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The Influence of Non-State Shareholders Board Power on State-Owned Enterprises Internationalization Degree

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Listed:
  • Ning Wang
  • Puxin Zhang
  • Yangyuxuan Xie
  • Huizhong Su

Abstract

This study explores the influence of non-state shareholders’ board power on the internationalization of state-owned enterprises and demonstrates the moderating effect of the business expectation gap and industry competition. Taking SOEs listed in Shenzhen and Shanghai A-share markets as the research sample, the study examines the influence of non-state shareholders’ board power on SOEs’ internationalization behavior and explores the regulating effects of two situational factors- business expectations gap and industry competition. Results show that (1) non-state shareholders’ board power positively impacts SOEs’ degree of internationalization. (2) The historical business expectations gap strengthens the positive impact of non-state shareholders’ board power on SOEs’ degree of internationalization, whereas the social business expectations gap weakens the positive impact. (3) The positive impact of non-state shareholder board power on internationalization degree is stronger in SOEs with high industry competition than with low industry competition.The study analyzes how non-state shareholders’ board power promotes the internationalization of SOEs in the mixed ownership reform and provides governance efficiency evidence of the mixed-ownership reform from the perspective of SOEs’ international practices.

Suggested Citation

  • Ning Wang & Puxin Zhang & Yangyuxuan Xie & Huizhong Su, 2024. "The Influence of Non-State Shareholders Board Power on State-Owned Enterprises Internationalization Degree," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 16(10), pages 1-32, October.
    • Handle: RePEc:ibn:ijefaa:v:16:y:2024:i:10:p:32
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    References listed on IDEAS

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    1. Lina Yan & Zi Nie & Yajun Deng, 2024. "Can Reverse Mixed-Ownership Reform Reduce the Cost of Equity Financing of Private Enterprises?," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 60(8), pages 1716-1731, June.
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      JEL classification:

      • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General
      • Z0 - Other Special Topics - - General

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