2019 |
Babic, M; Garcia-Bernardo, J; Heemskerk, E M The rise of transnational state capital: state-led foreign investment in the 21st century Journal Article Review of International Political Economy, 27 (3), pp. 433-475, 2019. Abstract | Links | BibTeX | Tags: corporate power, foreign direct investment, Globalization, Ownership, state capitalism @article{Babic2019db, title = {The rise of transnational state capital: state-led foreign investment in the 21st century}, author = {M Babic and J Garcia-Bernardo and E M Heemskerk}, url = {https://www.tandfonline.com/doi/full/10.1080/09692290.2019.1665084}, doi = {https://doi.org/10.1080/09692290.2019.1665084}, year = {2019}, date = {2019-10-07}, journal = {Review of International Political Economy}, volume = {27}, number = {3}, pages = {433-475}, abstract = {Cross-border state-led investment is a recently rising, but understudied phenomenon of the global political economy. Existing research employs an anecdotal and case-oriented perspective that does not engage in a systemic, large-scale analysis of this rise of transnational state investment and its consequences for the transformation of state power in 21st century capitalism. We take a first step at filling this gap and offer two original contributions: Conceptually, we operationalize transnational foreign state-led investment on the basis of weighted ownership ties. These state capital ties are created by states as investors in corporations around the world. Empirically, we demonstrate our approach by setting up and analyzing the largest dataset on transnational state capital up to date. We show which different outward strategies states as owners employ and classify states according to their relative positions within the global network of transnational state capital. Our results illustrate a crucial aspect of the ongoing transformation of state power and sovereignty within globalization and we demonstrate how a careful and data-driven approach is able to identify different pathways and dimensions of this transformation.}, keywords = {corporate power, foreign direct investment, Globalization, Ownership, state capitalism}, pubstate = {published}, tppubtype = {article} } Cross-border state-led investment is a recently rising, but understudied phenomenon of the global political economy. Existing research employs an anecdotal and case-oriented perspective that does not engage in a systemic, large-scale analysis of this rise of transnational state investment and its consequences for the transformation of state power in 21st century capitalism. We take a first step at filling this gap and offer two original contributions: Conceptually, we operationalize transnational foreign state-led investment on the basis of weighted ownership ties. These state capital ties are created by states as investors in corporations around the world. Empirically, we demonstrate our approach by setting up and analyzing the largest dataset on transnational state capital up to date. We show which different outward strategies states as owners employ and classify states according to their relative positions within the global network of transnational state capital. Our results illustrate a crucial aspect of the ongoing transformation of state power and sovereignty within globalization and we demonstrate how a careful and data-driven approach is able to identify different pathways and dimensions of this transformation. |
2018 |
Fichtner, J Meet the New Owners of Corporate America Online Cambridge Core Blog 2018. Abstract | Links | BibTeX | Tags: Ownership @online{meetthenew, title = {Meet the New Owners of Corporate America}, author = {J Fichtner}, url = {http://blog.journals.cambridge.org/2018/05/23/meet-the-new-owners-of-corporate-america/?utm_source=Twitter&utm_medium=Hootsuite&utm_campaign=JMO%20May%2018}, year = {2018}, date = {2018-05-23}, journal = {Cambridge Core Blog}, organization = {Cambridge Core Blog}, abstract = {A seismic shift is going on in finance still largely unnoticed by the public. People and institutions are increasingly investing their money into index tracker funds instead of actively managed mutual funds. Index funds simply buy shares of all firms that are part of an index. Therefore, they can charge significantly lower fees to their investors — there is no well-paid fund manager that tries to beat the market. Besides low fees, they offer similar returns to active funds, as the latter have not been able to consistently beat major stock indexes, such as the S&P500. The scale of this money migration is astounding. Between 2008 and 2016, about US$1,200 billion left actively managed funds, while approximately US$1,400 billion moved into index funds.}, keywords = {Ownership}, pubstate = {published}, tppubtype = {online} } A seismic shift is going on in finance still largely unnoticed by the public. People and institutions are increasingly investing their money into index tracker funds instead of actively managed mutual funds. Index funds simply buy shares of all firms that are part of an index. Therefore, they can charge significantly lower fees to their investors — there is no well-paid fund manager that tries to beat the market. Besides low fees, they offer similar returns to active funds, as the latter have not been able to consistently beat major stock indexes, such as the S&P500. The scale of this money migration is astounding. Between 2008 and 2016, about US$1,200 billion left actively managed funds, while approximately US$1,400 billion moved into index funds. |
Publications
2019 |
The rise of transnational state capital: state-led foreign investment in the 21st century Journal Article Review of International Political Economy, 27 (3), pp. 433-475, 2019. |
2018 |
Meet the New Owners of Corporate America Online Cambridge Core Blog 2018. |