Resumo

The environmental change in international trade, due to the internationalization of markets, the growing presence of companies and professionals with international experiences and the strengthening of networks around the world, has driven the emergence of new ventures with foreign operations and global vision from the beginning the born global, which has been investigated by several authors

There is still a need to explore how the skills and abilities of the born global companies can influence the mitigation of global risks and how the research can reconcile the divergent views between the prevailing theories of international business and new propositions can be made with the deepening and empirical findings (KNIGHT; LIESCH, 2015). Considering the propositions presented above, the objective of this research is to analyze how risk management occurs in the process of internationalization of Brazilian born globals companies.

The internationalization process encompasses a number of commitments and projects that are planned by the company's management. However, especially in small and medium-sized companies, managers are not able to predict all the risks that will be faced during the internationalization process (KUBIČKOVÁ; TOULOVÁ, 2013), and sometimes this lack of perception about certain risks affects the process and increases the costs of the international operation (RODRIGUEZ; BARCOS; ÁLVAREZ, 2010).

With respect to the research problem, whose objective is to analyze how risk management occurs in the internationalization process of Brazilian born globals companies, we adopted the qualitative approach research, using a multiple case study strategy, and we selected seven microbreweries with relevancy and national prominence. Non-participant observation, documentary research and semi-structured interviews with the founders of the microbreweries were used as data collection techniques

With regard to the risks involved in the internationalization process of the companies studied, more emphasis is given to monetary risk factors, such as currency fluctuation, tax law, financial transactions, and risk factors related to the country as a political and economic instability, intervention government, bureaucracy and even the institutional environment. In addition to these risks, commercial and cross-cultural risk factors have also been identified, but the vision of entrepreneurs, these risks exert less influence on strategies and decision-making processes of these organizations.

Some contributions. First, in born global companies, due to the international background of the entrepreneurs, relationship with different social networks, less risk in international business are perceived and thus there is a greater commitment to and involvement with the process of internationalization. Second, the risk factors in born globals differ from risk factors of traditional small businesses, to the extent that risk analysis is carried out in the indoor environment as well as the external environment, and being exposed to the latter end up being influenced by different risks.

KUBÍČKOVÁ, L .; TUZOVÁ, M .; TOULOVÁ, M.Thenternationalisation of Small and Medium-Sized Enterprises as a Path to Competitiveness.In: Competitiveness, Social Inclusion and Sustainability in a Diverse European Union . Springer International Publishing. P. 99-120. 2016. OVIATT, BM; SHRADER, RC; MCDOUGALL, PP The internationalization of new ventures: The risk management model. Advances in International Management , Vol. 16, p. 165-185, 2004. DIMITRATOS, P.; JOHNSON, J.E; PLAKOYIANNAKI, E.; YOUNG, S. SME internationalization: International Business Review, v. 25, n. 6, p. 1211-1222, 2016.