Abstract
ABSTRACTThe objective of this article is to evaluate the determinants of Brazilian Foreign Direct Investment (FDI) considering the third-country effect. FDI of Brazilian companies is concentrated in countries within the South Americas and Europe. Thus, econometric spatial panel data models were used to control for the determinants of Brazilian FDI and to evaluate the role of its spatial linkages and spatial spillover effects on the expansion of these investments abroad. The results do not confirm the hypothesis of third-country effects for Brazilian FDI and point to evidence of horizontal FDI, resulting in foreign business enclaves
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