[go: up one dir, main page]

  EconPapers    
Economics at your fingertips  
 

State-owned Enterprises in the global market: Varieties of government control and internationalization strategies

Stefano Clò, Enrico Marvasi and Giorgio Ricchiuti

Structural Change and Economic Dynamics, 2023, vol. 64, issue C, 25-40

Abstract: We study the internationalization of State-owned Enterprises (SOEs) in the 21st century and its underlying firm-level and country-level drivers. Using a global database of more than 110,000 M&A (10% having a state-owned acquirer), we empirically investigate differences between private enterprises, traditional SOEs and contemporary reformed SOEs. We show that the intensity of government control is associated with diverging targeting strategies and internationalization patterns. Compared to traditional SOEs, reformed SOEs are more outward-oriented, tend to purchase better performing targets, concentrate their investments towards less risky countries that are geographically and culturally closer, with better institutional quality and a more central position in the trade network. Our findings are consistent with the view that reformed SOEs are increasingly adopting market-oriented strategies thus diverging from traditional SOEs (and converging towards the private model) in their objective functions.

Keywords: Internationalization; State-owned Enterprises; Cross-border M&A; Trade network (search for similar items in EconPapers)
JEL-codes: F2 L22 L33 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0954349X22001515
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:streco:v:64:y:2023:i:c:p:25-40

DOI: 10.1016/j.strueco.2022.11.003

Access Statistics for this article

Structural Change and Economic Dynamics is currently edited by F. Duchin, H. Hagemann, M. Landesmann, R. Scazzieri, A. Steenge and B. Verspagen

More articles in Structural Change and Economic Dynamics from Elsevier
Bibliographic data for series maintained by Catherine Liu ().

 
Page updated 2024-12-09
Handle: RePEc:eee:streco:v:64:y:2023:i:c:p:25-40