Manag Int Rev https://doi.org/10.1007/s11575-018-0352-4 RESEARCH ARTICLE The Differential Effects of Minority State Ownership Types on the Internationalization of Emerging Market Multinationals from Democratic States 1 2,3 Fernanda Arreola · Rodrigo Bandeira‑de‑Mello Received: 30 October 2016 / Revised: 30 November 2017 / Accepted: 6 December 2017 © Springer-Verlag GmbH Germany, part of Springer Nature 2018 Abstract We argue that governments use different types of minority state owner - ship in domestic multinationals to balance the provision of public and private goods and maximize political survival in emerging market democracies. Using a sample of Brazilian multinationals, we combine instrumental and fixed-effects regressions with an in-depth case study in order to measure and describe the effects of two types of ownership ties. We show that ownership through state-controlled institu- tional investors has a positive effect on the internationalization level of multination - als, whereas the ownership by state agencies and state-owned enterprises shows an opposite effect. By looking at these effects from the perspective of the political sur - vival of democratic rulers, we contrast our results against the empirical research on multinationals from authoritarian states. Keywords Political ties · Minority state ownership · Emerging market multinationals · Democratic states 1 Introduction The relationship between businesses and the government has been a
Management International Review – Springer Journals
Published: Jun 4, 2018
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