recommendations that can be taken into consideration when planning future launches to enhance product uptake in subsidiary markets. / Bayer Corporation (US)

The research regarding best practice transfer complexity is limited and mainly focused on a Western perspective. Thereby, it overlooks the emerging market context. Further, previous research has not examined the constraints affecting the transfer success from several dimensions. Therefore, this thesis aims at answering what the main constraints are to a successful best practice transfer from a Swedish multinational corporation headquarter to a Chinese subsidiary. Additionally, this thesis aims to examine how these constraints affect the transfer success from both a process and outcome perspective. In order to investigate this, the theoretical framework explains the potential internal and external constraints that can affect the transfer and defines success. This study was conducted through a qualitative case study based on a Swedish regional HQ’s transfer to its Chinese subsidiary. The data was mainly collected through semi-structured interviews with respondents from both Sweden and China. Conclusively, the findings showed that relational, organizational and contextual constraints were present. However, the qualitative research showed that there are often trade-offs between constraints and their effect on success, which previously have not been shown in quantitative research. In addition, the results suggest that the context is important to acknowledge when transferring best practices.

Submitted by Nara Lays Domingues Viana Oliveira (naradv) on 2015-07-06T15:55:05Z No. of bitstreams: 1 veronicaerthal.pdf: 2340460 bytes, checksum: ff6754fc67036abfed42e3e7991991eb (MD5) / Made available in DSpace on 2015-07-06T15:55:05Z (GMT). No. of bitstreams: 1 veronicaerthal.pdf: 2340460 bytes, checksum: ff6754fc67036abfed42e3e7991991eb (MD5) Previous issue date: 2014-03-31 / Nenhuma / O presente estudo procurou entender como se estabelece o alinhamento da estratégia definida pela multinacional brasileira em sua subsidiária no exterior, tendo como foco o estudo de caso da empresa brasileira Artecola e sua subsidiária Pegatex, na Colômbia. Esta dissertação é um estudo de caso único, onde a coleta dos dados foi realizada através de pesquisa documental, observação direta em ambas as fábricas e entrevistas semi-estruturada com membros envolvidos com a estratégia no Brasil e na Colômbia. Para tanto, foi realizada uma análise do processo de internacionalização da Artecola e em especial do contexto econômico colombiano e da aquisição da Pegatex. Sobre o tema central do alinhamento na relação matriz-subsidiária, verificou-se que a Artecola tem desenvolvido alguns métodos para alinhamento operacional com as suas unidades obtendo relativo sucesso, também foi identificado que estes métodos poderiam ser mais flexíveis e adaptados a cada realidade aplicada (país e subsidiária). Além disso, a relação entre as empresas demonstrou participação ativa de ambas, de um lado o intenso apoio da matriz a questões gerenciais, e por outro lado aprende com a subsidiária na melhoria dos processos operacionais, know-how de produto e atuações estratégicas no mercado local. Desta forma, se evidenciou que mesmo sem um planejamento estratégico, existe alinhamento estratégico entre as unidades com relação aos objetivos corporativos, bem como a execução destes pela Pegatex, visando ampliar atuação regional desta unidade para global. / The current study sought to understand how the strategic alignment defined by a Brazilian multinational company is established with its foreign-owned subsidiary. Specifically, the Brazilian headquarter Artecola and its subsidiary Pegatex, in Colombia. For this, an analysis of Artecola internationalization process was performed, in particular, in the Colombian economic context and Pegatex acquisition. The current work is a single case study where data collection was conducted through documental research, direct observation in both units and semi-structured interviews realized with members involved with the corporate strategy in Brazil and Colombia. In the discussion core of alignment between headquarter and subsidiary relationship is verified that Artecola has developed some methods for operational alignment with relative success. Yet these methods could be more flexible and adapted to each reality applied (country and subsidiary). Furthermore, the relationship between these companies demonstrated active participation of both sides. While the head-office has provided intense support to Pegatex management issues, Artecola has learned from the subsidiary on how to improve operational processes, products know-how and strategic actions in the local market. Thus, it became clear that even without a formal strategic planning, there is strategic alignment between both enterprises regarding their corporative objectives, as well as the implementation of these by Pegatex, who aims to expand regional performance of this unit to a global participation.

