Weitere Artikel dieser Ausgabe durch Wischen aufrufen
We argue that governments use different types of minority state ownership in domestic multinationals to balance the provision of public and private goods and maximize political survival in emerging market democracies. Using a sample of Brazilian multinationals, we combine instrumental and fixed-effects regressions with an in-depth case study in order to measure and describe the effects of two types of ownership ties. We show that ownership through state-controlled institutional investors has a positive effect on the internationalization level of multinationals, whereas the ownership by state agencies and state-owned enterprises shows an opposite effect. By looking at these effects from the perspective of the political survival of democratic rulers, we contrast our results against the empirical research on multinationals from authoritarian states.
Bitte loggen Sie sich ein, um Zugang zu diesem Inhalt zu erhalten
Sie möchten Zugang zu diesem Inhalt erhalten? Dann informieren Sie sich jetzt über unsere Produkte:
Africatoday. (2011). Petrobras quer investir na distribuição de etanol em moçambique. http://www.africatoday.co.ao/pt/economia/6879-Petrobras-quer-investir-distribuio-etanol-Moambique.html. Accessed 11 July 2014.
Ambos, T. C., Ambos, B., & Schlegelmilch, B. B. (2006). Learning from foreign subsidiaries: An empirical investigation of headquarters’ benefits from reverse knowledge transfers. International Business Review, 15(3), 294–312. CrossRef
ANP. (2017). Expense on oil imports. http://www.anp.gov.br/wwwanp/dados-estatisticos. Accessed 20 Aug 2017.
Armijo, L. E., & Kearney, C. A. (2008). Does democratization alter the policy process? Trade policymaking in Brazil. Democratization, 15(5), 991–1017. CrossRef
Bass, A. E., & Chakrabarty, S. (2014). Resource security: Competition for global resources, strategic intent, and governments as owners. Journal of International Business Studies, 45(8), 961–979. CrossRef
Block, S. A., Ferree, K. E., & Singh, S. (2003). Multiparty competition, founding elections and political business cycles in Africa. Journal of African Economies, 12(3), 444–468. CrossRef
Boddewyn, J. J., & Brewer, T. L. (1994). International-business political behavior: New theoretical directions. Academy of Management Review, 19(1), 119–143. CrossRef
Boubakri, N., Cosset, J. C., & Guedhami, O. (2009). From state to private ownership: Issues from strategic industries. Journal of Banking & Finance, 33(2), 367–379. CrossRef
Bremmer, I. (2009). State capitalism comes of age: The end of the free market? Foreign Affairs, 88(3), 40–55.
Breslin, S. (2011). The ‘China model’ and the global crisis: From Friedrich list to a Chinese mode of governance? International Affairs, 87(6), 1323–1343. CrossRef
Buckley, P. J., Clegg, L. J., Cross, A. R., Liu, X., Voss, H., & Zheng, P. (2007). The determinants of Chinese outward foreign direct investment. Journal of International Business Studies, 38(4), 499–518. CrossRef
Bueno de Mesquita, B., Smith, A., Siverson, R., & Morrow, J. (2003). The logic of political survival. Cambridge: MIT Press.
