Ricerc@Sapienza

This chapter sheds light on how the internationalization of state-owned enterprises
(SOEs) is jointly influenced by the ownership involvement of the state and
other relational investors and by the home country’s institutional setting. It
integrates international business literature and insights from the theory of
corporate governance into a varieties of capitalism framework. Taking a configurational
perspective, the interdependencies that link the SOE internationalization
to the joint effects of particular combinations of actors and institutions

This article sheds light on how the internationalization of state-owned
enterprises is influenced by the state involvement in ownership and by the
home country’s institutional settings. Integrating international business
literature with the debate on the varieties of capitalism, we contend that
state-dominated enterprises internationalize more (less) than privately owned
enterprises in coordinated (liberal) market economies, whereas they exhibit an
inconstant behavior in state-influenced market economies. Our analysis on a