Reviewing Recent Developments on Research of Internationalization of Brazilian Firms
Autoria: Mário Henrique Ogasavara, Gilmar Masiero
The internationalization of Brazilian companies has received considerable attention by
researchers seeking to understand the factors driving the increasing amount of investments
made by Brazilian firms in world markets. This study attempts to review recent research on the
internationalization of Brazilian companies based on an analysis of the 94 most recently
published articles that have appeared in Brazilian academic journals, books, and in the
conference proceedings of the EnANPAD. It seeks to provide a typology of the leading
researchers and school affiliations, a characterization of the predominating theoretical and
methodological approaches employed in these studies, as well as to undertake a citation
analysis to identify the most cited scholars, research topics, and outputs from research on the
internationalization of Brazilian multinationals (I-BM). We find that I-BM research is driven by
a small number of leading institutions and researchers who tend to primarily utilize case
studies as their research method. The most frequently used theoretical approaches are the
Uppsala and Eclectic OLI models. Our citation analysis of a total of 2,583 references revels
that there is a higher quantity of citations referring to foreign-origin publications produced in
international journals and translated books. We also find that studies published in Brazilian
journals are a relatively minor share of the total body of literature and that there are an
insignificant number of cited papers published by Brazilian scholars in international outlets.
We conclude by providing a set of recommendations to advance I-BM research stressing that
studies should move beyond replicating approaches developed in other settings, employ
qualitative and quantitative research with a larger sample of cases and target publication in
leading peer-reviewed international journals.
1. Introduction
Recently, the topic of internationalization process of multinationals from emerging
countries, such as Brazil, has received considerable attention by both academics and
entrepreneurs. The increasing interest in this theme is due to the rapid growth of outward foreign
direct investment (OFDI) flows from firms based in emerging markets (Sauvant, 2008). Although
foreign investment from these developing countries seems to be a new phenomenon, in fact, this
movement is not recent. Indeed, the first registered case dates to 1890 when an Argentine firm
undertook significant foreign direct investment (FDI) in Latin America (Katz and Kosacoff,
1983). In terms of academic publication, the subject had already received a considerable amount
of attention in the late 1970s and early 1980s beginning with Lecraw (1977), Lall (1983) and Wells
(1983) who together offered a theoretical explanation for the specific characteristics of “Third
World” multinational enterprises. A first wave of investments was made in the early 1980s
primarily by Latin American firms, while the second wave emerged in the early 1990s driven by
the flows stemming from Asian Newly Industrializing Economies (Dunning et al., 1996;
Chudnovsky and Lopez, 2000). Differently from the first wave of FDI, which was characterized
mainly by investments directed at neighboring and other developing countries with similar or in
earlier stages of economic development (Lall, 1983; Wells, 1983), the current wave has continued
to direct resources to emerging markets and also expanded investments in developed countries
including with a number of high-profile acquisitions.
For instance, some Brazilian multinationals have gained attention in the business press by
their successful merger and acquisition (M&A) deals of sizeable assets abroad. These huge
deals include: Ambev, South America´s largest beverage company, acquired John Labatt Ltd
(Canada) for US$ 7.8 billion in 2004 (Sauvant, 2005); JBS-Friboi, Latin America’s largest meat
producer, acquired US-based Swift for US$ 1.4 billion in 2007 making the new company the
most powerful force in the global beef business (Boston Consulting Group, 2007) and the
Brazilian mining company Vale (formerly known as CVRD, Companhia Vale do Rio Doce)
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took over Canadian-based INCO (International Nickel Company, Ltd.) in 2007 for US$ 16.7
billion (Sauvant, 2008). This pattern of internationalization driven by cross-border M&A has
significantly impacted Brazil OFDI flows. With the exception of 2005, since year 2004 OFDI
flows reached levels at least of US$ 7 billion and averaged US$ 13.6 billion in the last five
years (2004-2008). Additionally, in 2006 for the first time ever Brazil FDI outflows (US$ 26
billions) surpassed FDI inflows.
There have been a number of important summaries completed to synthesize the
development of Brazilian academic research in the management field. Reviews have been
completed on organization studies (Machado-da-Silva et al, 1990; Bertero and Keinert, 1994;
Vergara and Carvalho, 1995; Rodrigues and Carrieri, 2001; Vergara and Pinto, 2001),
marketing (Froemming et al., 2000a, 2000b; Botelho and Macera, 2001; Vieira, 2003), strategy
(Gosling and Gonçalves, 2004; Bignetti and Paiva, 2002), finance (Leal et al., 2003), operation
management (Arkader, 2003), corporate social responsibility (Jabbour et al., 2008), human
resource management (Roesch et al., 1997; Siqueira, 1998; Caldas et al., 2003; Tonelli et al.,
2003; Caldas and Tinoco, 2004), entrepreneurship (Paiva and Cordeiro, 2002), the non-profit
sector (Izuka and Sano, 2004), and information systems (Hoppen, 1998, Lunardi et al., 2005;
Meirelles and Hoppen, 2005). Surprisingly, however, a research review on international
management with a focus on I-BM studies has yet to be undertaken.