Bushee, B. J., & Noe, C. F. (2000). Corporate disclosure practices, institutional investors, and stock return volatility. Journal of Accounting Research, 38, 171–202. CrossRef
Cai, K. G. (1999). Outward foreign direct investment: A novel dimension of China’s integration into the regional and global economy. The China Quarterly, 160, 856–880. CrossRef
Chaganti, R., & Damanpour, F. (1991). Institutional ownership, capital structure, and firm performance. Strategic Management Journal, 12(7), 479–491. CrossRef
Cheung, Y., Rau, P. R., & Stouraitis, A. (2010). Helping hand or grabbing hand? Central vs. local government shareholders in Chinese listed firms. Review of Finance, 14(4), 669–694. CrossRef
Child, J., & Rodrigues, S. B. (2005). The internationalization of Chinese firms: A case for theoretical extension? Management and Organization Review, 1(3), 381–410. CrossRef
Choudhury, P., & Khanna, T. (2014). Toward resource independence—Why state-owned entities become multinationals: An empirical study of India’s public R&D laboratories. Journal of International Business Studies, 45(8), 943–960. CrossRef
Claessens, S., Feijen, E., & Laeven, L. (2008). Political connections and preferential access to finance: The role of campaign contributions. Journal of Financial Economics, 88(3), 554–580. CrossRef
Connelly, B. L., Tihanyi, L., Certo, S. T., & Hitt, M. A. (2010). Marching to the beat of different drummers: The influence of institutional owners on competitive actions. Academy of Management Journal, 53(4), 723–742. CrossRef
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. CrossRef
Cui, L., & Jiang, F. (2012). State ownership effect on firms’ FDI ownership decisions under institutional pressure: A study of Chinese outward-investing firms. Journal of International Business Studies, 43(3), 264–284. CrossRef
Deng, P. (2009). Why do Chinese firms tend to acquire strategic assets in international expansion? Journal of World Business, 44(1), 74–84. CrossRef
EIA. (2017). Production of crude oil including lease condensate. https://www.eia.gov/beta/international. Accessed 20 Aug 2017.
Faccio, M., Masulis, R. W., & McConnell, J. (2006). Political connections and corporate bailouts. The Journal of Finance, 61(6), 2597–2635. CrossRef
Finchelstein, D. (2017). The role of the state in the internationalization of Latin America firms. Journal of World Business, 52(4), 578–590. CrossRef
Folha. (2011). Com moagem no limite, usinas ameaçam manutenção de etanol barato—15/07/2013—ribeirão preto - cotidiano - folha de S.paulo. http://www1.folha.uol.com.br/cotidiano/ribeiraopreto/2013/07/1311016-com-moagem-nolimite-usinas-ameacam-manutencao-de-etanol-barato.shtml. Accessed 26 May 2014.
Folha. (2013). Petrobras pretende avançar em parcerias com usinas de cana. http://www1.folha.uol.com.br/fsp/ribeirao/ri2108201106.htm. Accessed 26 May 2014.
Frey, B. S., & Schneider, F. (1978). An empirical study of politico-economic interaction in the United States. The Review of Economics and Statistics, 60(2), 174–183. CrossRef
Gallagher, M., & Hanson, J. (2013). Authoritarian survival, resilience, and the selectorate theory. In M. Dimitrov (Ed.), Communism Didn’t Collapse: Understanding regime resilience in China, Vietnam, Laos, North Korea and Cuba. Cambridge: Cambridge University Press.
Gilson, R. J. (2006). Controlling shareholders and corporate governance: Complicating the comparative taxonomy. Harvard Law Review, 119, 1641–1679.
Guillen, M. F. (2000). Business groups in emerging economies: A resource-based view. Academy of Management Journal, 43(3), 362–380.
Guillen, M. F., & Garcia-Canal, E. (2009). The american model of the multinational firm and the “new” multinationals from emerging economies. The Academy of Management Perspectives, 23(2), 23–35. CrossRef
Guo, G. (2007). Retrospective economic accountability under authoritarianism: Evidence from China. Political Research Quarterly, 60(3), 378–390. CrossRef
Haggard, S. (1990). Pathways from the periphery: The politics of growth in the newly industrializing countries. Ithaca: Cornell University Press.
Hennart, J.-F., Sheng, H., & Carrera, J., Jr. (2017). Openness, international champions, and the internationalization of multilatinas. Journal of World Business, 52(4), 518–532. CrossRef
Hillman, A. J. (2005). Politicians on the board of directors: Do connections affect the bottom line? Journal of Management, 31(3), 464–481. CrossRef
Hoskisson, R. E., Eden, L., Lau, C. M., & Wright, M. (2000). Strategy in emerging economies. Academy of Management Journal, 43(3), 249–267.
Inoue, C., Lazzarini, S., & Musacchio, A. (2013). Leviathan as a minority shareholder: Firm-level implications of equity purchases by the state. Academy of Management Journal, AMJ, 56(6), 1775–1801.
