The rise of new multinationals in countries like Brazil provides an opportunity to revisit and carefully construct theories of how firms internationalize, a topic on which extant theory is weak. Brazilian firms are “infant multinationals”, unlike developed country firms that are “mature...

This paper presents a quantitative analysis of corporate internationalization in Brazil and tests the hypothesis that the country’s strengthening currency prompted companies to expand abroad. We start with a review of the literature on the main international business approaches and theories,...