This paper aims at addressing this lacuna by reviewing the most recent articles that have
been published on I-BM. The next section explains the methodology that was employed to
select the sample of research reviewed for this study. After describing the sample, we present
our findings based on the total sample of recently published book chapters, articles identified
from the EnANPAD proceedings and Brazilian journals in five areas. We use these findings to
provide a set of recommendations on how I-BM research should be advanced in the concluding
section of this study.
2. Methodology
In order to select the sample of I-BM research for this study, an extensive bibliographic
search was undertaken of academic papers and the catalogs of the most respected commercial
and university publishers. Seven books published since 2000 were identified (Rocha, 2002,
2003; Fleury and Fleury, 2007a; Almeida, 2007; SOBEET, 2007; Vasconcelos, 2008a, 2008b).
In addition, the study selected papers that were presented and published in the last five years
(2004-2008) as part of the EnANPAD (Encontro Nacional da Associação Nacional de
Pós-Graduação e Pesquisa em Administração) proceedings. Since 1976, the National
Management Association (ANPAD) has organized annually an academic meeting (EnANPAD)
where professors, researchers and graduate students present and discuss a variety of subjects in
the fields of management and accounting. The international business field of study has been
considered as a sub-area in the Strategy in Organizations Academic Division since 2005.
Finally, this review considered papers on IB-M that were published in most relevant Brazilian
academic journals classified as Qualis Capes “A”. As the phenomenon of the second wave of
the internationalization of the Brazilian companies is quite recent, the sample is representative
of research efforts that have been undertaken in the field.
Once the sample was collected, a second step was undertaken to ensure that only the set
of articles directly related to I-BM would be analyzed for this study. It should be noted that this
study departs from the premise that the internationalization process is defined by whether a
multinational company engages in investing outside its borders. Therefore, articles that contain
cases and information of Brazilian firms that acquired assets abroad by buying existing
companies, as well as those who established greenfield or joint venture (JV) investments were
included. Studies limited to research on the exporting activities of these firms, however, were
not considered with the exception of those articles that also included findings related to how the
same firm also invested abroad.
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Lastly, a careful examination of each article was performed to identify the state of the art
of I-BM studies with the aim of identifying the contributions of specific authors and leading
institutions, as well as to categorize the sample, methodologies and theories used in each study.
Two methods were employed to construct total and adjusted count measures for the
contributions of authors and institutions. A more detailed explanation of these measures is
presented in the results section. Finally, the reference literature of I-BM research was identified
by performing a citation analysis. The citations of national and foreign scholars and
self-citations were tabulated with controls made to track the language of the cited reference and
the most frequently used outlets for I-BM research. As a result of these efforts, a ranking of the
most cited authors and research used by Brazilian scholars was developed.
3. Sample
The “boom” of international business research in Brazil or of the internationalization
process of Brazilian multinationals is quite recent, at least, in its second phase characterized by
large amounts of FDI being allocated in developing as well as developed countries or markets.
A total of 94 articles were considered for this first I-BM review: 39 derived from books (book
chapters), 41 from EnANPAD proceedings, and 14 from academic journals.
The majority of book-related chapters are included in edited volumes, in other words,
authors that organized the manuscript by gathering a number of articles from different
authorships. As mentioned earlier, seven books were identified for this research review. Rocha
(2002, 2003) organized two volumes based on the studies developed in the Research Center of
Firm Internationalization at the Federal University of Rio de Janeiro (Universidade Federal do
Rio de Janeiro,UFRJ). Most of the articles were written based on theses and dissertations
previously presented at the COPPEAD Graduate Business School at UFRJ to obtain the
Master’s or Doctoral degrees. For this review, we selected four articles from Rocha (2002) and
six from Rocha (2003).
Fleury and Fleury (2007a) edited a book based on papers presented at the International
Workshop in Firm Internationalization organized in 2003 to celebrate the 60th anniversary of
the School of Economics, Business Administration and Accountancy in the University of Sao
Paulo (Faculdade de Economia, Administração e Contabilidade,USP). Eight papers from the
edited version of Fleury and Fleury (2007a) qualified and were included in our review. More
recently, Vasconcellos (2008a, 2008b), also at USP, structured two books based on articles
developed by scholars linked to the Research Center of Policy and Technology Management
(Núcleo de Política e Gestão Tecnológica – NPGT/USP) who have been involved on the
thematic project called GINEBRA - Enterprise Management for Internationalization of
Brazilian Companies (Gestão para Internacionalização de Empresas Brasileiras). We included
seven articles were considered from Vasconcellos (2008a) and five from Vasconcellos (2008b).
Almeida (2007) gathered a range of articles from a specialist team of the International
Business Center of Dom Cabral Foundation (Fundação Dom Cabral) located in Minas Gerais
State (Southeast region). We selected seven articles from the volume edited by Almeida (2007).
SOBEET (2008), which is the Brazilian Society of Studies on Transnational Companies and
Economic Globalization (Sociedade Brasileira de Estudos de Empresas Trasnacionais e da
Globalização Econômica) located in Sao Paulo, prepared a book based on the findings obtained
from a thematic study focused on the internationalization of Brazilian companies. This thematic
study was promoted as main discussion topic for the 2005/2006 Leaders Forum (Fórum de
Líderes), a non-profit organization formed by businessmen (CEOs, directors, VP, etc.) from all
industry sectors in Brazil. We included two chapters from this edited volume.