Kayser, M. A. (2005). Who surfs, who manipulates? The determinants of opportunistic election timing and electorally motivated economic intervention. American Political Science Review, 99(1), 17–27. CrossRef
Kee, H. L., Neagu, C., & Nicita, A. (2013). Is protectionism on the rise? Assessing national trade policies during the crisis of 2008. Review of Economics and Statistics, 95(1), 342–346. CrossRef
Khanna, T., Palepu, K. G., & Sinha, J. (2005). Strategies that fit emerging markets. Harvard Business Review, 83(6), 4–19.
Khanna, T., & Rivkin, J. W. (2001). Estimating the performance effects of business groups in emerging markets. Strategic Management Journal, 22(1), 45–74. CrossRef
La Porta, R., & Lopez-de-Silanes, F. (1999). The benefits of privatization: Evidence from Mexico. The Quarterly Journal of Economics, 114(4), 1193–1242. CrossRef
Lam, N. M. (2000). Government intervention in the economy: A comparative analysis of Singapore and Hong Kong. Public Administration and Development, 20(5), 397–421. CrossRef
Langley, A. (1999). Strategies for theorizing from process data. Academy of Management Review, 24(4), 691–710. CrossRef
Lazzarini, S., & Musacchio, A. (2010). Leviathan as a minority shareholder: A study of equity purchases by the Brazilian national development bank ( BNDES), 1995–2003.
Lazzarini, S. G., Musacchio, A., Bandeira-de-Mello, R., & Marcon, R. (2015). What do state-owned development banks do? Evidence from BNDES, 2002–09. World Development, 66, 237–253. CrossRef
Li, J. J., Poppo, L., & Zhou, K. Z. (2008). Do managerial ties in China always produce value? Competition, uncertainty, and domestic vs. foreign firms. Strategic Management Journal, 29(4), 383–400. CrossRef
Li, J. J., Zhou, K. Z., & Shao, A. T. (2009). Competitive position, managerial ties, and profitability of foreign firms in China: An interactive perspective. Journal of International Business Studies, 40(2), 339–352. CrossRef
Luong, P., & Sierra, J. (2015). The domestic political conditions for international economic expansion: Lessons from Latin American national oil companies. Comparative Politica Studies, 48(14), 2010–2043. CrossRef
Marquis, C., & Raynard, M. (2015). Institutional strategies in emerging markets. Academy of Management Annals, 9(1), 291–335. CrossRef
Maxfield, S., & Schneider, B. R. (1997). Business and the state in developing countries. New York: Cornell University Press.
Milner, H., & Kubota, K. (2005). Why move to free trade? Democracy and trade policy in the developing countries. International Organization, 59(1), 107–143. CrossRef
Moita, R., & Paiva, C. (2013). Political price cycles in regulated industries: Theory and evidence. American Economic Journal: Economic Policy, 5(1), 94–121.
Murtha, T. P., & Lenway, S. A. (1994). Country capabilities and the strategic state: How national political institutions affect multinational corporations’ strategies. Strategic Management Journal, 15(2), 113–129.
Musacchio, A., & Lazzarini, S. G. (2014). Reinventing state capitalism: Leviathan in business. Brazil and beyond: Harvard University Press. CrossRef
Nolan, P. (2001). China and the Global Economy. Basingstoke: Palgrave. CrossRef
Pan, Y., Teng, L., Supapol, A. B., Lu, X., Huang, D., & Wang, Z. (2014). Firms’ FDI ownership: The influence of government ownership and legislative connections. Journal of International Business Studies, 45(8), 1029–1043. CrossRef
Pargendler, M. (2012). State ownership and corporate governance. Fordham Law Review, 80(6), 2917.
Pargendler, M. (2015). Governing state capitalism: The case of Brazil. In B. Liebman & C. Milhaupt (Eds.), Regulating the visible hand? The institutional implications of Chinese state capitalism. Oxford: Oxford Press.
Peng, M. W., & Luo, Y. (2000). Managerial ties and firm performance in a transition economy: The nature of a micro-macro link. Academy of Management Journal, 43(3), 486–501.
