A comparative analysis of the internationalization of sub-national and central state-owned enterprises: shreds of evidence from Latin America

Purpose In this exploratory multiple case study, we aim to compare the internationalization of two state-owned enterprises (SOEs) owned by subnational governments with three central in Latin America. This study provides a contextualized answer question: What are differences subnationally SOEs compared SOEs? finds that speed and diversification these types SOEs’ differ because they have different expansion logic. Subnationally gradual diversified following market rules. Central government’s specialized take more drastic steps their internationalization, which relates non-market factors. Design/methodology/approach builds an qualitative comparative analysis uses sources data information develop comprehensive understanding through process tracing. Findings The posits some assumptions confirmed analysis. relevant between sub-national (SSOEs) authority (CSOEs’) strategies. SSOEs’ fewer resources needs increase income push them follow market-driven diversify abroad. CSOEs non-gradual growth is justified factors (i.e. national politics). do not abroad due broader set constituencies face. Research limitations/implications Given research, findings bounded particularities cases region (Latin America). paper its can be useful for theory building but it does claim any generalization capacity. Originality/value adds complexity into phenomenon distinguishing SOEs. contributes phenomena effect process, understudied topic. To authors’ best knowledge, among first studies explore