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May 2004, Volume 35, Number 3, Pages 233-250
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Article |
Balancing private and state ownership in emerging markets' telecommunications infrastructure: country, industry, and firm influences |
Jonathan P Doh1, Hildy Teegen2 and Ram Mudambi3 |
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1Department of Management, College of Commerce and Finance, Villanova University, USA
2Department of International Business, School of Business and Public Management, The George Washington University, Washington, USA
3Department of General and Strategic Management, Fox School of Business and Management, Temple University, Philadelphia, USA
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Correspondence to: JP Doh, Department of Management, Room 2079, College of Commerce and Finance, Villanova University, 800 Lancaster Avenue, Villanova, PA 19085, USA. Tel: +1 610 519 7798; Fax: +1 610 519 6566; E-mail: jonathan.doh@villanova.edu |
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| 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
Published online 8 April 2004 |
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| Keywords |
| emerging markets; telecommunications; infrastructure |
| Received: 16 July 2002;
revised: 25 January 2004;
accepted: 20 February 2004
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