State‐Owned Enterprises and Cross‐Border Alliances
研究了国有企业参与跨境联盟的影响因素，发现东道国的专制程度、外资限制、外汇储备和行业差异会增加国企参与联盟的可能性；外资企业面临高征用风险时更倾向与当地国企合作，且与国企联盟能获得更高的公告回报。
Abstract This study examines the international alliance activities of state‐owned enterprises (SOEs). We find that country‐level political and economic factors, such as autocracy, foreign ownership restrictions, foreign currency reserve, and industry dissimilarity, increase the likelihood of SOEs’ participation in cross‐border alliances. Our analyses further reveal that foreign firms tend to collaborate with local SOEs when facing high expropriation risks and the presence of a state‐dominated banking system in the host country. Further, foreign firms experience higher announcement returns when they ally with local SOEs rather than with non‐SOEs. This result suggests that the exclusive benefits from SOEs are value‐creating for the international alliance partners. Overall, our findings provide novel insights into the determinants and wealth effect of SOEs’ engagement in international alliance activities.