Thanks but no thanks: State-owned multinationals from emerging markets and host-country policies
I study the impact of the internationalization of state-owned companies from emerging markets on host-country government policy. Whereas the literature commonly recommends that host-country governments design policies to attract foreign direct investment, governments instead question or block invest...
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| Published in: | Journal of International Business Policy Vol. 1; no. 3-4; pp. 128 - 156 |
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| Format: | Journal Article |
| Language: | English |
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London
Palgrave Macmillan UK
01-12-2018
Palgrave Macmillan |
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| Abstract | I study the impact of the internationalization of state-owned companies from emerging markets on host-country government policy. Whereas the literature commonly recommends that host-country governments design policies to attract foreign direct investment, governments instead question or block investments by state-owned firms from emerging markets. I address this conflict between theory and practice by separating the causes of this behavior into six types depending on the characteristics of the firm (i.e., state ownership and emerging market origin) and the logic (i.e., economics, politics, and psychology). I suggest the development of ex-ante rule-based policies that provide clarity, address concerns, and support the benefits of inward investments, while limiting state capture by domestic interests. Thus, I explain how economic concerns over national security sectors and strategic technologies can be dealt with via exclusion, the political worries over opacity and weak governance can be addressed through monitoring, and the psychological anxieties of unfriendly governments and loss of relative status can be ameliorated using controls. |
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| AbstractList | I study the impact of the internationalization of state-owned companies from emerging markets on host-country government policy. Whereas the literature commonly recommends that host-country governments design policies to attract foreign direct investment, governments instead question or block investments by state-owned firms from emerging markets. I address this conflict between theory and practice by separating the causes of this behavior into six types depending on the characteristics of the firm (i.e., state ownership and emerging market origin) and the logic (i.e., economics, politics, and psychology). I suggest the development of ex-ante rule-based policies that provide clarity, address concerns, and support the benefits of inward investments, while limiting state capture by domestic interests. Thus, I explain how economic concerns over national security sectors and strategic technologies can be dealt with via exclusion, the political worries over opacity and weak governance can be addressed through monitoring, and the psychological anxieties of unfriendly governments and loss of relative status can be ameliorated using controls. |
| Author | Cuervo-Cazurra, Alvaro |
| Author_xml | – sequence: 1 givenname: Alvaro surname: Cuervo-Cazurra fullname: Cuervo-Cazurra, Alvaro email: a.cuervocazurra@neu.edu organization: D’Amore-McKim School of Business, Northeastern University |
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| ContentType | Journal Article |
| Copyright | Academy of International Business 2018 Academy of International Business 2018. |
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| Keywords | State-owned firms agency problems multinationals policy strategic industries |
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| Snippet | I study the impact of the internationalization of state-owned companies from emerging markets on host-country government policy. Whereas the literature... |
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| SubjectTerms | Business and Management Business Strategy/Leadership Conflict theory Emerging markets Emerging Markets/Globalization Foreign investment Globalization Governance International Business Multinational corporations National security Original Article Ownership Politics Psychology Public enterprise Public policy Rules |
| Title | Thanks but no thanks: State-owned multinationals from emerging markets and host-country policies |
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