La influencia de la internacionalización en la calificación crediticia: un análisis de las empresas brasileñas
DOI:
https://doi.org/10.5007/2175-8077.2023.e70312Palabras clave:
Classificação de crédito, risco, internacionalização, modelo de escolhas ordenadasResumen
El objetivo del presente estudio fue analizar la relación entre internacionalización y calificación crediticia de las empresas brasileñas. Los datos fueron obtenidos de una institución bancaria que periódicamente evalúa a sus clientes según el riesgo. Se construyó un modelo probit ordenado. El modelo construido utilizó la clasificación de riesgo como variable dependiente y variables financieras como predictores. La variable de interés, internacionalización, medida por exportaciones e importaciones, resultó estadísticamente significativa, indicando que las empresas con actividades internacionales tienen más probabilidades de presentar una mejor clasificación de riesgo, es decir, representan menos riesgo para las instituciones bancarias en relación a la obtención de crédito. oficial.
Citas
ABIYEV, R. H. Credit Rating Using Type-2 Fuzzy Neural Networks. Mathematical Problems in Engineering, p. 8- 16, 2014. https://doi.org/10.1155/2014/460916
AKERLOF, G. A. The Market for "Lemons": Quality Uncertainty and the Market Mechanism. The Quarterly Journal of Economics, v. 84, n.3, p. 488-500, 1970. https://doi.org/10.2307/1879431
AL-SAKKA, R.; GWILYM, O. A random effects ordered probit model for rating migrations. Finance Research Letters, v. 7, n. 3, p. 140–147, 2010. https://doi.org/10.1016/j.frl.2010.02.004
ALVES, M. T.; MATIAS, F. J. F. Gestão e divulgação do risco operacional e os acordos de Basileia: o caso dos maiores bancos portugueses. Revista Universo Contábil, n. 10, v.3, p. 172-193, 2014.
AN, H.; CHAN, K. C. Credit ratings and IPO pricing. Journal of Corporate Finance, n. 14, v.5, p. 584-595, 2008. https://doi.org/10.1016/j.jcorpfin.2008.09.010
ARSLAN-AYAYDIN, O.; KARAN, M. B. Credit risks and internationalization of SMEs. Journal of Business Economics and Management, n, 10, v. 4, p. 361-368, 2009. https://doi.org/10.3846/1611-1699.2009.10.361-368
BAKHTIARI, S. Corporate credit ratings: Selection on size or productivity? International Review of Economics and Finance, v. 49, p. 84-101, 2017. https://doi.org/10.1016/j.iref.2017.01.023
BALIOS, D.; THOMADAKIS, S.; TSIPOURI, L. Credit rating model development: an ordered analysis based accounting data. Research in International Business and Finance. v. 38, p. 122-136, 2016. https://doi.org/10.1016/j.ribaf.2016.03.011
BANCO CENTRAL DO BRASIL (BCB). Recomendações de Basileia. 2017. Disponível em: https://www.bcb.gov.br/fis/supervisao/basileia.asp. Acesso em: 25 out. 2018.