Peng, M. W., Wang, D. Y., & Jiang, Y. (2008). An institution-based view of international business strategy: A focus on emerging economies. Journal of International Business Studies, 39(5), 920–936. CrossRef
Qian, Y., & Weingast, B. R. (1996). China’s transition to markets: Market-preserving federalism, Chinese style. The Journal of Policy Reform, 1(2), 149–185. CrossRef
Ramasamy, B., Yeung, M., & Laforet, S. (2012). China’s outward foreign direct investment: Location choice and firm ownership. Journal of World Business, 47(1), 17–25. CrossRef
Rasiah, R., Gammeltoft, P., & Jiang, Y. (2010). Home government policies for outward FDI from emerging economies: Lessons from Asia. International Journal of Emerging Markets, 5(3–4), 333–357. CrossRef
Ryan, L. V., & Schneider, M. (2002). The antecedents of institutional investor activism. Academy of Management Review, 27(4), 554–573. CrossRef
Samuels, D. J. (2002). Pork barreling is not credit claiming or advertising: Campaign finance and the sources of the personal vote in Brazil. The Journal of Politics, 64(3), 845–863. CrossRef
Schneider, B. R. (2004). Business politics and the State in twentieth-century Latin America. Cambridge: Cambridge University Press. CrossRef
Schneider, B. R. (2009). Hierarchical market economies and varieties of capitalism in Latin America. Journal of Latin American Studies, 41(03), 553–575. CrossRef
SEC (2010) Partnership for Ethanol market. https://www.sec.gov/Archives/edgar/data/1119639/000129281410002133/pbra20100621_6k1.htm. Accessed 05 May 2017
Sheng, S., Zhou, K. Z., & Li, J. J. (2011). The effects of business and political ties on firm performance: Evidence from china. Journal of Marketing, 75(1), 1–15. CrossRef
Shi, W. S., Markóczy, L., & Stan, C. V. (2014). The continuing importance of political ties in China. The Academy of Management Perspectives, 28(1), 57–75. CrossRef
Shleifer, A., & Vishny, R. W. (1994). Politicians and firms. The Quarterly Journal of Economics, 109(4), 995–1025. CrossRef
Soete, L. (2007). From industrial to innovation policy. Journal of Industry, Competition and Trade, 7(3–4), 273. CrossRef
Sun, P., Mellahi, K., & Wright, M. (2012). The contingent value of corporate political ties. The Academy of Management Perspectives, 26(3), 68–82. CrossRef
Sun, P., Mellahi, K., Wright, M., & Xu, H. (2015). Political tie heterogeneity and the impact of adverse shocks on firm value. Journal of Management Studies, 52(8), 1036–1063. CrossRef
Weingast, B. R. (1995). The economic role of political institutions: Market-preserving federalism and economic development. Journal of Law Economics and Organization, 11(1), 1–31.
Wells, L. T. (1971). The multinational business enterprise: What kind of international organization? International Organization, 25(3), 447–464. CrossRef
Wu, H. (2011). Can minority state ownership influence firm value? Universal and contingency views of its governance effects. Journal of Business Research, 64(8), 839–845. CrossRef
Wu, W., Wu, C., & Rui, O. M. (2012). Ownership and the value of political connections: Evidence from China. European Financial Management, 18(4), 695–729. CrossRef
Zhang, H. Y., & Van Den Bulcke, D. (1996). International management strategies of Chinese multi-national firms. In J. Child & Y. Lu (Eds.), Management issues in China: International enterprises (pp. 141–164). London: Routledge.
Zhu, H., & Chung, C. (2014). Portfolios of political ties and business group strategy in emerging economies evidence from Taiwan. Administrative Science Quarterly, 59(4), 599–638. CrossRef
- The Differential Effects of Minority State Ownership Types on the Internationalization of Emerging Market Multinationals from Democratic States
- Springer Berlin Heidelberg
Management International Review
Journal of International Business
Print ISSN: 0938-8249
Elektronische ISSN: 1861-8901
Neuer Inhalt/© Stellmach, Neuer Inhalt/© BBL, Neuer Inhalt/© Maturus, Pluta Logo/© Pluta, Neuer Inhalt/© hww, So bewältigen Sie Stress im Fernstudium/© granata68 | stock.adobe.com | AdobeStock