Since the declaration of South Africa as the Gateway to Africa in 2010 by National Treasury, various changes have been made to South African legislation to make South Africa more attractive to foreign investors looking to expand their operations into Africa. The headquarter company regime was introduced with the purpose to provide a base from which these investments may be managed. From a tax perspective this regime eliminates or reduces specific taxes or rates of taxes for companies who elect to be classified as headquarter companies, provided that certain requirements are met. These requirements refer specifically to investments in qualifying foreign companies. The reference to foreign companies inevitably requires that the resident definition be considered. In South Africa residence of a person other than a natural person is the place where the company is incorporated, formed or established or the place of effective management which is a term subject to various interpretations. Regardless of the differences, all the interpretations refer to a senior level of management. Foreign incorporated companies with their place of effective management in South Africa are excluded from the definition should they qualify as controlled foreign companies with foreign business establishments subject to a high level of tax if the place of effective management is disregarded. The lack of skills in African countries as a product of shortfalls in the quality of education result in challenges to establish appropriately skilled management teams in these countries. When a centralised management team is set up at the headquarter company in South Africa the African subsidiaries risk being resident in South Africa and therefore the structure would not qualify for the benefits of the headquarter company regime. Further challenges arise when the exclusion to the resident definition is applied as shares held by a headquarter company are disregarded when the controlled foreign company status of the subsidiaries are determined. Therefore it is recommended that the headquarter company legislation be changed to correspond with successful regimes such as the Luxembourg and the Netherlands in that it does not only apply to foreign investment. It is further recommend that the resident definition be changed to exclude from the place of effective management test group structures that would comply with section 9I should the test be disregarded. / MCom (South African and International Tax), North-West University, Potchefstroom Campus, 2014

Since the declaration of South Africa as the Gateway to Africa in 2010 by National Treasury, various changes have been made to South African legislation to make South Africa more attractive to foreign investors looking to expand their operations into Africa. The headquarter company regime was introduced with the purpose to provide a base from which these investments may be managed. From a tax perspective this regime eliminates or reduces specific taxes or rates of taxes for companies who elect to be classified as headquarter companies, provided that certain requirements are met. These requirements refer specifically to investments in qualifying foreign companies. The reference to foreign companies inevitably requires that the resident definition be considered. In South Africa residence of a person other than a natural person is the place where the company is incorporated, formed or established or the place of effective management which is a term subject to various interpretations. Regardless of the differences, all the interpretations refer to a senior level of management. Foreign incorporated companies with their place of effective management in South Africa are excluded from the definition should they qualify as controlled foreign companies with foreign business establishments subject to a high level of tax if the place of effective management is disregarded. The lack of skills in African countries as a product of shortfalls in the quality of education result in challenges to establish appropriately skilled management teams in these countries. When a centralised management team is set up at the headquarter company in South Africa the African subsidiaries risk being resident in South Africa and therefore the structure would not qualify for the benefits of the headquarter company