Home country institutions and the internationalization of state owned enterprises: A cross-country analysis |
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| Institution: | 1. China Europe International Business School, Shanghai 201206, China;2. Ithaca College, School of Business, Ithaca, NY 14850, USA;3. Sungkyunkwan University, SKK Graduate School of Business, Seoul 110-745, Republic of Korea;4. Dalian University of Technology, School of Business Management, Liaoning 116024, China;1. Department of Management, School of Economics and Management, Beijing Jiaotong University, Beijing 100044, China;2. Department of Management, TAMU 4221, Mays Business School, Texas A&M University, College Station, TX 77843-4221, United States;3. Texas Christian University, Fort Worth, TX 76129, United States;1. China Europe International Business School, 699 Hongfeng Road, Shanghai 201206, China;2. Isenberg School of Management - UMass Amherst, Amherst, MA 01003, USA |
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| Abstract: | National institutions shape the ability of civil society and minority shareholders to monitor and influence decision-makers in listed state owned enterprises (SOEs), and thereby their strategies of internationalization. We argue that the weaker are such controls, the more likely such decision makers pursue self-serving motives, and thus shy away from international investment. Listed SOEs’ strategies will thus be more similar to those of wholly privately owned enterprises (POEs) when these controls are more effective. Building on Williamson's (2000) hierarchy of institutions, we examine how home country institutions exerting normative, regulatory, and governance-related controls affect the comparative internationalization levels of listed SOEs and POEs. Based on a matched sample of 153 majority state owned and 153 wholly privately owned listed firms from 40 different countries, we confirm that, when home country institutions enable effective control, the internationalization strategies of listed SOEs and POEs converge. |
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| Keywords: | State owned enterprises Internationalization Home country institutions Matched sample Tobit regression |
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