countries)
Model 1
Model 2
Model 3
Model 4
Model 5
Model 6
Model 7
Model 8
Model 9
SO -
0.16** -0.2**
-
0.21** 0.22**
-
0.097**
SO dummy -15.8*
PC -8.86* -9.5*
-
11.075*
Age -0.43 -0.452 -0.501 -.007 -0.41 .002 -.0819 0.471**
Size 1.94 1.85* 1.77* 1.74* 1.001 1.85* .51 1.062 -1.05*
Port
10.66 10.88* '11.30* 11.3* 10.96* 12.09** 15.72**
-6.196*
Non-resource
export -0.063 -0.043
Export
countries 0.017 0 .012 0.044
Inflation rate
-0.99 1.692** 2.072**
2.132** 2.086**
-0.66
Exchange rate -0.066
Goods groups,
number -0.189 -0.245
0.494**
lgrosspr
-1.73*
-
1.736* -0.94 -.282 -0.460
1.797**
lgGDPrus -2.63
lgGDPlag 34.96* -2.874
Interactions SOxForeign
ownership 0 .028*
SOxOilgas 0.297*
PCxOilgas 13.21*
Figure 1
State capitalism
PC SO
Internationalization Indus
try
Foreign ownership
H1b H1a
H2 H3
129 Conclusion
SOEs from emerging markets that internationalize are in the centre of vigorous debate in international business and management literature. It is partly explained by the impressive volume of international investments realized by the Chinese SOEs, though other EM countries provide examples of successful international strategies of SOEs too. Scholars scrutinize the international expansion of SOEs because the unique organizational characteristics of these companies are assumed to affect the way SOEs go overseas, the goals they pursue and the strategies they use.
The aim of this study was to examine the particularities of EM SOEs internationalization and explore, how state ownership of these companies influences the international expansion of these firms, since scholars are far from consensus on this question. We reach this goal by investigating the theoretical underpinnings of EM SOEs internationalization, gist of the scientific debate and current developments of the topic, specifics of the emerging markets contexts and especially the empirical context of Russia which we chose as a research setting. We then study the role of state ownership in the internationalization of post-Soviet emerging markets and then move to the empirical investigation of the Russian state companies where we examine the way the state influence internationalization of companies with and without state ownership.
We advance knowledge on the internationalization of EM SOEs in two essential ways: we have defined the theories and approaches that are utilized when examining the phenomenon:
institutional theory, transaction cost economics, agency theory, political economy, resource-based view and resource dependence theory that all have potential in future studies on the internationalization of EM SOEs. We reveal that the institutional theory is a leading theoretical lenses that studies how the interplay of state ownership of companies and institutional environment shapes their international strategies. We unravel the need to apply theoretical approaches ynergistically, in order to adavance knowledge on the interplay of state ownership and internationalization of SOEs.
In this study we systematize the theorizing on the EM SOEs internationalization chronologically and define the cutting-edge discussions on this topic. We reveal that in order to grasp the influence of the state on the internationalization of companies one should move from the , transcends the notion of state ownership and is captured in the international scholarship with the phenomenon of state capitalism.
The study extends knowledge on the specifics of emerging markets and particularly the Russian context and the influence of these specifics on the international strategies of companies.
These are legacy of political and economic liberalization, risks that stem from economic and political transformations, undeveloped institutions that shaped the business environment on these markets, and high ownership concentration that results in the prominence of both SOEs and politically-connected firms. We empirically show and theoretically ground that in emerging markets where the role of state was very viable, state capitalism manifest itself not only via the direct form of ownership of companies but also through more subtle and less-straightforward forms, such as political ties to firms. We contribute to the international business and management literature by demonstrating that the state ownership and political connections in companies both negatively affect the internationalization activities of Russian companies, though there are moderators in this relationship, namely industry and foreign ownership in companies.
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