Rodrigo B. DeMello, Marina Gama, Olivier Bertrand, Marie-Ann Betschinger
{"title":"国内政治选举对新兴国家国有跨国公司国际化的影响","authors":"Rodrigo B. DeMello, Marina Gama, Olivier Bertrand, Marie-Ann Betschinger","doi":"10.1002/gsj.1489","DOIUrl":null,"url":null,"abstract":"<div>\n \n \n <section>\n \n <h3> Research Summary</h3>\n \n <p>The literature on the internationalization of state-owned enterprises in emerging countries usually implicitly assumes continuity in the provision of key resources by home country governments. This assumption, however, does not necessarily hold in the presence of political elections in democratic emerging countries. Drawing from the resource dependence theory and the literatures on election-induced uncertainty and investment irreversibility, we study how political elections in emerging countries affect the internationalization of multinationals with state indirect ownership. Using a sample of 89 Brazilian multinationals from 2000 to 2012, we find that these state-owned multinationals are less likely to internationalize during elections than multinationals with fully private ownership. When they internationalize, they choose investments that provide them with more flexibility than those chosen by their private counterparts.</p>\n </section>\n \n <section>\n \n <h3> Managerial Summary</h3>\n \n <p>Political elections in democratic emerging countries regularly create considerable policy uncertainty and opportunism in policymaking. This affects the provision of government resources that state-owned enterprises (SOEs) depend on for their internationalization strategy. Our results show that Brazilian multinationals with state indirect ownership are less likely to internationalize in an election year, and when they do, they implement more flexible strategies than fully private multinationals. These findings suggest that SOEs need to include the timing of political elections in their long-term international strategic planning. Our study also stresses the pros and cons of the SOE-government relationship. Whereas the link to the state can offer SOEs a way to access valuable government resources, it may constrain their managerial autonomy in international strategy decisions during political elections.</p>\n </section>\n </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":null,"pages":null},"PeriodicalIF":5.7000,"publicationDate":"2023-07-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"The effect of political elections at home on the internationalization of state-owned multinationals from emerging countries\",\"authors\":\"Rodrigo B. DeMello, Marina Gama, Olivier Bertrand, Marie-Ann Betschinger\",\"doi\":\"10.1002/gsj.1489\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div>\\n \\n \\n <section>\\n \\n <h3> Research Summary</h3>\\n \\n <p>The literature on the internationalization of state-owned enterprises in emerging countries usually implicitly assumes continuity in the provision of key resources by home country governments. This assumption, however, does not necessarily hold in the presence of political elections in democratic emerging countries. Drawing from the resource dependence theory and the literatures on election-induced uncertainty and investment irreversibility, we study how political elections in emerging countries affect the internationalization of multinationals with state indirect ownership. Using a sample of 89 Brazilian multinationals from 2000 to 2012, we find that these state-owned multinationals are less likely to internationalize during elections than multinationals with fully private ownership. When they internationalize, they choose investments that provide them with more flexibility than those chosen by their private counterparts.</p>\\n </section>\\n \\n <section>\\n \\n <h3> Managerial Summary</h3>\\n \\n <p>Political elections in democratic emerging countries regularly create considerable policy uncertainty and opportunism in policymaking. This affects the provision of government resources that state-owned enterprises (SOEs) depend on for their internationalization strategy. Our results show that Brazilian multinationals with state indirect ownership are less likely to internationalize in an election year, and when they do, they implement more flexible strategies than fully private multinationals. These findings suggest that SOEs need to include the timing of political elections in their long-term international strategic planning. Our study also stresses the pros and cons of the SOE-government relationship. Whereas the link to the state can offer SOEs a way to access valuable government resources, it may constrain their managerial autonomy in international strategy decisions during political elections.</p>\\n </section>\\n </div>\",\"PeriodicalId\":47563,\"journal\":{\"name\":\"Global Strategy Journal\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":5.7000,\"publicationDate\":\"2023-07-23\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Global Strategy Journal\",\"FirstCategoryId\":\"91\",\"ListUrlMain\":\"https://onlinelibrary.wiley.com/doi/10.1002/gsj.1489\",\"RegionNum\":2,\"RegionCategory\":\"管理学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Global Strategy Journal","FirstCategoryId":"91","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1002/gsj.1489","RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS","Score":null,"Total":0}
The effect of political elections at home on the internationalization of state-owned multinationals from emerging countries
Research Summary
The literature on the internationalization of state-owned enterprises in emerging countries usually implicitly assumes continuity in the provision of key resources by home country governments. This assumption, however, does not necessarily hold in the presence of political elections in democratic emerging countries. Drawing from the resource dependence theory and the literatures on election-induced uncertainty and investment irreversibility, we study how political elections in emerging countries affect the internationalization of multinationals with state indirect ownership. Using a sample of 89 Brazilian multinationals from 2000 to 2012, we find that these state-owned multinationals are less likely to internationalize during elections than multinationals with fully private ownership. When they internationalize, they choose investments that provide them with more flexibility than those chosen by their private counterparts.
Managerial Summary
Political elections in democratic emerging countries regularly create considerable policy uncertainty and opportunism in policymaking. This affects the provision of government resources that state-owned enterprises (SOEs) depend on for their internationalization strategy. Our results show that Brazilian multinationals with state indirect ownership are less likely to internationalize in an election year, and when they do, they implement more flexible strategies than fully private multinationals. These findings suggest that SOEs need to include the timing of political elections in their long-term international strategic planning. Our study also stresses the pros and cons of the SOE-government relationship. Whereas the link to the state can offer SOEs a way to access valuable government resources, it may constrain their managerial autonomy in international strategy decisions during political elections.
期刊介绍:
The Global Strategy Journal is a premier platform dedicated to publishing highly influential managerially-oriented global strategy research worldwide. Covering themes such as international and global strategy, assembling the global enterprise, and strategic management, GSJ plays a vital role in advancing our understanding of global business dynamics.