For the EnANPAD proceedings, most of the articles were picked from the Academic
Division of Strategic in Organization, particularly from the International Management area,
which is the academic field related to the discussion of internationalization process,
multinationals, exporting activities, expatriates, etc. It should be noted, however, that some
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articles from other Academic Divisions that are associated with the I-BM field were also taken
into account from fields such as international marketing, agribusiness, public administration,
finance, and entrepreneurship. Our total sample comprises four papers from 2004, four from
2005, seven from 2006, eleven from 2007, and fifteen from 2008. It should be noted that the
majority of the sample distribution (63%) for the papers published in the EnANPAD
proceedings are from studies produced in the last two years. The growing interest in I-BM
subject might be related to the surge of Brazil OFDI flows since 2006 leading to record levels.
For Brazilian academic journals, the sample is based on articles published in outlets
evaluated by Qualis Capes. This is publication ranking index conducted since 1998 by the
Coordination for the Improvement Higher Education Personnel (Coordenação de
Aperfeiçoamento de Pessoal do Nível Superior, Capes), which is the government entity that
evaluates the intellectual production of graduate schools in Brazil. Qualis Capes provides a list
of academic journals/events and classifies them based on a quality index comprised of “A”, “B”,
and “C” levels, and whether the particular activity/publication has an international, national or
local impact. A classification of Qualis “A” means a high quality outlet/event. Since March
2009, Capes changed the Qualis classification by excluding international, national and local
impact classification and expanding the three to eight categories (A1, A2, B1, B2, B3, B4, B5,
and C). Since the data collection was carried prior to March 2009, this paper adopts the initial
Qualis Capes classification and only reviewed articles published by journals that were
classified as Qualis “A”, which represents the most relevant academic journals in the business
field. A total of fourteen papers were identified from seven different journals: 3 articles from
RAE (Revista de Administração de Empresas da Fundação Getúlio Vargas); 2 papers from
RAC (Revista de Administração Contemporânea); 5 articles from ReAD (Revista Eletrônica de
Administração); and 1 paper from each of the following journals RAUSP (Revista de
Administração da USP), RAM (Revista de Administração Mackenzie), BAR (Brazilian
Administration Review), and BBR (Brazilian Business Review).
4. Results and discussion
In this section, we present our findings on the total sample of recently published book
chapters and articles identified from the EnANPAD proceedings and Brazilian journals. First,
we present a summary of the leading authors and their institutional affiliation in our total
sample of 94 articles. Given the large number of studies that were the product of joint authors,
we summarize the types of collaborations that most often led to collaborative publications.
Secondly, we provide a typology of the dominant methodological and theoretical approaches
used in I-BM research, as well as the companies that have most often been the subjects of study.
Thirdly, we present the results of the citation analysis of the 2,583 references cited by the
sample of 94 articles we reviewed for this study. Fourth, we summarize the types of references
(books, peer-reviewed articles, etc.) most often cited by national and international-origin
publications showing that there are marked differences in the body of literature cited by a study
depending on its publication outlet (foreign or domestic). Finally, we report the top 22 authors
that were most-often cited in the references.
4.1. Authors and institutional affiliation
The number of authors per article in book chapters, EnANPAD proceedings, and
academic journals is presented in Table 1 and the distribution follows a similar pattern. Of the
total 94 articles that were analyzed, 81.9% were written by multiple authors (54.3% by two
authors), while 18.1% of selected papers had a single author. The preference for writing
research papers as part of collaboration with another person(s) is confirmed by this analysis.
The fact that articles have more than one author could be due to two reasons. On the one hand,
this type of article could be the result of collaborative research undertaken by scholars from the
same or different institutions to develop research projects and work in teams as means for
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producing critical insights and interactions that multiply with the exchange of knowledge and
ideas in teams. On the other hand, this article could be the result of the relationships forged
between academic advisors and their graduate students.
Number of
Authors
Single author
Two authors
Three authors
Four authors
Five authors
Total
Notes:
a
Table 1. Number of authors per article
Selected Book
EnANPAD
Academic
Chapters
Proceedings
Journals
a
b
a
b
a
%
#P
%
#P
%b
#P
6
15.4 (35.3)
9
22.0 (52.9)
2
14.3 (11.8)
22
56.4 (43.1)
21
51.2 (41.2)
8
57.1 (15.7)
6
15.4 (33.3)
8
19.5 (44.5)
4
28.6 (22.2)
4
10.2 (57.1)
3
7.3 (42.9)
1
2.6 (100.0)
39
100.0 (41.5)
41
100.0 (43.6)
14 100.0 (14.9)
TOTAL
#P a
17
51
18
7
1
94
%
18.1
54.3
19.1
7.4
1.1
100.0
#P refers to number of papers
b
The first information refers to column percentages, while the figures in parenthesis are the row percentages
In order to investigate which of these two explanations is behind the multiple-authorships
pattern in I-BM research, a detailed examination of the author’s CV was performed based on
information obtained from the Lattes Database (Plataforma Lattes), a curriculum database
developed by the National Counsel of Technological and Scientific Development (Conselho
Nacional de Desenvolvimento Científico e Tecnológico, CNPq).i The year of publication of the
selected article was checked with the author’s name, affiliation, professional experience,
educational background, list of publications, and academic advisors for doctoral and master’s
thesis research. We therefore identified whether or not authors were undertaking collaborative
research (e.g. researchers from the same or different institutions) or producing the results of
research stemming from academic advising (e.g. academic advisor and graduate student). Table
2 shows that almost 60% of the multiple-authored articles were written together by an academic
advisor and a graduate student. It should be noted that this finding confirms the expectations
since graduate students normally present their research papers with his/her academic advisor in
the EnANPAD meeting, which is the main association of management for graduate programs.
