Bruno Bartasson Ferreira Rosa, Vinícius Silva Pereira, Antonio Sergio Torres Penedo

Gestão do capital de giro, rentabilidade e valor:

Introduction

Gestão do capital de giro, rentabilidade e valor: . Analisa a influência da gestão do capital de giro na rentabilidade e valor de multinacionais brasileiras, focando em modos de entrada. Revela que modos não patrimoniais geram valor aos acionistas.

Abstract

Objetivo: Analisar a influência da gestão do capital de giro na rentabilidade e no valor de multinacionais brasileiras, conforme o seu modo de entrada no mercado internacional. Método/abordagem: A pesquisa descritiva, com abordagem quantitativa, utiliza dados secundários de 2007 a 2021, analisados por regressão linear múltipla com dados em painel. A amostra é composta por 43 multinacionais presentes no Ranking das Empresas Brasileiras mais Transnacionalizadas entre 2007 a 2011. Contribuições teóricas/práticas/sociais: Os resultados ampliam a literatura ao demonstrar que modos de entrada não patrimoniais, aliados à gestão eficiente do capital de giro, geram valor aos acionistas, apesar de não impactar a rentabilidade. Ainda, auxilia os gestores no processo de internacionalização e amplia o escasso conhecimento do tema em mercados emergentes, com potencial impacto no crescimento e desenvolvimento econômico local. Originalidade/relevância: A relação investigada é inédita na literatura e contribui com a ampliação das pesquisas sobre os modos de entrada em relação a multinacionais de mercados emergentes.

Review

This paper presents a timely and relevant investigation into the intricate relationship between working capital management (WCM), profitability, and shareholder value among Brazilian multinational corporations. A unique aspect of this study is its consideration of the companies' international market entry modes, which adds a valuable layer of complexity and nuance to the analysis. Given the increasing prominence of emerging market multinationals (EMNCs) and their distinct internationalization patterns, exploring how WCM strategies interact with different entry modes to influence financial performance is a critical area of research. The clearly stated objective to analyze these influences provides a solid foundation for the study's scope and contribution. The methodological approach employed is robust and appropriate for the stated objectives. Utilizing a descriptive quantitative design with secondary data spanning from 2007 to 2021, and analyzing it through multiple linear regression with panel data, ensures a rigorous examination of the relationships. The sample of 43 multinational companies, drawn from a recognized ranking of transnationalized Brazilian firms, provides a focused and relevant group for analysis. A particularly interesting finding is that non-equity entry modes, when combined with efficient working capital management, generate shareholder value, even if they do not directly impact profitability. This counter-intuitive result challenges conventional wisdom and warrants further exploration into the mechanisms through which value creation occurs independent of immediate profit metrics. The paper makes significant contributions across theoretical, practical, and social dimensions. Theoretically, it enriches the literature by demonstrating the differential impact of entry modes on value creation in the context of WCM, particularly for EMNCs where such research is scarce. Practically, the findings offer actionable insights for managers navigating internationalization processes, guiding decisions on entry modes and the strategic management of working capital to enhance shareholder value. Socially, by addressing a knowledge gap concerning emerging market firms, the study has the potential to influence local economic growth and development. The authors' claim of originality regarding the investigated relationship—WCM, profitability, value, and entry modes in Brazilian multinationals—is well-supported and positions this research as a valuable addition to both international business and financial management literature.

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