regime. Further challenges arise when the exclusion to the resident definition is applied as shares held by a headquarter company are disregarded when the controlled foreign company status of the subsidiaries are determined. Therefore it is recommended that the headquarter company legislation be changed to correspond with successful regimes such as the Luxembourg and the Netherlands in that it does not only apply to foreign investment. It is further recommend that the resident definition be changed to exclude from the place of effective management test group structures that would comply with section 9I should the test be disregarded. / MCom (South African and International Tax), North-West University, Potchefstroom Campus, 2014

Submitted by JOSIANE SANTOS DE OLIVEIRA (josianeso) on 2017-06-28T12:14:54Z No. of bitstreams: 1 Fernanda Cristina de Souza Giusti_.pdf: 1641716 bytes, checksum: 6ba4180184a656e5ba60f0433de5fa69 (MD5) / Made available in DSpace on 2017-06-28T12:14:54Z (GMT). No. of bitstreams: 1 Fernanda Cristina de Souza Giusti_.pdf: 1641716 bytes, checksum: 6ba4180184a656e5ba60f0433de5fa69 (MD5) Previous issue date: 2017-04-27 / Nenhuma / O conhecimento é uma importante fonte de vantagem competitiva e a principal razão para a internacionalização de empresas. Com a intensificação do interesse das empresas multinacionais (EMNs) pelos países em desenvolvimento, evidenciado pelo aumento do Investimento Direto Estrangeiro (IDE) em nações emergentes, as subsidiárias adquiridas aumentam sua importância estratégica na rede da multinacional, pois detém conhecimentos que oportunizam a criação de vantagens competitivas. (ANDERSSON; DELLESTRAND; PEDERSEN, 2014). Contudo, a transferência reversa de conhecimento, cujo fluxo ocorre no sentido da subsidiária para a matriz, ainda apresenta desafios singulares na gestão das EMNs. (FOSS; HUSTED; MICHAILOVA, 2010). No presente estudo buscou-se analisar o processo de transferência reversa de um conhecimento gerado em uma subsidiária brasileira e transferido para a matriz de uma corporação norte americana. Por meio de um estudo de caso único, os dados foram coletados em análise documental, observação in loco e entrevistas com diversos gestores nos Estados Unidos e nas subsidiárias do Brasil e do México. Após, os dados foram triangulados com a técnica de análise de conteúdo. Os resultados indicam a existência de transferência reversa de conhecimento de forma não explícita, corroborando os estudos nesta área. Entretanto, durante o mapeamento dos processos, perceberam-se singularidades no caso estudado, como a motivação e o esforço da subsidiária para ser reconhecida pelo conhecimento gerado e a caracterização de atores envolvidos no processo que não são abordados na literatura. / Knowledge is an important source of competitive advantage and the main reason for the internationalization of companies. With the increasing interest of multinational companies (MNEs) in developing countries, evidenced by the increase in Foreign Direct Investment (FDI) in emerging nations, the acquired subsidiaries increase their strategic importance in the network of the multinational, since it has knowledge that allows the creation of competitive advantages. (ANDERSSON; DELLESTRAND; PEDERSEN, 2014). However, the reverse knowledge transfer, which flows from the subsidiary to the parent company, still presents unique challenges in the management of MNCs. (FOSS; HUSTED; MICHAILOVA, 2010). The present study aimed to analyze the process of reverse transfer of a knowledge generated in a Brazilian subsidiary and transferred to headquarter of a North American corporation. Through a single case study, the data were collected in documentary analysis, in situ observation and interviews with several managers in the United States headquarter and in the Brazilian and Mexican subsidiaries. Afterwards, the data were triangulated with the technique of content analysis. The results indicate the existence of a reverse transfer of knowledge in a non-explicit way, corroborating the studies in this area. However, during the process mapping, singularities were perceived in the case studied, such as the motivation and effort of the subsidiary to be recognized by the knowledge generated and the characterization of actors involved in the process that are not addressed in the literature.