BELLOTTI, T.; MATOUSEK, R.; STEWART, C. Are rating agencies’ assignments opaque? Evidence from international banks. Expert Systems with Applications. v. 38, n. 4, p. 4206–4214, 2011. https://doi.org/10.1016/j.eswa.2010.09.085
BRITO, G.; ASSAF NETO, A. Modelo de classificação de risco de crédito de empresas. Revista Contabilidade & Finanças, n. 19, v. 46, p. 18-29, 2008. https://doi.org/10.1590/S1519-70772008000100003
BUCH, C. M.; KOCH, C. T.; KOETTER, M. Should I stay or Should I go? Bank productivity and internationalization decisions. Journal of Banking & Finance. n. 42, p. 266-282, 2014. https://doi.org/10.1016/j.jbankfin.2014.02.003
BUCKLEY, P. J.; CASSON, M. The Future of the Multinational Enterprise. London: Homes & Meier, 1976. https://doi.org/10.1007/978-1-349-02899-3
BUCKLEY, P.; CASSON, M. C. Models of the Multinational Enterprise. Journal of International Business Studies, n. 29, v. 1, p. 21-44, 1988. https://doi.org/10.1057/palgrave.jibs.8490023
BUCKLEY, P.; CASSON, M. Analyzing foreign market entry strategies: extending the internalization approach. Journal of International Business Studies, n. 29, v. 3, p. 539-561, 1998. https://doi.org/10.1057/palgrave.jibs.8490006
BUCKLEY, P.; CHEN, L.; CLEGG. L. J.; VOSS, H. Risk propensity in the foreign direct investment location decision of emerging multinationals. Journal of International Business Studies, v. 49, p. 153–171, 2017. https://doi.org/10.1057/s41267-017-0126-4
CHEN, Chongyang; KIESCHNICK, Robert L. Bank Credit and Corporate Working Capital Management. Journal of Corporate Finance, n. 48, p. 579-596, 2017. https://doi.org/10.1016/j.jcorpfin.2017.12.013
CHETTY, S.; CAMPBELL-HUNT, C. A strategic approach to internationalization: A traditional versus a 'born-global' approach. Journal of International Marketing, v. 12, p. 57-81, 2004. https://doi.org/10.1509/jimk.12.1.57.25651
CHOU, T. K.; CHENG, J. C. Credit ratings and excess value of diversification. Journal of Empirical Finance, v. 19, 266-281, 2012. https://doi.org/10.1016/j.jempfin.2011.12.003
COSTA, P. H. O Novo Acordo de Basiléia e seus Impactos no Papel que as Instituições Financeiras Desempenham nos Ciclos Econômicos. Economia Política Internacional: Análise Estratégica, v. 7, p. 56 - 62, 2007.
DAMASCENO, D. L.; ARTES, R.; MINARDI, A. M. A. F. Determinação de rating de crédito de empresas brasileiras com a utilização de índices contábeis. Revista de Administração da USP, n. 43, v. 4, p. 344-355, 2008.
DRISS, H.; MASSOUD, N.; ROBERTS, G. S. Are credit rating agencies still relevant? Evidence on certification from Moody's credit watches. Journal of Corporate Finance, n. 39, p. 1-23, 2016.
DUNNING, J. H. Trade, location of economic activity and the MNE: A search for an eclectic approach. In B. Ohlin, P. O. Hesselborn, & P. M. Wijkman (Orgs.). The international allocation of economic activity (pp. 395–418). London: Macmillan, 1977. https://doi.org/10.1007/978-1-349-03196-2_38
DUNNING, J. H. The Eclectic Paradigm as an Envelope for Economic and Business Theories of MNE Activity, International Business Review, v. 9, p. 163-190, 2000. https://doi.org/10.1016/S0969-5931(99)00035-9
DURAND, D. Risk Elements in Consumer Installment Financing, 1941. Disponível em: http://www.nber.org/chapters c9265.pdf. Acesso em: 30 set. 2019.
FUDALIŃSKI, J. Risk Taking Propensity and Firm Internationalization Process. Entrepreneurial Business and Economics Review, n. 3, v. 2, p. 85-104, 2015. https://doi.org/10.15678/EBER.2015.030207
GARCÍA, J. C. T.; GARCÍA, M. A. M.; MARTÍNEZ, F. V. Credit risk management at retail in Mexico: An econometric improvement in the selection of variables and changes in their characteristics. Contaduría y Administración, n. 62, p. 399–418, 2017. https://doi.org/10.1016/j.cya.2017.02.006
GONENC, H.; ARSLAN, Ö. Capital Structure of the Turkish Domestic and International Real Sector Firms. Istanbul Stock Exchange Review, n.7, v. 25, p. 41-64, 2003.
GREENE, W. H. Econometrics Analysis. New Jersey: Prentice Hall, 2003.