Number of
Authors
Two authors
Three authors
Four authors
Five authors
Total
Table 2. Factors for multiple-authored articles
Academic advisor &
Collaborative
Others a
Research
Graduate student
%c
#P b
%c
#P b
%c
#P b
14
66.7 (27.5)
30
66.7 (58.8)
7
63.6 (13.7)
6
28.5 (33.3)
11
24.4 (61.1)
1
9.1 (5.6)
1
4.8 (14.3)
4
8.9 (57.1)
2
18.2 (28.6)
1
9.1 (100.0)
21
100.0 (27.3)
45
100.0 (58.4)
11
100.0 (14.3)
TOTAL
#P b
51
18
7
1
77
%
66.2
23.4
9.1
1.3
100.0
Notes: a Articles written in collaboration with executives or studies developed together by professor and student who were not identified as joined together by
academic advising.
b
#P refers to number of papers
c
The first information refers to column percentages, while the figures in parenthesis are the row percentages
We then analyzed the number of author and institution appearances to access the degree
of diversity of contributions to the I-BM field. The methodology used to measure the author
contribution is similar to that employed by Morrison and Inkpen (1991) and Inkpen and
Beamish (1994). As can be seen in Table 3, two different measures were adopted to rank
author’s appearance in order to avoid any kind of inconsistency about each author’s
contribution, particularly because there are a large number of multiple-authored articles in our
sample. The first measure “adjusted appearances” includes a factor to scale the total number of
articles in those cases where papers were the result of multiple authorships and the second
measure “total appearances” is the sum of the total number of articles for a particular author.
For total appearance, the author receives one full credit as long as his/her name appears on the
published article. If a paper was published by two or more authors, a weight based measure was
5
applied according to the number of co-authors. Articles with 2 authors were assigned a weight
of one-half of a credit, while those papers with 3 authors received one-third, with 4 authors
received one-fourth, and papers with 5 authors were assigned one-fifth of a credit. No
distinction was made on the credit allocation between the first author and other co-authors.
The review shows that there are a larger number of authors (a total of 130) who have
contributed to I-BM. Due to space limitations, Table 3 only presents a ranking of authors with
more than 1.0 credit in adjusted appearance measureii. The top 13 names (10% of the total
number of authors) represent almost one-third of the total adjusted appearance indicator points.
According to Table 3, Angela da Rocha with a total of 11 articles and a weighted score of 4.83
has the highest number of appearances. She was followed by Eduardo Vasconcellos with the
same number of articles, but a weight of 4.58. It should be noted that each of them were editors
of two books considered in this review and they have been pioneering scholars who have been
responsible for the creation of research groups in the I-BM field in their institutions.
Table 3. Author Appearances
Authors a
Angela da Rocha
Eduardo Vasconcellos
Luiz Honório
Moacir Miranda de Oliverira Júnior
Itiel Moraes da Silva
Maria Tereza Leme Fleury
Sérgio Henrique Arruda Cavalcante Forte
Eugênio Astor Hexsel
Clóvis Luís Machado da Silva
Álvaro Bruno Cyrino
Érika Penido
Josir Simeone Gomes
Renato Cotta de Mello
Afonso Fleury
Felipe Mendes Borini
Adjusted Appearances b
Rank
1
2
3
4
5
6
7
8
9
10
10
10
10
14
15
Credits
4.83
4.58
3.00
2.08
2.00
1.70
1.67
1.50
1.50
1.33
1.33
1.33
1.33
1.25
1.08
Total Appearances c
Rank
1
1
4
6
16
4
6
16
6
11
11
11
6
11
3
Credits
11.0
11.0
5.0
4.0
2.0
5.0
4.0
2.0
4.0
3.0
3.0
3.0
4.0
3.0
6.0
Notes: a 130 authors have 1.00 or fewer adjusted appearances (ADJ). Of these 14 authors have 1.00 ADJ and 116 authors have 0.20 to 0.83 ADJ.
b
c
Adjustments are made for multiple-authorships. Credit for an article with 2 authors is 0.5, 3 authors is 0.33, 4 authors is 0.25, and 5 authors is 0.20.
Total appearances are the absolute number of articles. The author receives one full credit as long as his/her name appears on the published article.
An analysis of the author’s affiliation was also conducted. If the author’s home institution
was named in the article, this is the affiliation that was assigned a credit. When not available,
the Lattes Database (Currículo Lattes,CNPq) was used to code for the author’s institution at the
time of the publication of the specific study. The institutional appearance also uses a weight for
those articles written by authors from different institutions. In this case, the same methodology
considered by Lu (2003) was adopted. For “total appearance”, an institution takes one full
credit as long as its name appears in the published article. It should be noted that the maximum
credit received by an institution is one as only one credit is allocated in those articles with more
than two authors from the same institution. In some cases, an author is affiliated with two
different institutions at the same time. In this case, each institution was given one-half credit.
