国家所有制
中国
业务
立法机关
国家(计算机科学)
国际化
政治
外商直接投资
样品(材料)
国家资本主义
市场经济
经济体制
新兴市场
经济
国际贸易
政治学
财务
宏观经济学
化学
色谱法
计算机科学
法学
资本主义
算法
作者
Tao Bai,Stephen Chen,Youzong Xu
标识
DOI:10.1016/j.ibusrev.2021.101864
摘要
This study investigates how the state influences the outward foreign direct investment (OFDI) of hybrid state-owned enterprises (SOEs) in China. Previous studies have provided conflicting arguments and empirical findings on the internationalization of SOEs, with some studies proposing a positive relationship between state ownership and OFDI, while others propose a negative relationship. In this paper, we argue that the mixed effects are due to different influences of different levels of state ownership and different types of political connections. We investigate our proposed hypotheses based on a sample of publicly listed hybrid Chinese SOEs between 2009 and 2016. We find an S-shaped relationship between state ownership and OFDI such that at low levels of state ownership, OFDI increases as state ownership increases; at medium levels of state ownership, OFDI decreases as state ownership increases; at high levels of state ownership, OFDI increases again as state ownership increases. We further find that executive-branch political connections between boards and top management teams of firms and the government have a negative effect on OFDI, while legislative-branch political connections have no significant effect on OFDI.
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