A Influência dos Investimentos Diretos Externos (IDE) na Rentabilidade de Multinacionais Brasileiras: Evidência em Modelos de Intervenção de 2000 a 2010

Abstract

The paper measures and analyzes the impact of foreign direct investment (FDI) operations on the profitability (ROA, ROE and EVA) of three Brazilian multinational enterprises (MNEs): JBS, Marcopolo, and Metalfrio. ARIMA intervention models were used to carry out the analysis, in order to identify whether the utilization of FDI is an intervention capable of affecting the behavior of the temporal series for ROA, ROE and EVA. All adjusted models were significant and results showed that FDI operations negatively affected the profitability of the firms studied. In other words, FDI operations - treated in financial theory as a reflection of the long-term investment decisions of firms - changed the behavior of the temporal series of the performance metrics of these companies during the period studied. Results contribute to theory of the firm with respect to the question of the profitability of firms engaging in FDI, looking at the case of Brazilian firms undertaking international expansion. The study innovates in revealing how FDI strategies intervene in the performance metrics of these firms.