The Internationalization of State-Owned Enterprises: An Analysis of cross-border M&As

Stefano Clo (), Enrico Marvasi and Giorgio Ricchiuti

Working Papers - Economics from Universita' degli Studi di Firenze, Dipartimento di Scienze per l'Economia e l'Impresa

Abstract: Using a database of more than 100,000 M&As, we study the internationalization of State-Owned Enterprises (SOEs) in the 21st century, and the underlying firm-level and country-level drivers. Meaningful differences are found - compared to private enterprises and across various types of SOEs as well - along many dimensions, including the time trend, the geographical-sectoral coverage, and firms' proprietary structure. Majority-owned SOEs are more focused on domestic markets, while State-Invested Enterprises and government-backed financial institutions are more internationalized. SOEs' internationalization has been less affected by the Great Financial Crisis, it is less sensitive to geographical and cultural proximity, it involves countries with a lower institutional quality and which are more peripheral in the world trade network.

Keywords: Internationalization; State-Owned Enterprises; cross-border M&As; Trade Network (search for similar items in EconPapers)
JEL-codes: F2 L22 L33 (search for similar items in EconPapers)
Pages: 49 pages
Date: 2021
New Economics Papers: this item is included in nep-cfn and nep-int
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Persistent link: https://EconPapers.repec.org/RePEc:frz:wpaper:wp2021_06.rdf

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