There were 51 different institutions identified in the sample. Researchers affiliated with
the University of Sao Paulo (USP) had the highest number of contributions to the development
of I-BM research. This institution had 25.50 credits for total appearances and a weighted score
of 20.34. The Federal University of Rio de Janeiro (UFRJ) follows the ranking with 15.50
credits in total appearances and 15.75 credits in adjusted appearances. Both institutions are
public universities while the third, fourth and fifth top ranked institutions (FDC, Unisinos, and
Unifor) are private. It is worth noting that the top 3 institutions in the ranking (USP, UFRJ and
FDC) have already established research centers on I-BM research. It is evident that this effort
has resulted in a higher number of publications from these centers. Most of the top institutional
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contributors were from the Southeast and South region of Brazil.
4.2. Methodological and theoretical approaches
Case studies have been the most commonly applied methodology in I-BM research
(62.8% of the total). The same findings were found in other research reviews of the Brazilian
management literature such as in strategy (Gosling and Gonçalves, 2004), human resource
management (Tonneli et al., 2003), and corporate social responsibility (Jabbour et al., 2008).
According to Robson (2002:178), a case study is a “strategy for doing research which involves
an empirical investigation of a particularly contemporary phenomenon within its real life
context using multiple sources of evidence.” As the I-BM issue is considered a “new”
phenomenon, a number of authors in our sample have been applying this technique based on the
collection of data from interviews, questionnaires, observation and document analysis.
Together these case studies provide a rich body of information about the internationalization
process of Brazilian multinationals. However, it should be noted that 62.7% of the case studies’
sample (37 papers) were based on a single firm. To perform hypothesis testing across different
companies, Eisenhardt (1989) argues that case studies that include the experience of multiple
companies are preferable to single firm case studies.
Surveys were used by 21.3% of the studies in the sample. This method involves choosing
a target group of companies and sending questionnaires. The larger the sample, the more
precisely it reflects the target group. If the sample is small and the response ratio is low, it
becomes more difficult to apply quantitative analysis using statistical tools. Of the 20 articles
that used a survey design, only four used a sample of 100 or more companies, while seven
studies were surveys with a sample of less than 25 companies. Hence, there are few published
articles in I-BM research that have performed statistical analysis.
The Uppsala and Eclectic Paradigm models have been the mainstream theoretical
perspectives most commonly employed in I-BM. The first explains the internationalization
process based on the knowledge acquisition (Johanson and Wiedersheim-Paul 1975, Johanson
and Vahlne 1977, 1990). The model is based on the assumption that the lack of knowledge
about international markets is the major obstacle to foreign operations, but this knowledge can
be acquired by an evolutionary and sequential building-up of foreign commitments over time.
Twenty-six articles used this model based on the proposition that the internationalization of
Brazilian companies followed a process of increasing foreign commitments to international
markets. Initially firms had a low commitment level to overseas investment (i.e. indirect and
direct exporting) that was followed by the opening sales or representative offices. For these
authors, it was only companies had accumulated international experience that they increased
their involvement by establishing subsidiaries abroad (i.e. JV or greenfield) or even acquiring
assets through cross-border M&A. It should be noted that the application of the Uppsala model
in I-BM studies led to different results. While some articles reported findings to support the
model (Barreto and Rocha, 2003; Mello and Rocha, 2003; Oliveira and Kovacs, 2007; Fleury et
al., 2008; Freitag-Filho and Amal, 2008; Oliveira and Vasconcellos, 2008), others found only
partial support (Sacramento et al., 2002). In addition, there are also some studies that argue that
the model does not fit to the Brazilian context (Freire and Rocha, 2003; Veiga and Rocha, 2003;
Ritossa and Bulgacov, 2008). Due to these contrasting findings, a deeper discussion of the
usefulness of this model as a theoretical framework for the Brazilian context seems to be an
interesting research question to be explored in future research.
Dunning’s (1977, 1980, 1988) Eclectic Paradigm is the second most frequently applied
model in I-BM studies with thirteen appearances. This framework is based on three components
that determine which firms enter a foreign market that help to delineate the acronym of this
theory commonly referred to as OLI: ownership, location and internalization advantages. More
specifically, ownership advantages refer to firm-specific advantages related to the possession of
asset power, control, and inter-firm relationships. Location advantages refer to the
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particularities of the market including the availability and cost of resources. Internalization
advantages concern the reduction of transaction and coordination costs. The OLI framework
was applied and supported in articles related to the internationalization of Brazilian meat
companies (Calabria and Pereira, 2008; Pozzobon, 2008).