Em um contexto de explicitação dos problemas ambientais e sociais que assolam o planeta, causando enormes disparidades entre países, as empresas, e mais fortemente as Multinacionais, se vêem diante da cobrança pela adoção de uma postura de responsabilidade ampliada, ou seja, de incorporação das 3 dimensões do desenvolvimento sustentável (econômica, social e ambiental) em suas estratégias. Esta responsabilização das empresas, traz à tona o problema da gestão dos trade offs envolvidos com estas 3 dimensões e, para as Multinacionais, a gestão destes trade offs na relação entre Matriz e suas Filiais. Tendo por objetivo, justamente, a proposição de um framework baseado em um conjunto de proposições para a concepção do processo de formação da estratégia de desenvolvimento sustentável, na relação entre Matriz e Filial, de Multinacionais, a presente pesquisa foi conduzida em 3 fases. Adotou-se uma postura epistemo-metodológica de concepção, aceitando a interação entre sujeito e objeto e a intencionalidade do sujeito/pesquisador ao longo da pesquisa, buscando-se explicitamente, a geração de conhecimento aplicável aos gestores dos Grupos estudados. Adotou-se também uma lógica abdutiva, ou seja, permitindo constantes “idas e vindas” entre teoria e campo empírico, na media que se avançava nas fases da pesquisa. Assim, na primeira fase buscou-se um aprofundamento teórico sobre Estratégia Empresarial, Desenvolvimento Sustentável e Teoria da Complexidade, visando dar suporte a pesquisa e a construção de um questionário com roteiro semi-estruturado, para ser aplicado junto a experts em desenvolvimento sustentável. Este roteiro foi aplicado na segunda fase da pesquisa, que tinha por objetivo a identificação de temáticas importantes a serem consideradas, em estratégias que levem em conta o desenvolvimento sustentável. Duas etapas foram desenvolvidas nesta segunda fase: na primeira etapa foram entrevistados 10 experts brasileiros, com os quais se co-concebeu 8 temáticas iniciais; na segunda etapa foram entrevistados 12 experts europeus, com os quais se procurou consolidar as temáticas iniciais, co-concebendo com os mesmos, 4 temáticas consolidadas (Relação com os Stakeholders, Governança Empresarial, Ética Empresarial e Aprendizagem Organizacional). Estas temáticas consolidadas serviram de base para a terceira fase, onde foram realizados 4 estudos de caso (Grupos A, B, C e D), em Grupos Multinacionais com a Matriz na França ou Luxemburgo e uma Filial no Brasil. A confrontação entre os estudos de caso, as entrevistas com os experts, o referencial teórico e a atitude inventiva do pesquisador possibilitaram a emergência de 7 proposições epistêmicas (estratégia de desenvolvimento sustentável vista a partir de princípios da teoria da complexidade, ou seja, dialógica, recursividade, retroativa, holograma e auto-eco-reorganização), 12 proposições conceituais (governança empresarial, ética empresarial, e aprendizagem organizacional) e 16 proposições operatórias (governança empresarial - estrutura da área de desenvolvimento sustentável e divisão de ganhos com os stakeholders; ética empresarial - conteúdo e fixação de objetivos e postura empresarial; aprendizagem organizacional - sensibilização e troca de informações sobre o desenvolvimento sustentável), que em conjunto formam o framework proposto aqui. Assim a presente pesquisa contribui com avanços epistemológicos e metodológicos para a área de Gestão, além de avanços teóricos para a estratégia empresarial (quando integrada com as discussões sobre desenvolvimento sustentável e teoria da complexidade), e de avanços para os Grupos Multinacionais, através do conjunto de proposições. / Considering the innumerous environmental and social problems which are devastating the world and increasing differences among countries, companies are demanded, more precisely Multinationals, to stand for a responsible posture, i.e. the incorporation of the 3 dimensions of sustainable development in their strategies (economical, social and environmental). This responsibility from the companies arises the problem of trade off management connected to the 3 dimensions, and for the Multinationals trade off management among the Headquarter and its Subsidiaries. This research was conducted in 3 phases aiming the proposition of a framework based on a set of propositions for the conception of a sustainable development strategy formation process in the relation between Multinational Headquarters and Subsidiaries. An epistemic-methodological positioning was adopted, accepting the interaction between subject (researcher) and object and the intentionality subject/researcher throughout the research, explicitly searching for the knowledge generation applicable to the managers from the studied Groups. It was also adopted an abductive logic, i.e. allowing regular “come and go” between the theory and the