Title: Strategy and performance among state-owned and privately-owned companies in the world oil industry
Authors: Robert M. Grant, Renato Cibin
Addresses: Professor of Management, Georgetown University, USA. ' Department of Corporate Planning, ENI SpA, Rome, Italy
Abstract: This study of twenty-three of the world|s largest oil companies found that, although state-owned oil companies achieved substantially lower levels of labour productivity than privately-owned oil companies over the period 1980-92, differences in profitability were small due to the domestic market power wielded by the state-owned companies. Privately-owned companies were generally far more orientated towards cost efficiency and were more responsive to changes in external markets than state-owned companies. At the same time, state-owned companies displayed more of a long-term focus in their strategies, greater emphasis on growth, and increased willingness and greater capability to pursue investment opportunities in the emerging-market economy.
Keywords: company performance; corporate strategy; privatisation; state-owned enterprises; SOEs; world oil industry; investment opportunities; emerging markets.
International Journal of Global Energy Issues, 1995 Vol.7 No.1/2, pp.70-81
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