The other six models or theoretical approaches that are commonly used in the
international business literature are less used by Brazilian researchers. “International
entrepreneurship” - a theoretical base for the study of international new ventures, defined as
business organizations that “derive significant competitive advantage from the use of resources
and the sale of outputs in multiple countries” (Oviat and McDougall (1994:49) – and “Born
global” – companies that start their activities by having a strong presence in international
markets from the onset (Rennie, 1993; Knight and Cavusgil, 1996; Madsen and Servais, 1997)
were the theoretical methodology of 12 papers. Rocha et al. (2005), Carvalho and Paes (2006),
Honório (2007), Pereira et al. (2006), Dib and Rocha (2008), Mello et al. (2008), are examples
of these two approaches. The famous Porter’s “competitive advantages” theory, like in Borini et
al. (2008), was employed in five articles. Four other studies by Forte and Sette-Jr (2005), Forte
and Moreira (2007), Penido and Cyrino (2007) and Fumagalli et al. (2008) adopted the “degree
of internationalization” approach (Sullivan, 1994), while four other papers like Hexsel (2004),
Forte et al. (2006), and Britto et al. (2008) used the “resource based view” (Barney, 1991;
1997). Three studies such as Borini et al. (2007) and Fleury and Fleury (2007b) used the late
movers approach. Most of the findings of these 28 studies in general do not challenge the
theoretical basis selected to develop them.
Many studies examine the same experience in the still small sample of Brazilian
multinationals. Not surprisingly, except for Datasul and Sadia, the most commonly examined
firms in I-BM field (Embraer, Natura, Odebrech, CVRD, Gerdau, Petrobras etc.) were almost
the same companies listed in the Top 20 Brazilian multinational enterprises ranking in terms of
foreign assets released by the Fundação Dom Cabral and The Columbia Program on
International Investment (FDC-CPII, 2007). This implies that research interest on a particular
firm is positively related to the degree of its internationalization. Although the international
spread of Brazilian multinationals has concentrated on resource-based activities (FDC-CPII,
2007), this review shows that authors have also demonstrated an interest in companies related
to medium-to high-technology industries including Embraer, Natura, Weg, Marcopolo,
Datasul, and Sabó.
4.3. Citation analysis
In order to examine the most influential authors, studies, and outlets in I-BM research, a
citation analysis was undertaken. We were interested in capturing the reference literature that
serves as the foundation for Brazilians scholars working in the field of international business. A
total of 2,583 citations were coded. Table 4 summarizes the portion of the studies that cite past
research by its authors (self-citation), research published in Brazil and scholarship produced
abroad.
The first observation in Table 4 refers to the high percentage of citations of foreign
scholars (73.9%) with the highest percentage found by studies published in academic journals
(80%) followed by EnANPAD proceedings (74.7%) and book chapters (69.4%). This finding
follows the same results of prior investigation in other management fields. For instance,
Vergara and Pinto (2001) found that foreign citation represented 63.62% of the Brazilian
organization studies’ literature, with the majority of sources referring to U.S.-based scholars. In
the human resource management area, Caldas and Tinoco (2004) also identified similar
outcome (63%) of citation from non-national scholars. More recently, Machado-da-Silva et al.
(2008) conduct a bibliometric analysis and report that foreign citations are 52.4% of the studies
cited in select Brazilian academic journals in management.
Table 4 – Type of citation in I-BM research
8
Number of Authors
Self-citation
Citation of national scholars
Citation of foreign scholars
Total
Notes:
Selected Book
Chapters
EnANPAD
Proceedings
Academic
Journals
TOTAL
#
Citations
%*
#
Citations
%*
#
Citations
%*
#
Citations
%
55
200
578
833
6.6 (56.7)
24.0 (34.7)
69.4 (30.3)
100.0 (32.2)
28
297
961
41
2.2 (28.9)
23.1 (51.6)
74.7 (50.3)
100.0 (49.8)
14
79
371
464
3.0 (14.4)
17.0 (13.7)
80.0 (19.4)
100.0 (18.0)
97
576
1,910
2,583
3.8
22.3
73.9
100
* The first information refers to column percentages, while the figures in parenthesis are the row percentages
This result is directly related to an outcome that was mentioned in the preceding section
that noted that a number of studies have focused on applying theoretical approaches developed
in other countries to the Brazilian case. The concentration of citations on foreign sources is
positive in the sense that it underscores that Brazilian scholars are in discussion with the
international business literature. In other words, Brazilian authors are not isolated and are
intensively learning from knowledge produced outside its borders. However, as we have noted
earlier, this emphasis also demonstrates negative aspects in the sense that national research is
predominantly focused on only describing and replicating foreign approaches.
The I-BM literature is clearly recent and hence the advances of the Brazilian academy in
this field are still incipient. At present, there is no consistent theory or model that provides
support to explain the internationalization process of Brazilian enterprises. Additionally to the
theoretical approaches mentioned in section 4.2 above, some scholars (Borini et al., 2007;
Fleury and Fleury, 2007b; Rocha et al., 2007) have used the late movers framework (Bartlett
and Ghoshal, 2000) as a way to compare the adopted strategies of internationalization of first
movers (i.e. multinationals from developed countries) with the experiences of emerging
multinationals (i.e. late movers).
An interesting finding refers to the considerable number of foreign citations (i.e. books)
translated to Portuguese. Of all of the references published in Portuguese, 26.5% were
translations of research produced in a foreign language. This implies that some authors
preferred to use a translated version rather than the original work. This is indicative of the trend
in Brazilian research that has expanded the reading and understanding of foreign materials by
their translation into Portuguese. This trend may also reveal that scholars in this area may be
more familiar with the Portuguese-version of these studies and less familiar with the original
research including terminologies. This pattern may also be a product of the fact that the cost of
Portuguese language materials is cheaper and faster as compared to those of imported books.
