State-Owned Multinationals: An Emerging Market Phenomenon?
The Journal of Comparative Economic Studies, Vol.13, 2018, pp. 13–38
25 Pages Posted: 6 Jan 2019
Date Written: March 31, 2018
Benefitting from the publication of a new data set by the United Nations Conference on Trade and Development (UNCTAD) in 2017, this article examines the main characteristics in the realm of state-owned multinationals, especially in terms of their geographical origin, the target countries of outward investment, and other main features of multinationals’ foreign direct investment (FDI). It finds that state-owned multinationals continue to play an important role in the world economy. Many of these multinationals are headquartered in emerging economies, confirming the reliance of these economies on multinational firms for foreign expansion strategies. There are also many state-owned multinationals headquartered in 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 foreign expansion.
Keywords: Multinational Enterprise, State-Owned Firms, Emerging Markets
JEL Classification: F01, F10, F23, M16
Suggested Citation: Suggested Citation