1st Edition

The Routledge Handbook of State-Owned Enterprises

Edited By Luc Bernier, Massimo Florio, Philippe Bance Copyright 2020
    678 Pages 29 B/W Illustrations
    by Routledge

    678 Pages 29 B/W Illustrations
    by Routledge

    State-owned enterprises make up roughly 10 percent of the world economy, yet they are woefully understudied. This handbook offers the first synthesis of the topic since the 1980s and offers a comprehensive reference for a generation.

    The authors provide a detailed explanation of the theory that underpins the expansion of state-owned enterprises in the 21st century. Each chapter delivers an overview of current knowledge, as well as identifying issues and relevant debates for future research. The authors explain how state-owned enterprises are used in both developed and developing countries and offer an insight into complex and fascinating organizations such as the German municipal conglomerates or the multinational companies owned by states. New modes of governance and regulation have been invented to make sure they act in the public interest. This handbook brings together a wealth of international scholars, offering multiple theoretical perspectives to help shape a brave new world.

    It will be of interest to teachers and students of Economics, Public Administration and Business, academics, established researchers and PhD students seeking rigorous literature reviews on specific aspects of SOEs, as well as practitioners and decision makers in international organizations.

    List of figures

    List of tables

    List of contributors

    Preface and acknowledgements


    Luc Bernier, Massimo Florio and Philippe Bance

    PART I

    The scope of the phenomenon

    1 History of western state-owned enterprises: from the Industrial

    Revolution to the age of globalization

    Giuseppe Bognetti

    2 Local public enterprises as providers of public services in

    European countries: shifts and dynamics

    Hellmut Wollmann

    3 State-owned enterprises: rising, falling and returning? A brief overview

    Malcolm G. Bird

    4 State-owned enterprises and the public mission: a multidimensional lens

    Maddalena Sorrentino

    5 Varieties of state capitalism and reformed state-owned enterprises

    in the new millennium

    Stefano Clò


    Perspectives on history and geography

    6 Concepts of German Gemeinwirtschaftslehre and the changed role

    of public enterprises

    Gabriel Obermann and Thomas Kostal

    7 State-owned enterprise and privatisation: some lessons from the UK

    David Parker

    8 On traits of legitimate internationally present state-owned enterprises

    Przemyslaw Kowalski

    9 State-owned enterprises and industrial development in Latin America

    Francisco Castañeda, Diego Barría Traverso and Jean-Baptiste Carpentier

    10 The Industrial policy role of European state-invested enterprises

    in the 21st century: continuity and change across phases of

    domestic and global transformation

    Roberto Cardinale

    11 State-owned enterprises in contemporary China

    Wendy Leutert


    Approaches to the study of SOEs

    12 Economics of state-owned enterprises

    Talis J. Putninš

    13 State-owned enterprises as institutional market actors: a gradual

    institutional change perspective on domestic SOEs in the marketization

    of public services

    Lene Tolstrup Christensen

    14 Legal aspects of public enterprises: remarks based on a comparative

    study of French, European and American legislation

    Fabien Bottini

    15 Don’t get too excited: the structural limits of state-owned

    enterprises in capitalist economies

    David McDonald

    16 Motivation and performance in state-owned enterprises

    Johan Willner and Sonja Grönblom

    17 The politics of state-owned enterprises: the case of the rail sector

    Jane Lethbridge

    18 Principals and agents: The relationship between governments

    and state-owned enterprises

    Sandra van Thiel, Marieke van Genugten and Bart Voorn


    Financial dimensions of public ownership

    19 Public stock ownership

    Giacomo Corneo

    20 Financialisation and the future for SOEs

    Ben Fine and Kate Bayliss

    21 Sovereign wealth funds as international institutional investors:

    a re-evaluation

    Chen Meng

    22 Contemporary development financial institutions in Europe

    Daniela Vandone, Marco Frigerio and Stefano Clò

    23 State-owned enterprise hybrids

    Aidan Vining and Claude Laurin

    PART V

    Issues about governance

    24 Corporate governance of state-owned enterprises: conceptualization,

    challenges and perspectives for the public corporate governance field

    Ulf Papenfuß

    25 Corporate governance in state-owned enterprises: the role of

    informal institutions

    Igor Postula and Aleksandra Wasowska

    26 Public accountability of state-owned enterprises: approaches

    and research trends

    Dorothea Greiling and Christina Schaefer

    27 Utilities policy and reform: the changing relationship between

    citizens and SOEs

    Manto Lampropoulou

    28 Vox populi, vox dei: state-owned enterprises in the court of

    public opinion

    Carole Rentsch, Fabian Liechti and Matthias Finger

    29 State-owned organization strategy: at the interface of society

    and business

    Taïeb Hafsi


    The activities and performance of SOEs

    30 The performance of public enterprises

    Sergio Perelman and Pierre Pestieau

    31 State-owned enterprises as policy tools

    Michael Howlett and M. Ramesh

    32 (Re)municipalisation: a new era for ownership and control

    of local public service delivery?

    Daniel Albalate, Germà Bel and Eoin Reeves


    SOEs and innovation: a new frontier

    33 Mission-oriented public organizations for knowledge creation

    Paolo Castelnovo and Massimo Florio

    34 Reconsidering innovation in state-owned enterprises

    Matteo Landoni

    35 The role of state-owned enterprises as drivers of innovation

    María del Carmen Sánchez-Carreira, Xavier Vence and Óscar Rodil-Marzábal


    Luc Bernier, Massimo Florio and Philippe Bance



    Luc Bernier is Jarislowsky Chair of Public Sector Management, Faculty of Social Sciences, University of Ottawa, Canada.

    Massimo Florio is Professor of Public Economics at the University of Milan, Italy, and the President of the CIRIEC International Scientific Commission Public Enterprises/Public Services.

    Philippe Bance is Professor of Economics at the University of the French Antilles and the President of the International Scientific Council of CIRIEC (International Centre of Research and Information of Public, Social and Cooperative Economy).

    “This refreshing handbook rethinks completely all aspects of state ownership of enterprises and financial firms and develops new theoretical approaches to understand their areas of action and their hybrid ownership structures. Well grounded in modern economic theory, the handbook provides critical approaches to the study of the state as an entrepreneur, financier and as an innovator. This handbook will become a key reference for scholars interested in economics, public policy, and public management.” — Aldo Musacchio, Professor, Brandeis University, Massachusetts, USA

    “Essential reading for scholars, policy-makers and the general public who want a handle on the core contemporary challenges facing State-Owned Enterprises today.” — Professor Judith Clifton, University of Cantabria and Visiting Scholar, University of Cambridge

    “This much-needed book from very well-known specialists in public and cooperative economics will spare you years of work to grasp what is new with the current structures and practice of state-owned enterprises (SOEs) in the 21st century. The authors discuss these matters from three complementary angles: historical, empirical and theoretical. In the current climate, no one should discard any new role for any type of SOE, before having read this timely and most welcome handbook.” — Jean-Michel Glachant, Loyola de Palacio Professor in European energy policy and Director, Florence School of Regulation (European University Institute)

    “Despite the modesty of its title, this ‘Handbook’ is much more than a manual. It presents all the available data and thoroughly tackles the scientific analyses relating to state-owned enterprises, in all their fields of activity and across all continents, with accuracy and precision. From now on, this will be my go-to reference guide!” — Jacques Fournier, former secretary general of the French government, former president of the SNCF, author of L’économie des besoins (2013)