INTERNATIONALIZATION STRATEGIES OF THE BRAZILIAN MEAT AGRIBUSINESS SECTOR: EXPORTS OR DIRECT INVESTMENT ABROAD? ESTRATéGIAS DE INTERNACIONALIZA O DO SETOR AGROINDUSTRIAL BRASILEIRO DE CARNES: EXPORTA O OU INVESTIMENTO DIRETO NO EXTERIOR?

The article analyzes the internationalization strategies of the four largest Brazilian companies in the meat (beef, pork and poultry) agribusiness sector, by considering the comparative and competitive advantages of the country and the companies. JBS, Marfrig, Sadia and Perdig o were studied, of which the last two merged in May 2009, forming Brasil Foods. The authors looked into what led these companies to start investing abroad directly, as from 2005, as a complement to their exports, the preferred strategy for placing products in foreign markets. The research method used was the multiple case study, drawing on primary data (interviews, corporate annual reports, financial statements, press releases and shareholder information) and secondary data (theses, dissertations, academic articles, reports in newspapers and business journals), using bibliographic and documentary research. Everything was analyzed in the light of international business and strategy theories. The results show that exports still predominate and that investing directly abroad was, in principle, a reactive strategy to sanitary barriers against Brazilian products. However, the acquisition of companies in restriction-free countries has increased as part of a forward-looking strategy for gaining access to new markets and strengthening brands. Key-words: Agribusiness. Internationalization. Strategy. Neste artigo, analisa-se as estratégias de internacionaliza o das quatro maiores empresas brasileiras do setor agroindustrial de carnes (bovina, suína e de aves), considerando as vantagens comparativas e competitivas do país e das empresas. Foram estudadas JBS, Marfrig, Sadia e Perdig o, as duas últimas em processo de fus o, desde maio de 2009, constituindo a Brasil Foods. Foram pesquisadas condi es que levaram estas empresas a iniciar investimentos diretos no exterior (IDE), a partir de 2005, como complemento às exporta es, estratégia preferencial para a coloca o de produtos no exterior. O método de pesquisa foi o estudo de caso múltiplo, valendo-se de dados primários (entrevistas, relatórios anuais das empresas, demonstra es financeiras, press-releases e informa es aos acionistas) e secundários (teses, disserta es, artigos acadêmicos, reportagens em jornais e revistas de negócios), utilizando a pesquisa bibliográfica e documental, e que foram analisados à luz das teorias de negócios internacionais e de estratégia. Os resultados mostram que as exporta es ainda predominam, e que o IDE foi, a princípio, uma estratégia reativa a barreir