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From national monopoly to Multinational Corporation: how regulation shaped the road towards telecommunications internationalization

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  • Clifton, Judith
  • Díaz-Fuentes, Daniel
  • Comín Comín, Francisco

Abstract

One of the consequences of major regulatory reform of the telecommunications sector from the end of the 1970s – particularly, privatization, liberalization and deregulation – was the establishment of a new business environment which permitted former national telecommunications monopolies to expand internationally. From the 1990s, a number of these firms, particularly those based in Europe, joined the rankings of the world’s leading Multinational Corporations. Their internationalization was uneven, however: while some firms internationalised strongly, others went abroad much slower. This article explores how the regulatory framework within which telecommunications incumbents evolved over the long-term helped shape their subsequent, uneven, paths to internationalization. Two cases representing ´maximum variation´ are selected: Telefónica, whose early and unrelenting expansion transformed it into one of the world’s most international of Multinational Corporations, and BT, whose international ventures failed and, with decline domestic shares, forced the firm to partial de-internationalization, becoming the least international of the large European incumbents. Long-term ownership, access to capital, management style and exposure to liberalization strongly influenced firms’ approaches to internationalization.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 33017.

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Date of creation: 2011
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Handle: RePEc:pra:mprapa:33017

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Keywords: Regulation; Telecommunications; Internationalization; Europe; Privatization; Liberalization; Multinational Corporations;

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References

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  1. Bel, Germà & Trillas, Francesc, 2005. "Privatization, corporate control and regulatory reform: the case of Telefonica," Telecommunications Policy, Elsevier, vol. 29(1), pages 25-51, February.
  2. Goldstein Andrea E., 2000. "Corporate Governance and Regulation in Privatized Utilities: Telecommunications in Four European Countries," Business and Politics, De Gruyter, vol. 2(2), pages 1-36, August.
  3. Massimo Florio, 2003. "Does privatisation matter? The long-term performance of British Telecom over 40 years," Fiscal Studies, Institute for Fiscal Studies, vol. 24(2), pages 197-234, June.
  4. Chari, Anusha & Gupta, Nandini, 2008. "Incumbents and protectionism: The political economy of foreign entry liberalization," Journal of Financial Economics, Elsevier, vol. 88(3), pages 633-656, June.
  5. Judith Clifton & Daniel Díaz-Fuentes, 2010. "Evaluating Eu Policies On Public Services: A Citizens' Perspective," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 81(2), pages 281-311, 06.
  6. Antonelli, Cristiano, 1995. "Localized Technological Change in the Network of Networks: The Interaction between Regulation and the Evolution of Technology in Telecommunications," Industrial and Corporate Change, Oxford University Press, vol. 4(4), pages 737-54.
  7. Svein Ulset, 2008. "The rise and fall of global network alliances," Industrial and Corporate Change, Oxford University Press, vol. 17(2), pages 267-300, April.
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Cited by:
  1. Clifton, Judith & Díaz-Fuentes, Daniel & Fernández Gutiérrez, Marcos & Revuelta, Julio, 2011. "Is Market-Oriented Reform Producing a “Two-Track” Europe? Evidence from Electricity and Telecommunications," MPRA Paper 33018, University Library of Munich, Germany.

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