
Contents
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Introduction Introduction
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State-owned Enterprises in Western Europe. From the “Golden Age” to Restructuring State-owned Enterprises in Western Europe. From the “Golden Age” to Restructuring
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Dynamics Dynamics
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Sectors, Ownership, and Geographic Outreach Sectors, Ownership, and Geographic Outreach
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Restructuring and Privatization Restructuring and Privatization
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SOEs in Western Europe: A taxonomy SOEs in Western Europe: A taxonomy
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Centrality versus Locality Centrality versus Locality
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Full versus Partial Control Full versus Partial Control
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Listing and Institutional Ownership Listing and Institutional Ownership
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Strategies: Specialization and Internationalization Strategies: Specialization and Internationalization
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Internationalization Internationalization
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Internationalization Strategy and Ownership: A Taxonomy Internationalization Strategy and Ownership: A Taxonomy
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Governance in Western Europe’s New State Capitalism Governance in Western Europe’s New State Capitalism
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Conclusion: New Rationales in Western Europe’s State Capitalism Conclusion: New Rationales in Western Europe’s State Capitalism
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References References
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32 State Capitalism in Western Europe
Get accessAndrea Colli is Professor of Business History at Bocconi University, Milan. His research interests range from the history of family firms, to small and medium-sized enterprises, to the role played by international entrepreneurs and firms in the global economy, to corporate governance. Has published several articles in business history, family business, and corporate governance research. He has published with Cambridge University Press The History of Family Business (1850–2000). Currently he is doing research on the persistence of state capitalism in Europe and on the role of state-owned enterprises in European capitalism. On this topic he has published in 2019 a chapter in the Routledge Companion to the Makers of Global Business (with Pasi Nevalainen) titled “State-owned Enterprises.”
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Published:19 December 2022
Cite
Abstract
Notwithstanding the intense wave of privatizations which has deeply transformed the physiognomy of Western European economies since the mid-1980s, Governments are still playing a relevant role as direct owners of companies in several industries, particularly those with a strategic relevance. What has changed is, however, both the structure of state involvement in the companies’ ownership, and also the strategic orientation of the companies themselves. As far as ownership is concerned, in several (but not in all) cases Western European governments have reduced the size of their shareholdings to the minimum threshold of control. This has meant the floating of a consistent part of the companies’ capital on the international stock market, and the involvement of relevant constituencies as institutional investors. This has had, of course, a relevant impact on these companies’ corporate governance practices, which are now subject to a much closer scrutiny than in the past. The consequence of this process has been a radical change in the companies’ strategies, now facing a much more diversified constituency of shareholders. Inward-looking, domestic-oriented market strategies have given room to outward-looking behaviors based on aggressive internationalization. This process in its turn has impacted on other aspects of corporate life as for instance the hiring of top management. The chapter analyses the contours of the phenomenon suggesting a taxonomy useful for understanding the different typologies of state-ownership.
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