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Balancing private and state ownership in emerging markets' telecommunications infrastructure: country, industry, and firm influences

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  • Jonathan P Doh
  • Hildy Teegen
  • Ram Mudambi

Abstract

Bargaining between host states and investors over the terms of investment in sensitive sectors of the economy generates political and economic tensions. In this study, we investigate the factors that contribute to the outcomes of those negotiations as measured by the private (vs state-owned) share of newly consummated telecommunications infrastructure projects. We find that private ownership is positively associated with overall economic development and investment liberalization in the host country and with greenfield (vs divestiture) and joint venture (vs wholly owned) projects. Private ownership is negatively associated with existing telecommunications infrastructure, higher levels of state ownership of foreign investing firms, and the technological sophistication of the projects. Our analysis also shows a curvilinear (inverted U-shaped) relationship between investment policy hazards and private ownership. This finding supports the insight from transaction cost economics that potential gains from internalization are greatest at intermediate levels of uncertainty. Journal of International Business Studies (2004) 35, 233–250. doi:10.1057/palgrave.jibs.8400082
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  • Jonathan P Doh & Hildy Teegen & Ram Mudambi, 2004. "Balancing private and state ownership in emerging markets' telecommunications infrastructure: country, industry, and firm influences," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 35(5), pages 459-459, September.
  • Handle: RePEc:pal:jintbs:v:35:y:2004:i:5:p:459-459
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    Cited by:

    1. Nadia Vanteeva & Charles Hickson, 2016. "The Effect of State-Private Co-partnership System on Russian Industry," Review of Industrial Organization, Springer;The Industrial Organization Society, vol. 48(3), pages 333-356, May.
    2. Pei Sun & Kamel Mellahi & Mike Wright & Haoping Xu, 2015. "Political Tie Heterogeneity and the Impact of Adverse Shocks on Firm Value," Journal of Management Studies, Wiley Blackwell, vol. 52(8), pages 1036-1063, December.
    3. Cui, Lin & He, Xiaoming, 2017. "Expanding near the home base or venture far? The influence of home country state on the economic distance of foreign direct investments," Journal of Business Research, Elsevier, vol. 75(C), pages 95-107.
    4. Jiang, Yi & Peng, Mike W. & Yang, Xiaohua & Mutlu, Canan C., 2015. "Privatization, governance, and survival: MNE investments in private participation projects in emerging economies," Journal of World Business, Elsevier, vol. 50(2), pages 294-301.
    5. repec:eee:worbus:v:52:y:2017:i:6:p:743-759 is not listed on IDEAS
    6. Arza, Valeria & van Zwanenberg, Patrick, 2014. "The Politics of Technological Upgrading: International Transfer to and Adaptation of GM Cotton in Argentina," World Development, Elsevier, vol. 59(C), pages 521-534.
    7. repec:pal:jintbs:v:49:y:2018:i:2:d:10.1057_s41267-017-0118-4 is not listed on IDEAS
    8. repec:spr:manint:v:57:y:2017:i:5:d:10.1007_s11575-017-0312-4 is not listed on IDEAS
    9. Vaaler, Paul M. & Schrage, Burkhard N., 2007. "Residual State Factors, Policy Stability and Financial Performance Following Strategic Decisions by Privatizing Telecoms," Working Papers 07-0102, University of Illinois at Urbana-Champaign, College of Business.
    10. Paul Vaaler & Barclay James & Ruth Aguilera, 2008. "Risk and capital structure in Asian project finance," Asia Pacific Journal of Management, Springer, vol. 25(1), pages 25-50, January.
    11. Alvaro CUERVO-CAZURRA & Luis Alfonso DAU, 2008. "Structural Reform And Firm Profitability In Developing Countries," William Davidson Institute Working Papers Series wp940, William Davidson Institute at the University of Michigan.
    12. Curwen, Peter & Whalley, Jason, 2013. "Mapping worldwide mobile networks: Some problems and indicative solutions," Telecommunications Policy, Elsevier, vol. 37(11), pages 1150-1165.
    13. Chittoor, Raveendra & Ray, Sougata & Aulakh, Preet S. & Sarkar, M.B., 2008. "Strategic responses to institutional changes: 'Indigenous growth' model of the Indian pharmaceutical industry," Journal of International Management, Elsevier, vol. 14(3), pages 252-269, September.
    14. repec:spr:manint:v:55:y:2015:i:3:d:10.1007_s11575-014-0231-6 is not listed on IDEAS
    15. Yi Karnes, 2015. "Investing Under Institutional Uncertainty: The Choice And Consequence Of Governance Structures," Proceedings of International Academic Conferences 2804651, International Institute of Social and Economic Sciences.
    16. Li, Julie Juan, 2008. "How to retain local senior managers in international joint ventures: The effects of alliance relationship characteristics," Journal of Business Research, Elsevier, vol. 61(9), pages 986-994, September.

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