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2022 | 56 | nr 2 | 77--95
Tytuł artykułu

Foreign State-Owned Enterprises in the World's Largest Economies - Comparative and Sectoral Analysis

Warianty tytułu
Języki publikacji
EN
Abstrakty
EN
Theoretical background: In the last 20-30 years, particularly after the financial crisis of the end of the first decade of the 21st century, state-owned enterprises (SOEs), historically associated with local markets, have increasingly expanded internationally. As a result, foreign state-owned enterprises (FSOEs) have emerged in many countries, particularly in strategic industries. The internationalisation of SOEs is a new, important and relatively under-researched phenomenon in today's global economy. The literature on the subject so far lacks extensive, comparable figures on FSOEs on a global scale, which is a prerequisite for qualitative research.

Purpose of the article: The purpose of this article is to determine - based on original empirical research - the status, significance and sectors of FSOEs in the groups of the largest non-financial enterprises (Top 100, by operating revenues) of the 32 world's largest economies, as well as the changes that have occurred in this respect between 2009 and 2018. The analysis of FSOEs was carried out with the enterprises divided according to their origins ("green-field FSOEs" and "M&A FSOEs"), industries and home countries. Listed FSOEs were analysed separately.

Research methods: The research used the original author's method of distinguishing (finding) FSOEs, based on the criterion of actual corporate control rather than on the criterion of formal state ownership. The source data, derived mainly from the Orbis database, has been thoroughly supplemented and verified. Special indicators were created for the comparative analysis of FSOEs across the 32 economies under review.

Main findings: The results of the analysis determined the status of FSOEs in the group of the 32 world's largest economies, as well as in distinguished subgroups: developed economies (19) and emerging economies (13). The analysis of the changes in the shares of FSOEs in the studied economies between 2009 and 2018 led to the conclusion that the shares, and therefore the economic importance of FSOEs, increased during the studied period. The sectoral distribution of FSOEs shows that the largest number of them operate in Oil & Gas and Energy sectors.(original abstract)
Rocznik
Tom
56
Numer
Strony
77--95
Opis fizyczny
Twórcy
  • Doctoral School of Social Sciences UMCS
  • Uniwersytet Marii Curie-Skłodowskiej w Lublinie
Bibliografia
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  • Blomqvist, G., & Mahmood, L. (2021). Nordic state-owned Enterprises Going Abroad.
  • Carney, R.W. (2015). The rise of foreign state ownership in East Asia: Domestic political determinants and stabilizing effects. CIFR Paper No. WP060/2015. doi:10.2139/ssrn.2617120
  • Chen, Y.Y., & Young, M.N. (2010). Cross-border mergers and acquisitions by Chinese listed companies: A principal-principal perspective. Asia Pacific Journal of Management, 27(3), 523-539. doi:10.1007/s10490-009-9150-7
  • Cuervo-Cazurra, A. (Ed.). (2017). State-Owned Multinationals: Governments in Global Business. Basingstoke: Palgrave Macmillan.
  • Cuervo-Cazurra, A., Inkpen, A., Musacchio, A., & Ramaswamy, K. (2014). Governments as owners: State-owned multinational companies. Journal of International Business Studies, 45(8), 919-942. doi:10.1057/jibs.2014.43
  • Deng, Z., Yan, J., & Van Essen, M. (2018). Heterogeneity of political connections and outward foreign direct investment. International Business Review, 27(4), 893-903. doi:10.1016/j.ibusrev.2018.02.001
  • Duanmu, J.L. (2014). State-owned MNCs and host country expropriation risk: The role of home state soft power and economic gunboat diplomacy. Journal of International Business Studies, 45(8), 1044-1060. doi:10.1057/jibs.2014.16
  • Estrin, S., Li, J., & Shapiro, D. M. (2021). State-owned multinational enterprises: Theory, performance, and impact. In Mellahi, K., Meyer, K., Narula, R., Surdu, I., Verbeke, A. (Eds.), The Oxford Handbook of International Business Strategy (pp. 249-270). Oxford: Oxford University Press. doi:10.1093/oxfordhb/9780198868378.013.13
  • Finchelstein, D. (2017). The role of the state in the internationalization of Latin American firms. Journal of World Business, 52(4), 578-590. doi:10.1016/j.jwb.2017.04.003
  • García-Canal, E., & Guillén, M.F. (2008). Risk and the strategy of foreign location choice in regulated industries. Strategic Management Journal, 29(10), 1097-1115. doi:10.1002/smj.692
  • Guo, W., & Clougherty, J.A. (2015). The effectiveness of the State in Chinese outward foreign direct investment: The "go global" policy and state-owned enterprises. Advances in International Management, 28, 141-159. doi:10.1108/S1571-502720150000028009
  • Hu, H.W., & Cui, L. (2014). Outward foreign direct investment of publicly listed firms from China: A corporate governance perspective. International Business Review, 23(4), 750-760. doi:10.1016/j.ibusrev.2013.11.003
  • Huang, Y., Xie, E., Li, Y., & Reddy, K.S. (2017). Does state ownership facilitate outward FDI of Chinese SOEs? Institutional development, market competition, and the logic of interdependence between governments and SOEs. International Business Review, 26(1), 176-188. doi:10.1016/j.ibusrev.2016.06.005
  • Kowalski, P. (2020). On traits of legitimate internationally present of state-owned enterprises. In L. Bernier, M. Florio, & P. Bance (Eds.), The Routledge Handbook of State-Owned Enterprises (pp. 145-163). London: Routledge.
  • Mariotti, S., & Marzano, R. (2019). Varieties of capitalism and the internationalization of state-owned enterprises. Journal of International Business Studies, 50(5), 669-691. doi:10.1057/s41267-018-00208-2
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  • Miroudot, S., & Ragoussis, A. (2013). New actors in the international investment scenario: Objectives, performance and advantages of affiliates of state-owned enterprises and sovereign wealth funds. In R. Echandi & P. Sauvé (Eds.), Prospects in International Investment Law and Policy (pp. 51-72). Cambridge: World Trade Forum. doi:10.1017/CBO9781139565479.006
  • Nuruzzaman, N., Singh, D., & Gaur, A.S. (2020). Institutional support, hazards, and internationalization of emerging market firms. Global Strategy Journal, 10(2), 361-385. doi:10.1002/gsj.1365
  • OECD. (2016). State-Owned Enterprises as Global Competitors A Challenge or an Opportunity? OECD publishing. doi:10.1787/9789264262096-en
  • Szarzec, K., Nowara, W., & Totleben, B. (2021). State-owned enterprises as foreign direct investors: Insights from EU countries. Post-Communist Economies, 33(5), 517-540. doi:10.1080/14631377.2020.1793603
  • UNCTAD. (2021). World Investment Report 2021. Geneva: UNCTAD.
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171663562

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