A small number of national scholars in international publications were cited as shown in
Table 5. The figure is slightly better for self-citations where 16.5% of 83 references were
published in a language other than Portuguese (total of 16 publications: 8 conference papers, 5
academic journals, 3 book chapters). When all citations of national scholars are considered,
only 2.3% of the total is derived from research papers published in international outlets (total of
13 publications: 6 academic journals, 4 conference papers, 1 book chapter, 1 working paper, 1
report). This result has several possible explanations: (1) the authors in I-BM area were
focusing on research published by foreign scholars; (2) the authors did not intend to cite and
promote other national scholars who had published his/her work internationally; (3) there were
only a few number of Brazilian scholars in I-BM field who had published academic papers in
foreign outlets (i.e. English). Most probably, the explanation is related to this last item.
Regarding this issue, Mesquita (2008) suggested a need for national scholars to insert
themselves more intensively in the international community by publishing articles in a foreign
language. Based on data of published research papers in English and the authors' nationality, he
demonstrated that Brazilian scholars are far behind in terms of international publication
compared to the performance achieved by researchers from the other members of the BRIC (i.e.
China, India and Russia).
9
Table 5 – Language of the cited references in I-BM research
National language
Foreign language
Total
Type of citation
#
#
%*
%*
# Citations
%*
Citations
Citations
Self-citation
81
9.3 (83.5)
16
0.9 (16.5)
97
3.8
Citation of national scholars
557
64.2 (97.7)
13
0.8 (2.3)
570
22.1
Citation of foreigner scholars
230
26.5 (12.0)
1,686
98.3 (88.0)
1,916
74.1
Total
868
100.0 (33.6)
1,715
100.0 (66.4)
2,583
100.0
Note: * The first information refers to column percentages, while the figures in parenthesis are the row percentages.
4.3.1. Reference sources and outlets
Table 6 shows the types of references most commonly cited in I-BM studies. There is a
significant difference in the top 5 sources referenced in domestic and international publications.
Books represent the most frequently source of references (almost 40%) for domestic
publication, which is similar to the results found in marketing by Vieira (2003) and human
resource management by Caldas and Tinoco (2004). An important point to mention refers to the
authorship of these books. While Caldas and Tinoco (2004) identified a number of
non-academic authors for the books used in the field of human resource management, the
majority of cited books were written by academics in the management area in the I-BM field.
Reference sources
Books
Book chapters
Web pages
Conference Proceedings
Academic Journals
Others
Total
Table 6 – Reference sources in I-BM research
Domestic Publication
Reference sources
# Citations
%
336
38.7
Academic Journals
117
13.5
Books
87
10.0
Book chapters
86
9.9
Business Magazines
62
7.1
Conference Proceedings
180
20.8
Others
Total
868
100.0
International Publication
# Citations
%
1,016
59.2
375
21.9
102
5.9
66
3.9
45
2.6
111
6.5
1,715
100.0
Book chapters were the second most commonly reference sources (13.5%) for domestic
publication including some chapters from the selected books reviewed for this study. Others
sources, such as web pages and conference proceedings, were also used. The former was
generally based on the company’s homepage information that was used to develop case studies,
while the latter relates to articles published in the EnANPAD proceedings. Although some
books and book chapters were refereed materials, it should be noted that the majority of sources
in these top 4 citations were not the result of a rigorous peer review process. In particular,
conference papers are well-known as research that should be considered to be in progress
(Bertero et al., 1999).
The most frequently book cited as a reference source was a translated book on case study
methodology. In fact, 108 (54.3%) of the 199 national published books that were cited were
foreign materials translated to Portuguese.
In terms of international publication, academic journals are the most influential source in
I-BM research. The total number of citations of journal articles in international publications is
three times higher than the number of citations of books (375 citations from 222 books). For
international outlets, Brazilian researchers are more likely to refer to refereed academic
materials in a variety of international journals (total of 1,016 citations from 181 outlets) rather
than domestic journals (62 citations from 15 outlets).
In the ranking list of the outlets for I-BM research, only Harvard Business Review is not
an academic journal. The most influential outlet in I-BM study is the Journal of International
Business Studies (JIBS). This sample presents almost three times more citations than the second
in the list (Strategic Management Journal, SMJ). In reality, this is an expected and logic result
since JIBS is the premier outlet for international business research (Dubois and Reeb, 2000;
10
Canabal and White III, 2008). JIBS and SMJ were also considered in the top list in a review of
articles in mainstream management journals (Werner, 2002).
In addition, only a few numbers of citations came from domestic academic journals.
These were the only three domestic journals (RAUSP, RAC, and RAE) considered in the top 10
ranking of the most commonly outlet in I-BM study. Selected papers of these journals were
selected in the sample of this research review and in part, these figures confirm the assumption
that the three outlets generally were considered the leading academic journals in the Brazilian
management area (Arkander, 2003; Tonelli et al., 2003; Vieira, 2003).
