State ownership and internationalization: The advantage and disadvantage of stateness |
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| Authors: | Alvaro Cuervo-Cazurra Cheng Li |
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| Institution: | 1. Northeastern University, D’Amore-McKim School of Business, 360 Huntington Avenue, Boston, MA 02115-5000, USA;2. Western University, Ivey Business School, 1255 Western Road, London, Ontario, Canada;1. Emeritus Professor of International Business, Baruch College, City University of New York, New York, NY, USA;2. Jindal Chair of Global Strategy, Jindal School of Management, University of Texas at Dallas, Richardson, TX, USA;1. The University of Sydney Business School, The University of Sydney, NSW, 2006, Australia;2. Culverhouse College of Business, The University of Alabama, Tuscaloosa, AL, 35487, USA;1. Department of Management, Bryan School of Business and Economics, University of North Carolina, Greensboro, Greensboro, NC, 27402-6170, United States;2. Department of Management, Miami Herbert Business School, University of Miami, Coral Gables, FL, 33124-9145, United States;3. Sun Yat-Sen Business School, Sun Yat-Sen University, Guangzhou, China;1. Faculty of Business Administration, University of Macau, Avenida Padre Tomás Pereira, Taipa, Macau;2. School of Marketing & International Business, Victoria University of Wellington, 23 Lambton Quay, Pipitea Campus, PO Box 600, Wellington 6140, New Zealand |
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| Abstract: | We critically review the literature on state-owned multinationals to clarify previous arguments and guide future studies. The content analysis of prior research reveals that state-owned firms differ from private firms in their internationalization: they are motivated by national strategic objectives, select more challenging countries, and use acquisitions more intensively despite adverse market reactions. The analysis also reveals conflicting predictions on the level of internationalization; some studies find that state-owned multinationals internationalize more while others find the contrary. We introduce one solution to these conflicts by classifying theories into two camps based on the balance between the costs and benefits of state ownership. One camp suggests a disadvantage of stateness (agency theory, resource dependence theory, and neo-institutional theory). Another camp promotes an advantage of stateness (economic development, resource-based view, and institutional economics). We conclude by outlining three promising relationships in the study of these firms: (1) relationships internal to state-owned multinationals and the balancing of stakeholder demands; (2)relationships between state-owned multinationals and government and the influence of the political system; and (3) relationships between home and host country governments and the impact of their dynamics on state-owned multinationals. |
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| Keywords: | State-owned multinationals State-owned enterprises Advantage Disadvantage State ownership Stateness Multinationals Internationalization Governance International business |
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