Subnational State Owned Enterprises in Latin America: International Expansion and Financial Autonomy

We examine four State Owned Enterprises (SOEs) and compare the international strategy and performance of those two controlled by the central government with the two owned by a subnational level of authority. After a thorough qualitative analysis, we find that subnational ownership creates a more gradual market driven international expansion while centrally owned SOEs is explained by non-market factors (i.e. government’s international political...