4.3.2. Most influential authors and research
In order to create the list ranking the authors cited in I-BM field that are most influential,
we followed the same procedures described earlier. For “total citations”, all authors received
one full credit as long as its name appeared on the reference list, while for “adjusted citations” a
weight measure was created according to the number of authors for each cited article. A total of
1,749 authors were cited in the 94 articles that comprise our sample. Of these authors, 477 were
Brazilians and 1,287 were foreign authors. Not surprisingly, the top 2 in the ranking are foreign
scholars who developed the two most commonly theories used in I-BM field.
Jan Johanson was the most cited author with a total of 106 citations (adjusted citations =
52.00), following by John Dunning (adjusted citations = 47.50). Jan Johanson and Jan-Erik
Vahlne (adjusted citations = 40.17) are researchers from a Nordic school who developed the
called Uppsala model, while John Dunning from the University of Reading developed the
Eclectic Paradigm framework at the beginning of 1980s. As previously mentioned, the most
frequently authors cited in I-BM research were represented by foreign scholars (18 out 22).
Only four Brazilian scholars are among the top 22 most-cited authors (i.e. Angela da Rocha,
Eduardo Vasconcellos, Maria Tereza de Leme Fleury and Afonso Fleury). These authors also
are the editors of five books examined in this review and the main contributors to the I-BM
field.
The most cited researches used in I-BM study, which was derived from 2,583 citations of
94 articles considered in this review. The ranking list also reveals the 20 top most influential
research published in academic journals (9), books (8), book chapters (2), and business
magazine (1). For academic journals (all international), 5 of the 9 articles were related to the
Uppsala Model (Johanson and Vahlne, 1977, 1990, 2003) and Eclectic Paradigm (Dunning,
1980, 1988) models. Seven of the eight books in the top 20 were volumes authored by foreign
scholar and three of these were Portuguese translations of original works. In particular,
Brazilian academics were frequent in using the translated and original book of Yin (1994, 2001)
as the main reference source to develop the methodology of case studies. In terms of book
chapters, all of the articles were from national publications written by Brazilian scholars.
5. Conclusion
I-BM research is still in an embryonic stage. Most of the research done recently has been
published as multiple-authored articles. These articles were mostly produced as part of the
academic advising relationship that emerges from graduate study and research. The advisors
and graduate students from the University of São Paulo and the Federal University of Rio de
Janeiro, which are the top two ranked institutions in terms of published studies in this field, are
responsible for almost 40% of the research published in the three data sources examined in this
study.
Case studies have been the most commonly used methodology in I-BM research.
Surveys were employed in a few cases, but based on samples of 25 or less companies. There are
only a few articles that have performed statistical analysis. The Uppsala model has been the
most used theoretical approach employed in I-BM research that is twice the amount of the
second most applied theory which is the OLI model. But independently of the theoretical
11
approach employed by Brazilian scholars, their research interest on a particular firm seems to
be positively related to the size of the company and the degree of its internationalization
process. Although the international spread of Brazilian multinationals has been concentrated in
resource-based activities, it should be noted that some authors have investigated companies in
the medium-to high-technology sectors.
In this study, we have reviewed 94 articles citing a total of 2,583 articles written by
1,749 different authors: 477 Brazilians and 1,287 foreign authors. Our analysis shows that a
large number of citations are referencing studies produced by foreign scholars. Not surprisingly,
the top 3 authors that are cited in the ranking are foreign authors who have developed the two
most commonly theories used in I-BM field. We conclude that this shows that Brazilian authors
have based their research to explain the internationalization of Brazilian multinationals on
theoretical approaches and models developed in other countries. This could imply that
Brazilian authors are not isolated to their own environment and are intensively learning from
foreign counterparts. However, while I-BM scholars may be aware of what has been done and
published in the international business literature, they have also largely focused on describing
and replicating foreign approaches.
This research review has identified some important generalized findings on the scope
and nature of I-BM research. In addition, the results provide some valuable insights for the
types of research activities that should be prioritized in the medium-term. There has been a
limited application of theoretical approaches and research methods in I-BM field. In order to
build a stronger core of research and to undertaken more rigorous hypothesis testing, multi-case
studies and the analysis of larger samples of companies should be priorities in the study of the
internationalization of Brazilian multinationals. As remains a challenge in Brazil more
generally, research efforts are also institutionally and regionally concentrated. The
decentralization of scholarship to include a larger group of scholars and researchers and
institutions from the Middle East and Northeast regions of Brazil in the research effort of I-BM
could greatly enrich discussions by incorporating experiences of lesser known researchers in
these areas.
Finally, it should be noted that there are insignificant numbers of Brazilian research
papers that have been published in international outlets. We believe that improving this
percentage should be an obvious and reasonable goal for Brazilians researchers in the I-BM
research field. “Internationalization” should not be restricted to the research topic investigated
by Brazilian authors and also applied to the diffusion of this knowledge so it can be shared with
the international academy. Our results also show that there is a need for increasing the number
of publications by national scholars in international peer-reviewed journals with a high impact
factor. For I-BM research to contribute significantly to the international business literature, it
must strive to attain an internationalization of its academic production.
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i
ii
The database is available online at: http://lattes.cnpq.br/
An expanded table is available on request from the authors.
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