Abstract
This study explores how the institutional systems of Brazil and China impact firm characteristics such as ownership type, state provision of capital, and social capital, as well as the implications for Outward Foreign Direct Investment (OFDI). Using Fainshmidt, Judge, Aguilera & Smith's (2018) framework, both country-level OFDI data and micro-level transaction and firm data were analyzed. The findings reveal significant variations in deal structure and location choices for Brazilian and Chinese companies in international acquisitions. The Varieties of Institutional Systems (VIS) framework sheds light on OFDI at the country level, as well as location choices and deal motivations in foreign markets.