HUANG, Y-L.; SHEN, C-H. Cross-country variations in capital structure adjustment—The role of credit ratings. International Review of Economics and Finance, v. 39, p. 277-294, 2015. https://doi.org/10.1016/j.iref.2015.04.011
JOHANSON, J.; VAHLNE, J-E. The internationalization process of the firm: a model of knowledge development and increasing foreign commitments. Journal of International Business Studies, n. 8, v. 1, p. 23-32, 1977. https://doi.org/10.1057/palgrave.jibs.8490676
JOHANSON, J.; VAHLNE, J-E. Commitment and opportunity development in the internationalization process: A note on the Uppsala internationalization process model. Management International Review, n. 46, v. 2, p. 165-178, 2006. https://doi.org/10.1007/s11575-006-0043-4
JOHANSON, J.; VAHLNE, J-E. The Uppsala internationalization model revisited – From liability of foreignness to liability of outsidership. Journal of International Business Studies, n. 40, v. 4, p. 1411-1431, 2009. https://doi.org/10.1057/jibs.2009.24
KARAMPATSAS, N.; PETMEZAS, D.; TRAVLOS, N. G. Credit ratings and the choice of payment method in mergers and acquisitions. Journal of Corporate Finance, n. 25, p. 474-493, 2014. https://doi.org/10.1016/j.jcorpfin.2014.01.008
KISER, E.; PRAGER, R.; SCOTT, J. Supervisor ratings and the contraction of bank lending to small businesses. Journal of Financial Services Research, n. 50, v. 2, p. 163-186, 2012. https://doi.org/10.1007/s10693-015-0226-x
KNIGHT, G.; CAVUSGIL, S. T. Innovation, Organizational Capabilities. the Born-global Firm. Journal of International Business Studies, v. 35, n. 2, p. 124-141, 2004. https://doi.org/10.1057/palgrave.jibs.8400071
KUBÍCKOVÁ, L.; TOULOVÁ, M. Risk factors in the internationalization process of SMEs. Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, n. LXI, v. 7, p. 2385–2392, 2013. https://doi.org/10.11118/actaun201361072385
LI, H.; LIN, Y.; LIANG, C. Internationalization and credit risk: Evidence from Chinese listed firms. Emerging Markets Review, n. 44, p. 1-16, 2020.
LIVINGSTON, M.; POON, W. P. H.; ZHOU, L. Are Chinese credit ratings relevant? A study of the Chinese bond market and credit rating industry. Journal of Banking and Finance, n. 87, p. 216-232, 2018. https://doi.org/10.1016/j.jbankfin.2017.09.020
MAIA, P. M. C. O impacto de Basileia III sobre a economia. Faculdade de Economia da Universidade do Porto. 2010. Disponível em: http://www.ordemeconomistas.pt/xportalv3/file/XEOCM. Acesso em: 30 out. 2018.
MALLICK, D. Marginal and interaction effects in ordered response models. MPRA Paper No. 9617, University of Munich. 2009. Disponível em: https://mpra.ub.uni-muenchen.de/13325/1/MPRA_paper_13325.pdf. Acesso em: 25 out. 2018.
PAUL, J.; ROSADO-SERRANO, Alexander. Gradual internationalization vs born-global/international new venture models: A review and research agenda. International Marketing Review, v. 36, n. 6, p. 830-858, 2019. https://doi.org/10.1108/IMR-10-2018-0280
RAMOS, A.; SIMÕES, M. Credit Rating Agencies, Finance and Growth, ch. 10, p. 192–207 in TEIXEIRA, Paulino; DUARTE, António Portugal; REDZEPAGIC, Srdjan; ERIC, Dejan. European Integration Process in Western Balkan Countries. Institute of Economic Sciences. V. 1. 2012.
RASK, M.; STRANDSKOV, J.; HÅKONSSON, D. D. Theoretical Perspectives on the Internationalization of Firms, Journal of Teaching in International Business, n. 19, v. 4, p. 320-345, 2008. https://doi.org/10.1080/08975930802427502
REBOLLEDO, R.; CARO, N.; ALARCÓN, A. Internationalization and credit risk of firms in emerging markets. Journal of Business Research, n. 104, p. 132-142, 2019.
REID, S. D. Firm internationalization, transaction costs, and strategic behaviour. International Marketing Review, n 1, v. 2, p. 45–56, 1983. https://doi.org/10.1108/eb008251
ROMMER, A. D. Testing the Assumptions of Credit-scoring Models. Accounting-based Credit-scoring models: Econometric Investigations. 2005. Disponível em: https://www.nationalbanken.dk/da/publikationer/Documents/2005/06/phd_samlet.pdf. Acesso em: 16 set. 2019.
