State Capitalism in International Context: Varieties and Variations

Wright, Mike; Wood, Geoffrey; Musacchio, Aldo; Okhmatovskiy, Ilya; Grosman, Anna; Doh, Jonathan P.

doi:10.2139/ssrn.3799531

Cited by 12 publications

(25 citation statements)

References 81 publications

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“…In addition, our inquiry corroborates with Wright et al (2021) that state ownership is only one dimension to understand how market and state logics coexist. Our research adds a structural dimension – pyramidal ownership – on the mechanisms of the emerging market logic in parallel with the remaining state logic.…”

Section: Discussionsupporting

confidence: 89%

“…Second, by shedding light on an underexplored type of pyramids, in which the state is the ultimate owner (Chernykh, 2008; Wright et al, 2021), we extend the business group literature (Hu and Sun, 2019). Additionally, juxtaposing pyramidal ownership with SOE innovation, an intersection that has received limited scholarly attention, and contextualizing the relationship in China, the largest emerging economy (by GDP), enrich the pyramid studies set in emerging economies (Fan et al, 2013; Hu and Xu, 2022; Opie et al, 2019).…”

Section: Introductionmentioning

confidence: 99%

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Pyramidal Ownership and SOE Innovation

Wang

Zhang

et al. 2022

J Management Studies

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How can state‐owned enterprises (SOEs) become more innovative in emerging economies where market competition emerges and state socialism remains? Rooted in a state socialism logic that traditionally prioritizes central planning, SOEs are increasingly challenged by a market competition logic espousing efficiency and innovation. We posit that the challenge, stemming from the grip of the state as the ultimate owner, may be mitigated for some SOEs under pyramidal ownership. A pyramid features SOEs being organized into chains of firms, creating indirect ownership and control through pyramidal layers. Such layers insulate state intervention in lower‐tier SOEs, loosening the grip of the state socialism logic and facilitating corresponding SOEs’ acceptance of the market competition logic, as reflected in more innovation. Leveraging a sample of SOEs in China, we find that SOEs innovate more when the number of pyramidal layers between them and the state increases. In addition, the innovation‐facilitating role of pyramidal ownership hinges on industry regulations and institutional development. Overall, this paper integrates research on institutional logics and pyramidal ownership to deepen our understanding of SOE innovation.

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Section: Discussionsupporting

confidence: 89%

Section: Introductionmentioning

confidence: 99%

Pyramidal Ownership and SOE Innovation

Wang

Zhang

et al. 2022

J Management Studies

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“…We posit that there is a need to analyze different kinds of state ownership and consider the distinction between the strategies developed by SSOEs and CSOEs. This is particularly important because recent studies of SOEs contain that these companies could have a “strategist perspective” (Wright et al , 2020), creating positive effects through patient capital, investing in industries with sunk costs, among others (Cuervo-Cazurra et al , 2014; Mariotti and Marzano, 2019). This perspective seems compatible with the characterization that we offer about CSOEs but these features do not share much resemblance with SSOEs’ resources nor international strategy.…”

Section: Discussionmentioning

confidence: 99%

“…Additionally, the state’s broader and more robust presence in China can be observed in a large number of SOEs in this country. As Wright et al (2020) describe the largest companies in China are still state-controlled. In Latin America, the number of SOEs that each country has differs.…”

Section: Methods and Sourcesmentioning

confidence: 99%

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A comparative analysis of the internationalization of sub-national and central state-owned enterprises: shreds of evidence from Latin America

Finchelstein

González-Pérez

Salvaj

2021

MBR

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Purpose In this exploratory multiple case study, we aim to compare the internationalization of two state-owned enterprises (SOEs) owned by subnational governments with three owned by central governments in Latin America. This study provides a contextualized answer to the question: What are the differences in the internationalization of subnationally owned SOEs compared to central SOEs? This study finds that the speed and diversification of these two types of SOEs’ internationalization differ because they have a different expansion logic. Subnationally owned SOEs have a gradual and diversified expansion following market rules. Central government’s SOEs are specialized and take more drastic steps in their internationalization, which relates to non-market factors. Design/methodology/approach This study builds an exploratory qualitative comparative case analysis that uses multiple sources of data and information to develop a comprehensive understanding of SOEs through process tracing. Findings The study posits some assumptions that are confirmed in the case analysis. This study finds relevant differences between sub-national (SSOEs) and central authority (CSOEs’) strategies. SSOEs’ fewer resources and needs to increase income push them to follow a gradual market-driven internationalization and to diversify abroad. CSOEs non-gradual growth is justified by non-market factors (i.e. national politics). CSOEs do not diversify abroad due to the broader set of constituencies they have to face. Research limitations/implications Given the exploratory comparative case study of this research, the findings are bounded by the particularities of the cases and their region (Latin America). This paper and its findings can be useful for theory building but it does not claim any generalization capacity. Originality/value This study adds complexity into the SOEs phenomenon by distinguishing between different types of SOEs. This paper contributes to the study of subnational phenomena and its effect in SOEs’ internationalization process, which is an understudied topic. To the authors’ best knowledge, this is among the first studies that explore subnational SOEs in Latin America.

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Toward an institution-based paradigm

et al. 2022

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As part of the broader intellectual movement throughout the social sciences that is centered on new institutionalism, the institution-based view has emerged as a leading perspective in the strategic management literature. This article (1) traces the emergence of the institution-based view, (2) reviews its growth in the last two decades, and (3) responds to three of its major criticisms. We also identify four promising research directions-deglobalization and sanctions, competitive dynamics, hybrid organizations, and corporate social responsibility. Overall, we demonstrate that the thriving research on institutions has culminated in an institution-based paradigm, which has significant potential for future growth.

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State Capitalism in International Context: Varieties and Variations

Cited by 12 publications

References 81 publications

Pyramidal Ownership and SOE Innovation

Pyramidal Ownership and SOE Innovation

A comparative analysis of the internationalization of sub-national and central state-owned enterprises: shreds of evidence from Latin America

Toward an institution-based paradigm

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