Investimento português no Brasil : o caso da Portugal Telecom

Mestrado em Economia InternacionalO objetivo desta dissertação é analisar os investimentos da Portugal Telecom no Brasil, bem como avaliar seu desempenho, no período compreendido entre 1998 e 2002. Para atingir este objetivo procurou-se entender o processo de intensificação do movimento internacional de capitais aliado à abertura dos mercados e ao processo de privatização brasileiro, nos anos 90, contexto no qual situa-se a recente entrada de investimento direto português no Brasil. Diante disto, procurou-se investigar o setor das telecomunicações, particularizando a sua estrutura de mercado, posto que este foi o setor onde foram realizados os investimentos da empresa Portugal Telecom. Para tanto, buscou-se entender qual o relacionamento que se estabelece entre esta empresa e o setor de telecomunicações no Brasil. Para isto, trilhou-se o seguinte caminho: contextualizouse o processo de mundialização do capital e seus rebatimentos sobre a economia brasileira, que resultaram na abertura econômica e nas privatizações, ressaltando a do setor das telecomunicações; apresentou-se uma caracterização do setor de telecomunicações em nível mundial, a estrutura de mercado do setor das telecomunicações no Brasil, bem como as modificações ocorridas em função das privatizações; e, por fim, analisou-se o caso do capital português neste setor, particularizando a empresa Portugal Telecom através de uma contextualização da Portugal Telecom e da Telesp Celular Participações, enquanto componente do investimento direto português no Brasil. Por último, tem-se as considerações finais, onde foram salientados os principais argumentos conclusivos elaborados ao longo do trabalho.The objective of this dissertação is to analyze the investments of Portugal Telecom in Brazil, as well as evaluating its performance, in the period understood between 1998 and 2002. To reach this objective it was looked to understand the process of intensification of the intemational movement of capitais ally to the opening of the markets and to the Brazilian process of privatization, in the years 90, context in which it is placed recent entrance of direct Portuguese investment in Brazil. Ahead of this, it was looked to investigate the sector of the telecommunications, distinguishing its structure of market, rank that this was the sector where the investments of the company Portugal Telecom had been carried through. For in such a way, the relationship searched to understand which that if establishes between this company and the sector of telecommunications in Brazil. For this, the following way was trod: one contextualizou the process of mundialização of the capital and its strikings on the economy Brazilian, that had resulted in the economic opening and the privatizations, standing out of the sector of the telecommunications; a characterization of the sector of telecommunications in world-wide levei was presented, the structure of market of the sector of the telecommunications in Brazil, as well as the occured modifications in function of the privatizations; e, finally, analyzed the case of the Portuguese capital in this sector, distinguishing the company Portugal Telecom through a contextualização of Portugal Telecom and the Cellular Telesp Participation, while component of the direct Portuguese investment in Brazil. Finally, one has the final considerações, where the main elaborated conclusive arguments to the long one of the work had been pointed out.info:eu-repo/semantics/publishedVersio

Investimento português no Brasil : uma análise do processo de internacionalização da Portugal Telecom, da sua estrutura organizacional e seus resultados financeiros

Doutoramento em Sociologia Económica e das OrganizaçõesO objetivo desta tese é analisar o investimento português no Brasil, sob a perspectiva da internacionalização da Portugal Telecom, da sua estrutura organizacional e de seus resultados financeiros, entre os anos de 1998 a 2009. O referencial teórico pautou-se no institucionalismo. Assim, construiu-se uma base metodológica que permitiu identificar os principais fatores determinantes do processo de internacionalização da Portugal Telecom. A evolução da estrutura organizacional do Grupo PT foi analisada para demonstrar a sua flexibilização ao perseguir a estratégia de internacionalização. Esta estratégia foi direcionada principalmente para o setor de telecomunicações no Brasil, particularmente na telefonia móvel. Assim, fez-se necessário debruçar-se sobre a análise deste setor. A avaliação dos investimentos e dos resultados financeiros foi realizada com o objetivo de demonstrar que os bons resultados financeiros alcançados confirmam que a estratégia citada foi acertada. Por fim, nas conclusões resgataram-se os principais argumentos desenvolvidos, de forma a demonstrar que os aparatos institucionais portugueses e brasileiros favoreceram a Portugal Telecom no seu processo de internacionalização e que este processo foi bastante profícuo para a PT, haja vista os resultados financeiros alcançados durante o período sob estudo.The objective of this thesis is to analyze the Portuguese investment in Brazil, from the perspective of the internationalization of Portugal Telecom, its organizational structure and financial results, from 1998 to 2009. The theoretical framework was based on institutionalism. Thus, it was constructed a methodological basis which identified the main determinants of the internationalization process of Portugal Telecom. The evolution of the organizational structure of the PT was analyzed to demonstrate its flexibility in pursuing the strategy of internationalization. This strategy was directed primarily to the telecommunications industry in Brazil, particularly in mobile telephony. Thus, it was necessary to look into the analysis of this sector. The valuation of investments and financial performance was performed through the use of several indicators with the objective of demonstrating that the good financial results achieved confirm that the internationalization strategy of the PT in Brazil was correct. Finally, the conclusions rescued the main arguments in order to demonstrate that the institutional apparatuses Portuguese and Brazilians favored Portugal Telecom in its internationalization process and that this process was very fruitful for PT, given the financial results achieved during the period under study

Internationalization under strains : The case Portugal Telecom in Brazil from the perspective of its investments, financial performance and returns

The aim of this paper is to analyze the investments made by Portugal Telecom (PT) in the Brazilian telecommunications sector as well as their financial results. There are a lot of complex and multifaceted questions underlying such an issue, mainly related to the size and characteristics of this particular foreign direct investment operation of a Portuguese company. In light of this, we will try to answer to the following points: which are the financial results achieved by PT in Brazil through its investments? Which is their contribution to the financial health of PT from 1998 to 2009? In our research we take into account the perspective of international business theories, particularly at the early stages of the internationalization process, and that of theoretical institutionalism that gives emphasis to the technical environment, analyzing organizations as efficient if they produce goods or services accepted by the market and, consequently, reach their goals. From a company's financial results it can be deduced whether or not the strategy and objectives defined are consistent with the prospect of success and recognition, in line with the arguments developed by Scott (1991, 1992 and 2008). The main part of the paper is thus concentrated in the analysis of the financial results of PT through several indicators regarding investments, revenues, returns and other related aspects. The study allows the conclusion that despite the hard and complex life of PT in Brazil from 1998 to 2009, positive financial results were obtained and the strategy and objectives defined in the beginning of the process had favorable conditions to be successful