The Industrial Policy Role of European State-Invested Enterprises in the 21st Century

Cardinale, Roberto

doi:10.4324/9781351042543-10

Cited by 4 publications

(4 citation statements)

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“…July 2023 305 globally despite their inefficiency and ineffectiveness (Cardinale 2020, Grossi et al 2015. Since most SOEs are significant and frequently operate in vital state sectors (PwC 2015, Stan et al 2014), owning states are frequently willing to step in and help SOEs in need.…”

Section: Athens Journal Of Business and Economicsmentioning

confidence: 99%

Untitled

2023

AJBE

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ATINER is an independent and non-profit Association with a Mission to become a forum where Academics and Researchers from all over the world can meet in Athens, exchange ideas on their research and discuss future developments in their disciplines, as well as engage with professionals from other fields. Athens was chosen because of its long history of academic gatherings, which go back thousands of years to Plato's Academy and Aristotle's Lyceum. Both these historic places are within walking distance from ATINER's downtown offices. Since antiquity, Athens was an open city. In the words of Pericles, Athens"…is open to the world, we never expel a foreigner from learning or seeing". ("Pericles' Funeral Oration", in Thucydides, The History of the Peloponnesian War). It is ATINER's mission to revive the glory of Ancient Athens by inviting the World Academic Community to the city, to learn from each other in an environment of freedom and respect for other people's opinions and beliefs. After all, the free expression of one's opinion formed the basis for the development of democracy, and Athens was its cradle. As it turned out, the Golden Age of Athens was in fact, the Golden Age of the Western Civilization. Education and (Re)searching for the 'truth' are the pillars of any free (democratic) society. This is the reason why Education and Research are the two core words in ATINER's name.

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Section: Athens Journal Of Business and Economicsmentioning

confidence: 99%

Untitled

2023

AJBE

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“…First, it adds to the literature on SOE functions. In recent years, scholars gradually realize that SOEs are not only a production unit but also an import channel to exert policies, and SOEs have diff erent levels of impact at different stages of economic development (Cardinale, 2020). Liu (2001) found that, from a macro perspective, Chinese SOEs' fi xed-asset investment had obvious counter-cyclical characteristics.…”

Section: Introductionmentioning

confidence: 99%

State‐owned Enterprises in China as Macroeconomic Stabilizers: Their Special Function in Times of Economic Policy Uncertainty

Fang,

Ruan

2023

China and World Economy

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China has many state‐owned enterprises (SOEs) and they have accounted for a large proportion of China's GDP over the last four decades. China's rapid growth contradicts literature that focuses on the inefficiency of SOEs. This study shows that, in periods of economic policy uncertainty (EPU), SOEs have performed a special function as “macroeconomic stabilizers.” Using Chinese listed firm data from 2008 to 2019, we investigate five aspects of SOEs' unique functions as macroeconomic stabilizers: employment, investment, growth, financial operation, and expectations. When EPU increased, SOEs had more employment, higher investment expenditure, lower performance volatility, more robust financial structures, and more stable expectations than private firms. We employ the US–China trade war as an exogenous shock on EPU to conduct a difference‐in‐difference‐in‐differences approach to mitigate the problem of potentially omitted variables. The findings of this study provide a new perspective to better explain the functions of SOEs in the 21st century.

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“…and consuming countries is a key element for success (Pandian, 2005;Victor, Jaffe and Hayes, 2006;Ericson, 2009;Bilgin, 2009;Kardas, 2011;Boussena and Locatelli, 2013;Omonbude, 2013;Van de Graaf and Sovacool, 2014;Yorucu andMehmet, 2018, Cardinale, 2017;2019b).…”

Section: Introductionmentioning

confidence: 99%

“…Their monopolistic nature (horizontal and vertical integration) allowed for investment coordination and fixed cost minimisation. State ownership made it possible to (i) use diplomatic action to reach favourable deals of energy provision with producing countries; and (ii) achieve a form of domestic political accountability over energy provision, because such provision was subject to pressure in terms of quality and price affordability on the part of households and industrial consumers (Cardinale, 2017;2019b). In short, the 'national' model of energy governance just outlined was characterised by public ownership, vertical integration and monopolistic market structure.…”

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confidence: 99%

The profitability of transnational energy infrastructure: A comparative analysis of the Greenstream and Galsi gas pipelines

Cardinale

2019

Energy Policy

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This paper explores how the profitability of European transnational gas infrastructure is affected by (i) alternative ways to organize the gas supply chain; and (ii) different forms of energy diplomacy. In particular, through a case study, the paper analyses how these factors determined the realisation and success of the Greenstream pipeline and the stalemate of the Galsi pipeline, despite the potential for both projects to be profitable. The issue is important in view of the full transition to the EU Single Market, of which unbundling and privatisation are policy pillars. In fact, before the transition, vertical integration in the foreign upstream and energy diplomacy were key elements for infrastructure profitability. The paper argues that these elements are still important, as constraints to gas procurement and binding contractual relations with producers have not changed substantially. Nevertheless, securing those advantages within the EU Single Market framework requires significant innovations. In particular, the paper suggests forms of EU energy diplomacy, based on bilateral trade deals, which could achieve forms of vertical integration for energy firms as well as help EU and non-EU counterparts align their interests. This paper may prove particularly relevant for the recent debate on how to shape EU energy diplomacy.

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The Industrial Policy Role of European State-Invested Enterprises in the 21st Century

Cited by 4 publications

References 1 publication

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Untitled

State‐owned Enterprises in China as Macroeconomic Stabilizers: Their Special Function in Times of Economic Policy Uncertainty

The profitability of transnational energy infrastructure: A comparative analysis of the Greenstream and Galsi gas pipelines

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