empirical field as the research advanced. Thus, in the first phase theoretical deepening about Company Strategy, Sustainable Development and Complexity Theory was intended, aiming to support the research and the construction of a semi-structured questionnaire in order to be applied to the sustainable development experts.This script was applied in the second phase of the research, which expected to identify some important thematics to be considered, within the strategies that take into account the sustainable development. Two steps were developed in this second phase: in the first phase 10 Brazilian experts were interviewed, where 8 initial thematics were co-conceived; in the second phase, 12 European experts were interviewed, where it was tried to consolidate the initial thematics and then co-conceiving 4 consolidated thematics (Stakeholders Relation, Enterprise Governance, Enterprise Ethics and Organizational Learning). These consolidated thematics were the basis of the third phase where 4 case studies were conducted (Groups A, B, C and D) with Multinational Groups having the Headquarter in France or Luxemburg and a Subsidiary in Brazil. The confrontation among the case studies, the expert interviews, the theoretical referential and the inventive attitude from the researcher made possible the emergence of 7 epistemic propositions (development of sustainable strategy from the complexity theory principles, which is dialogical, recursivity, retroactive, hologram and autoeco- reorganization), 12 conceptual propositions (Enterprise Governance, Enterprise Ethics and Organizational Learning) and 16 operational propositions (Enterprise Governance – the structure of the sustainable development area and the sharing of profit with stakeholders; Enterprise Ethics – objective content and fixation and enterprise position; Organizational Learning – consciousness and information exchange about sustainable development), which here compose the proposed framework. Thus the present research contributed with epistemological and methodological advanced for the area of Management, and also theoretical advances for the enterprise strategy field (when integrated with the discussion about sustainable development and complexity theory), and advances for Multinational Groups through a set of prepositions.

Submitted by Fernando Antonio Rodrigues Monteiro (fermont@centroin.com.br) on 2018-01-25T22:42:59Z No. of bitstreams: 1 Fernando Monteiro - Fatores que dificultam a transferência do conhecimento em empresas multinacionais.pdf: 1303267 bytes, checksum: d5876a3fddc19ed42be63f8327b1ee41 (MD5) / Approved for entry into archive by Janete de Oliveira Feitosa (janete.feitosa@fgv.br) on 2018-02-01T12:46:57Z (GMT) No. of bitstreams: 1 Fernando Monteiro - Fatores que dificultam a transferência do conhecimento em empresas multinacionais.pdf: 1303267 bytes, checksum: d5876a3fddc19ed42be63f8327b1ee41 (MD5) / Made available in DSpace on 2018-02-08T16:21:27Z (GMT). No. of bitstreams: 1 Fernando Monteiro - Fatores que dificultam a transferência do conhecimento em empresas multinacionais.pdf: 1303267 bytes, checksum: d5876a3fddc19ed42be63f8327b1ee41 (MD5) Previous issue date: 2017-11-28 / Objective - Despite the strategic importance of knowledge transferring in multinational companies, several barriers make it difficult to implement in practice, reducing the competitive advantage of the organization. This research seeks to study the barriers associated to the transferring of knowledge in an effective and sustainable way among the subsidiaries of a multinational company. Methodology - For the accomplishment of this work a bibliographical research was carried out in search of theoretical references regarding the barriers for the transfer of knowledge in multinational companies. Based on this theoretical framework, a qualitative field research has been done with the selection of interviewees through the non-probabilistic method of convenience. For the analysis of the qualitative research results, the content analysis method was used. Results - The content analysis of the research responses not only corroborated most of the barriers for knowledge transferring identified in the theoretical framework, but also revealed two new categories barriers emerging from the field research: Differences between Generations and Competencies of the Knowledge Multiplier. Limitations - This research was based on the qualitative method, which due to its nature, presents some limitations: it is not possible to generalize and the existence of bias of the interviewees. In addition, the qualitative research presents operational characteristics that result in a small number of sample units, whose criterion is described as recognizing the existence of intentionality. Applicability of work - The barriers to knowledge transferring described in this paper provide an