Exchange Rate Exposure
The impact of exchange rates on internationalized Brazilian companies
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The increasing internationalization of emerging economies and the trend toward financialization of the global economy motivated this study, whose main objective is to statistically analyze the impact of exchange rate fluctuations on the stock returns of the leading internationalized Brazilian companies, according to the ranking conducted by the Dom Cabral Foundation, between 2000 and 2012. In addition, we also sought to describe the initial process of internationalization of these same companies. To this end, descriptive and quantitative research was conducted using the multiple linear regress...
The increasing internationalization of emerging economies and the trend toward financialization of the global economy motivated this study, whose main objective is to statistically analyze the impact of exchange rate fluctuations on the stock returns of the leading internationalized Brazilian companies, according to the ranking conducted by the Dom Cabral Foundation, between 2000 and 2012. In addition, we also sought to describe the initial process of internationalization of these same companies. To this end, descriptive and quantitative research was conducted using the multiple linear regression statistical method. It was found that in the 28 companies analyzed, there is no correlation between exchange rate variations and variations in the returns on the shares of internationalized Brazilian companies, thus showing that other variables are responsible for impacting the returns on these shares. It was also found that most Brazilian companies begin their internationalization process by setting up production lines abroad, followed by exports and mergers and acquisitions with other companies.
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