An empirical study of SOEs' market orientation in transitional China

Li, Yuan; Sun, Yanjing; Liu, Yi

doi:10.1007/s10490-006-6117-9

Cited by 82 publications

(85 citation statements)

References 105 publications

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“…On the one hand, if it is national culture that primarily drives strategic choices, the intense reliance on interpersonal relationships may last a long time or at least will not experience a noticeable decline as market reforms deepen, since culture changes relatively slowly (Hofstede, 2007). On the other hand, if it is institutional (under)development that shapes strategic choices, we will probably see a gradually reduced role of interpersonal relationships and a heavier reliance on market-based capabilities as formal market-supporting institutions are gradually implemented (Ahlstrom, Bruton, & Yeh, 2007;Dieleman & Sachs, 2006;Li, Sun, & Liu, 2006b;White, 2000;Xu et al, 2006;Zhou & Peng, 2006;Zhou, Li, Zhao, & Cai, 2003). Evidence supportive of the institution-based view, articulated in Peng (2003), is now emerging.…”

Section: Growing the Firm In Chinamentioning

confidence: 99%

An institution-based view of international business strategy: a focus on emerging economies

2008

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Leveraging the recent research interest in emerging economies, this Perspective paper argues that an institution-based view of international business (IB) strategy has emerged. It is positioned as one leg that helps sustain the ''strategy tripod'' (the other two legs consisting of the industry-and resource-based views). We then review four diverse areas of substantive research: (1) antidumping as entry barriers; (2) competing in and out of India; (3) growing the firm in China; and (4) governing the corporation in emerging economies. Overall, we argue that an institution-based view of IB strategy, in combination with industry-and resource-based views, will not only help sustain a strategy tripod, but also shed significant light on the most fundamental questions confronting IB, such as ''What drives firm strategy and performance in IB?''

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Section: Growing the Firm In Chinamentioning

confidence: 99%

An institution-based view of international business strategy: a focus on emerging economies

2008

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“…This represents the ownership share of the largest owners in the firm (Li, Sun, & Liu, 2006;Thomsen & Pedersen, 2000). Some extant studies measure ownership concentration with the shares owned by the five or ten largest shareholders (Demsetz & Lehn, 1985), giving more weight to the five largest shareholders (Demsetz & Villalonga, 2001).…”

Section: Independent Variablementioning

confidence: 99%

High ownership concentration and exporting of emerging market firms: evidence from Peru

Salas

Deng

2017

Front. Bus. Res. China

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Despite the extraordinarily high ownership concentration widely observed in emerging market firms as a result of institutional voids, there is little research on how this high ownership concentration affects the exporting behavior of emerging market firms. From principal-agent and institutional perspectives, we hypothesize that high ownership concentration has a negative relationship with export intensity, because, in emerging markets, highly concentrated ownership bridges the interests of owners (principals) and managers (agents) so that principals must be prudent in exploring risky international markets. Moreover, we hypothesize that export country diversification strengthens the relationship between ownership concentration and export intensity, because broad geographic dispersion increases risk exposure and principal-agent problems. Empirical analysis based on a panel dataset for publicly listed firms in Peru from 2005 to 2014 supports the hypotheses. The study highlights the risk aversion attitude activated by ownership concentration, an attitude that protects emerging market firms from overconfidently exploring international business opportunities. The study extends the conventional literature on the interface between ownership concentration and international business in an emerging market context. We also discuss the generalizability of the findings to other emerging markets, e.g. China.

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“…al, 2014) and a number of issues regarding these companies remain understudied (CuervoCazurra et al, 2014). Additionally, a limited number of previous studies have examined state ownership and internationalization decisions, and most of them focused on OFDIs by Chinese SOEs (Cui & Jiang, 2012;Ramasamy et al, 2012;Li, Sun, & Liu, 2006).…”

Section: View 3: Unique Aspects Of Governments As Owners In Soes' Intmentioning

confidence: 99%

Internationalization of State-Owned Enterprises Through Foreign Direct Investment

Cahen

2015

Rev. adm. empres.

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Professor at Centro Universitário da FEI, Programa de Pós-Graduação -São Paulo, SP -Brazil RAE-Revista de Administração de Empresas | FGV/EAESP ARTICLES ABSTRACTState-owned enterprises (SOEs) are created to focus on domestic needs, and yet recent evidence points to increasing outward foreign direct investment by SOEs. Existing International Business (IB) theories focus on efficiency-based motives f o r internationalization; therefore, they do not f u lly ca pture SO Es' internalization dynamics, which are driven largely by political factors and social welfare considerations. We integrate public management and IB theories to develop propositions that combine these questions: why SOEs internationalize; what are their motivations; and what are the main managerial outcomes of SOEs' internationalization. Our findings suggest that SOEs display little hesitancy in entering international markets, and that SOE international expansion is not contradictory with the goals of state-ownership if the purpose is to adjust the company to changing institutional environments both in the domestic and international markets. Our propositions about SOE internationalization are based on an in-depth case study of the outward foreign direct investment conducted by Brazil's Petrobras over the past three decades. KEYWORDS | State-owned enterprises, internationalization, emerging markets, efficiency-based international business theories, socio-political-based public management theory. RESUMO Empresas estatais são criadas para se concentrarem em necessidades domésticas, no entanto evidências apontam para o crescimento do investimento estrangeiro direto no exterior por empresas estatais. As teorias existentes no campo de negócios internacionais focalizam motivos para internacionalização com base em eficiência, p ortanto n ão c aptam p lenamente a s d inâmicas d a i nternacionalização d as e mpresas e statais. Integramos a teoria dos campos de administração pública e negócios internacionais para desenvolver proposições que combinem as seguintes questões: por que empresas estatais se internacionalizam, quais são as motivações dessas empresas e quais as principais consequências gerenciais de sua internacionalização. Nossos achados sugerem que as empresas estatais demonstram pouca hesitação para entrar em mercados internacionais e que sua expansão internacional não é contraditória com os objetivos da propriedade estatal, se o propósito é ajustar a empresa a ambientes institucionais em transformação tanto nos mercados domésticos quanto nos internacionais. Nossas proposições sobre a internacionalização de empresas estatais baseiam-se em um estudo de caso aprofundado do investimento estrangeiro direto no exterior, conduzido pela estatal brasileira Petrobras nas últimas três décadas. PALAVRAS-CHAVE | Empresas estatais, internacionalização, mercados emergentes, teorias de negócios internacionais com base em eficiência, teorias de administração pública com base sociopolítica. RESUMEN Las empresas de propiedad del estado (EPE) se crean para satisfacer...

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An empirical study of SOEs' market orientation in transitional China

Cited by 82 publications

References 105 publications

An institution-based view of international business strategy: a focus on emerging economies

An institution-based view of international business strategy: a focus on emerging economies

High ownership concentration and exporting of emerging market firms: evidence from Peru

Internationalization of State-Owned Enterprises Through Foreign Direct Investment

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