understanding of this subject for managers to evaluate their current practices and identify the points of improvement in knowledge management activities. Originality - This research provided the opportunity to create the construct that correlates the 12 assumptions of barriers to knowledge transfer described in the strategy and management literature in five dimensions, in a logical and grounded manner. / Objetivo – Apesar da importância estratégica da transferência do conhecimento em empresas multinacionais, várias barreiras tornam difícil a sua implementação na prática, reduzindo a vantagem competitiva da organização. Esta pesquisa busca estudar as barreiras associadas à transferência do conhecimento de forma efetiva e sustentável entre as subsidiárias de uma empresa multinacional. Metodologia – Para a realização deste trabalho foi realizada uma pesquisa bibliográfica em busca de referências teóricas a respeito das barreiras para a transferência de conhecimento em empresas multinacionais. Com base neste referencial teórico, foi realizada uma pesquisa de campo qualitativa com a seleção de entrevistados através do método não probabilístico por conveniência. Para a análise dos resultados da pesquisa qualitativa foi utilizado o método de análise de conteúdo. Resultados – A análise de conteúdo das respostas da pesquisa não só corroborou a maioria das barreiras para a transferência do conhecimento identificadas no referencial teórico, como também revelou duas novas categorias de barreiras emergentes da pesquisa de campo: Diferenças entre Gerações e Competências do Multiplicador do Conhecimento. Limitações – Esta pesquisa teve como base o método qualitativo, que, por sua própria natureza, apresenta algumas limitações: não é possível a sua generalização e a existência viés dos entrevistados. Além disto, a pesquisa qualitativa apresenta características operacionais que resultam em um número pequeno de unidades de amostra, cujo critério é descrito como reconhecendo a existência de intencionalidade. Aplicabilidade do trabalho – As barreiras para a transferência do conhecimento descritas neste trabalho proporcionam a compreensão deste assunto para os gestores avaliarem as suas práticas atuais e identificarem os pontos de melhoria nas atividades de gestão do conhecimento. Originalidade – Esta pesquisa proporcionou a oportunidade da criação do constructo que correlaciona os 12 pressupostos de barreiras para a transferência de conhecimento descritas na literatura sobre estratégia e gestão em cinco dimensões, de forma lógica e fundamentada.

Em um contexto de explicitação dos problemas ambientais e sociais que assolam o planeta, causando enormes disparidades entre países, as empresas, e mais fortemente as Multinacionais, se vêem diante da cobrança pela adoção de uma postura de responsabilidade ampliada, ou seja, de incorporação das 3 dimensões do desenvolvimento sustentável (econômica, social e ambiental) em suas estratégias. Esta responsabilização das empresas, traz à tona o problema da gestão dos trade offs envolvidos com estas 3 dimensões e, para as Multinacionais, a gestão destes trade offs na relação entre Matriz e suas Filiais. Tendo por objetivo, justamente, a proposição de um framework baseado em um conjunto de proposições para a concepção do processo de formação da estratégia de desenvolvimento sustentável, na relação entre Matriz e Filial, de Multinacionais, a presente pesquisa foi conduzida em 3 fases. Adotou-se uma postura epistemo-metodológica de concepção, aceitando a interação entre sujeito e objeto e a intencionalidade do sujeito/pesquisador ao longo da pesquisa, buscando-se explicitamente, a geração de conhecimento aplicável aos gestores dos Grupos estudados. Adotou-se também uma lógica abdutiva, ou seja, permitindo constantes “idas e vindas” entre teoria e campo empírico, na media que se avançava nas fases da pesquisa. Assim, na primeira fase buscou-se um aprofundamento teórico sobre Estratégia Empresarial, Desenvolvimento Sustentável e Teoria da Complexidade, visando dar suporte a pesquisa e a construção de um questionário com roteiro semi-estruturado, para ser aplicado junto a experts em desenvolvimento sustentável. Este roteiro foi aplicado na segunda fase da pesquisa, que tinha por objetivo a identificação de temáticas importantes a serem consideradas, em estratégias que levem em conta o desenvolvimento sustentável. Duas etapas foram desenvolvidas nesta segunda fase: na primeira etapa foram entrevistados 10 experts brasileiros, com os quais se co-concebeu 8 temáticas iniciais; na segunda etapa foram entrevistados 12 experts europeus, com os quais se procurou consolidar as temáticas iniciais, co-concebendo com os mesmos, 4 temáticas consolidadas (Relação com os Stakeholders, Governança Empresarial, Ética Empresarial e Aprendizagem Organizacional). Estas temáticas consolidadas serviram de