State-Owned Multinationals: An Emerging Market Phenomenon?
27 Pages Posted: 27 Dec 2017
Date Written: December 9, 2017
Benefitting from the publication of a new data set by the United Nations Conference on Trade and Development (UNCTAD) in 2017, this paper examines the main characteristics of the universe of State-owned multinationals, especially in terms of geographical origin, target countries of outward investment and other main features of their foreign direct investment (FDI). It finds that State-owned multinationals continue play an important role in the world economy. Many of these multinationals are headquartered in emerging economies, confirming their reliance on these firms for their foreign expansion strategies. There is however also large number of State-owned multinationals coming from developed economies. The modalities of State intervention vary largely by country and firm. Nevertheless, in general, State-owned multinationals raise concerns about the non-economic motivations of their foreign expansion.
Keywords: Multinational Enterprise, State-owned Firms, Emerging Markets
JEL Classification: F01, F10, F23, M16
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