This paper empirically examines the proposition that SOE and POE cross-border investments are different. It does so by comparing all M&A by SOEs and POEs (with a value greater than USD 5 million) undertaken between 1 January 1996 and 31 December 2013. This amounts to 206,140 deals collectively valued at USD50 trillion. The main objective is to identify differences in the ways that privately-owned and state-owned enterprises expand into international markets using M&A, a primary vehicle for international direct investment.
A comparative study of mergers and acquisitions by privately-held and state-owned enterprises