base para a terceira fase, onde foram realizados 4 estudos de caso (Grupos A, B, C e D), em Grupos Multinacionais com a Matriz na França ou Luxemburgo e uma Filial no Brasil. A confrontação entre os estudos de caso, as entrevistas com os experts, o referencial teórico e a atitude inventiva do pesquisador possibilitaram a emergência de 7 proposições epistêmicas (estratégia de desenvolvimento sustentável vista a partir de princípios da teoria da complexidade, ou seja, dialógica, recursividade, retroativa, holograma e auto-eco-reorganização), 12 proposições conceituais (governança empresarial, ética empresarial, e aprendizagem organizacional) e 16 proposições operatórias (governança empresarial - estrutura da área de desenvolvimento sustentável e divisão de ganhos com os stakeholders; ética empresarial - conteúdo e fixação de objetivos e postura empresarial; aprendizagem organizacional - sensibilização e troca de informações sobre o desenvolvimento sustentável), que em conjunto formam o framework proposto aqui. Assim a presente pesquisa contribui com avanços epistemológicos e metodológicos para a área de Gestão, além de avanços teóricos para a estratégia empresarial (quando integrada com as discussões sobre desenvolvimento sustentável e teoria da complexidade), e de avanços para os Grupos Multinacionais, através do conjunto de proposições. / Considering the innumerous environmental and social problems which are devastating the world and increasing differences among countries, companies are demanded, more precisely Multinationals, to stand for a responsible posture, i.e. the incorporation of the 3 dimensions of sustainable development in their strategies (economical, social and environmental). This responsibility from the companies arises the problem of trade off management connected to the 3 dimensions, and for the Multinationals trade off management among the Headquarter and its Subsidiaries. This research was conducted in 3 phases aiming the proposition of a framework based on a set of propositions for the conception of a sustainable development strategy formation process in the relation between Multinational Headquarters and Subsidiaries. An epistemic-methodological positioning was adopted, accepting the interaction between subject (researcher) and object and the intentionality subject/researcher throughout the research, explicitly searching for the knowledge generation applicable to the managers from the studied Groups. It was also adopted an abductive logic, i.e. allowing regular “come and go” between the theory and the empirical field as the research advanced. Thus, in the first phase theoretical deepening about Company Strategy, Sustainable Development and Complexity Theory was intended, aiming to support the research and the construction of a semi-structured questionnaire in order to be applied to the sustainable development experts.This script was applied in the second phase of the research, which expected to identify some important thematics to be considered, within the strategies that take into account the sustainable development. Two steps were developed in this second phase: in the first phase 10 Brazilian experts were interviewed, where 8 initial thematics were co-conceived; in the second phase, 12 European experts were interviewed, where it was tried to consolidate the initial thematics and then co-conceiving 4 consolidated thematics (Stakeholders Relation, Enterprise Governance, Enterprise Ethics and Organizational Learning). These consolidated thematics were the basis of the third phase where 4 case studies were conducted (Groups A, B, C and D) with Multinational Groups having the Headquarter in France or Luxemburg and a Subsidiary in Brazil. The confrontation among the case studies, the expert interviews, the theoretical referential and the inventive attitude from the researcher made possible the emergence of 7 epistemic propositions (development of sustainable strategy from the complexity theory principles, which is dialogical, recursivity, retroactive, hologram and autoeco- reorganization), 12 conceptual propositions (Enterprise Governance, Enterprise Ethics and Organizational Learning) and 16 operational propositions (Enterprise Governance – the structure of the sustainable development area and the sharing of profit with stakeholders; Enterprise Ethics – objective content and fixation and enterprise position; Organizational Learning – consciousness and information exchange about sustainable development), which here compose the proposed framework. Thus the present research contributed with epistemological and methodological advanced for the area of Management, and also theoretical advances for the enterprise strategy field (when integrated with the discussion about sustainable development and complexity theory), and advances for Multinational Groups through a set of prepositions.