国际化
国家所有制
劣势
委托代理问题
代理(哲学)
资源依赖理论
政府(语言学)
业务
经济体制
国家(计算机科学)
制度理论
政治
资源(消歧)
公司治理
经济
新兴市场
公共经济学
国际贸易
政治学
微观经济学
社会学
财务
法学
哲学
管理
语言学
计算机科学
社会科学
计算机网络
算法
作者
Alvaro Cuervo‐Cazurra,Cheng Li
标识
DOI:10.1016/j.jwb.2020.101112
摘要
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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