Risco sistemático das companhias abertas brasileiras internacionalizadas: uma pesquisa exploratória

Abstract

This research examines the risk of stocks issued by Brazilian internationalized companies. The sample comprises 283 publicly traded firms, with data collected in March 2025. Risk was measured by the beta coefficient of the CAPM, while internationalization was treated as a dichotomous variable based on the multinational ranking of Fundação Dom Cabral. The analyses involved descriptive statistics and the nonparametric Mann-Whitney test. The results indicate that internationalization is not statistically significantly associated with systematic risk. It is noteworthy that the findings should be interpreted with caution, given the limited number of internationalized firms and the cross-sectional design, which does not allow generalizations beyond the analyzed sample. For management and investors, this implies that internationalization status should not be used as the sole proxy for risk, and that the analysis must integrate financial and contextual metrics specific to the firm and the industry.