SAMII, M.; ALIOUCHE, E. H.; WRIGHT, R. Mitigating risks in internationalization decisions: the choice of the optimal entry mode. 2008. Disponível em: https://pdfs.semanticscholar.org/e8ec/e5dd0afee5c4c0486a0460bbeea2ed15ac66.pdf. Acesso em: 10 nov. 2019.
SHEN, C-H.; HUANG, Y-L.; HASAN, I. Asymmetric benchmarking in banc credit rating. Journal of International Financial Markets, Institutions & Money, n. 22, p. 171-193, 2012. https://doi.org/10.1016/j.intfin.2011.08.004
S&P. Guide to credit rating essentials: What are credit ratings and how do they work? Standards and Poor’s. 2014. Disponível em: https://www.spratings.com/documents/20184/760102/SPRS_Understanding-Ratings_GRE.pdf/298e606f-ce5b-4ece-9076-66810cd9b6aa. Acesso em: 12 nov. 2019.
TAO, Q.; XU, X.; LIU, Y. The effect of internationalization on credit risk: The moderating role of firm and industry characteristics. Finance Research Letters, 38, 101804, 2021.
TUZOVÁ, M.; TOULOVÁ, M.; STRAKA, J.; KUBÍCKOVÁ, L. Can Uppsala Model Explain the Internationalisation of Central European SMEs? European Journal of Business Science and Technology, n. 1, v. 2, p. 149–164, 2015. https://doi.org/10.11118/ejobsat.v1i2.14
VERNON, R. International Investment and International Trade in the Product Cycle. The Quarterly Journal of Economics, n. 80, v. 2, p. 190-207, 1966. https://doi.org/10.2307/1880689
WELCH, C.; WELCH, L. S. Broadening the concept of international entrepreneurship: internationalization, networks and politics. Journal of International Entrepreneurship, n. 2, v. 3, p. 217-237, 2004. https://doi.org/10.1023/B:JIEN.0000032774.01082.41
Descargas
Publicado
Cómo citar
Número
Sección
Licencia
Derechos de autor 2023 Revista de Ciências da Administração
Esta obra está bajo una licencia internacional Creative Commons Atribución-NoComercial-SinDerivadas 4.0.
El autor deberá garantizar:
- que exista pleno consenso entre todos los coautores para aprobar la versión final del documento y su envío para publicación.
que su trabajo es original, y si se utilizó trabajo y/o palabras de otras personas, estos fueron debidamente reconocidos.
El plagio en todas sus formas constituye un comportamiento editorial poco ético y es inaceptable. RCA se reserva el derecho de utilizar software o cualquier otro método de detección de plagio.
Todos los envíos recibidos para evaluación en la revista RCA pasan por la identificación de plagio y autoplagio. El plagio identificado en los manuscritos durante el proceso de evaluación dará lugar al archivo del envío. Si se identifica plagio en un manuscrito publicado en la revista, el Editor Jefe realizará una investigación preliminar y, de ser necesario, se retractará.
Los autores otorgan a RCA los derechos exclusivos de primera publicación, estando la obra licenciada simultáneamente bajo la Licencia Creative Commons (CC BY) 4.0 Internacional.
Los autores están autorizados a celebrar contratos adicionales por separado, para la distribución no exclusiva de la versión del trabajo publicado en esta revista (por ejemplo, publicación en un repositorio institucional, en un sitio web personal, publicación de una traducción o como capítulo de un libro), con reconocimiento de autoría y publicación inicial en esta revista.
Esta licencia permite a cualquier usuario tener derecho a:
Compartir: copiar, descargar, imprimir o redistribuir el material en cualquier medio o formato.
Adapte: remezcle, transforme y cree a partir del material para cualquier propósito, incluso comercial.
Bajo los siguientes términos:
Atribución: debe dar el crédito apropiado (citar y hacer referencia), proporcionar un enlace a la licencia e indicar si se realizaron cambios. Debe hacerlo bajo cualquier circunstancia razonable, pero de ninguna manera que sugiera que el licenciante lo respalda a usted o su uso.
Sin restricciones adicionales: no puede aplicar términos legales ni medidas tecnológicas que restrinjan legalmente a otros hacer algo que la licencia permite.
