The ‘Making of’ National Giants: The International Expansion of Oil Companies from Brazil and China

Carvalho, Flavia Pereira de; Goldstein, Andrea

doi:10.4337/9781848449145.00015

Cited by 10 publications

(11 citation statements)

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“…This special ownership advantage embraced by Chinese SOEs not only profoundly stimulates their OFDI incentives, but accelerates the increment of their resources and capacities to engage in overseas expansion, which can even allow them to overcome certain disadvantages in host markets or undertake higher costs and risks in overseas investment. de Carvalho and Goldstein (2008) thus demoted the fast rising of Chinese MNEs as “a government shaping model.” Based on above analysis, we consider:…”

Section: Theoretical Background and Hypothesis Developmentmentioning

confidence: 99%

Determinants of outward foreign direct investment by Chinese enterprises

Yan

Jiang

Ren

2010

Nankai Business Review International

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PurposeThe paper aims to investigate the determinants of outward foreign direct investment (OFDI) by Chinese enterprises during China's institutional and economic transition, specifically from the institutional perspective.Design/methodology/approachAn analytical framework was conceptualized by introducing several institutional‐based advantages peculiar to Chinese firms and a series of hypotheses developed regarding the influences of these advantages on the OFDI strategies of Chinese enterprises.FindingsThe findings confirm the specific institutional‐based advantages in terms of home government support, investor's financing capacity and host ethnic Chinese resources have salient impacts on OFDI behavior of Chinese firms, as predicted by initial hypotheses. Evidence from sub‐samples tests indicates there are varied determinant mechanisms for trade‐oriented, produce‐oriented, and other types of OFDI, respectively.Originality/valueThe paper offers two primary contributions. On one hand, by integrating conventional eclectic theory and Chinese institutional context, a series of novel hypotheses is proposed that highlights some specific institutional advantages Chinese outward investors could exploit. In this way, the paper provides an analytical framework useful for better understanding of internationalization of enterprises from other emerging and transitional economies.

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Section: Theoretical Background and Hypothesis Developmentmentioning

confidence: 99%

Determinants of outward foreign direct investment by Chinese enterprises

Yan

Jiang

Ren

2010

Nankai Business Review International

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“…Moreover, overseas refining capacity has gone from zero barrels in 2000 to 126.2 thousand barrels of oil per day in 2007 (Petrobras 2008). Reserves outside Brazil were less than 12% in 2002, to rise to 17% by 2010 (Carvalho and Goldstein, 2009). According to its 2009-13 strategic plans, Petrobras expects to realise overseas investments of US$15.9 billion in both E&P, along with the expansion of international biofuels production, mostly biodiesel and ethanol.…”

Section: International Expansionmentioning

confidence: 96%

Drivers of internationalisation of companies from emerging economies: comparing Petrobras (Brazil) and PDVSA (Venezuela)

Goldstein

Baena

2010

IJTLID

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The history of the global oil industry is essential to understand the rise of multinational enterprises. Petrobras, in particular, has started to exploit in international markets the world-class technology it developed to exploit deepwater oil fields. PDVSA, on the other hand, has focused its international expansion strategy in building a network of refineries in key consuming markets. This paper examines the cases of Petrobras and PDVSA. The Petrobras experience confirms that the rise of emerging economies is leading to a transformation in global business in which foreign direct investment is driven not only by the exploitation of traditional firm-specific competencies, but also by the exploration of new patterns of organisational innovation. PDVSA's case illustrates that for a developing country multinational, the path towards decision-making autonomy from government is mired with many obstacles; key commercial strategies can be challenged by a government seeking to impose its agenda on the company.

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“…Though Sinopec has engaged in large-scale projects in China, including the country's secondlargest oilfield in Bohai Bay, it lacks overseas E&P expertise, and its extracting and treatment equipment, and key electronic instruments are imported or assembled in China (Carvalho and Goldstein, 2009). However, Sinopec intends to enter the upstream sector in a much more determined manner in the future, making Petrobras a priority target for technology transfer.…”

Section: Petrobras-sinopecmentioning

confidence: 99%