Strategy and performance among state-owned and privately-owned companies in the world oil industry
by Robert M. Grant, Renato Cibin
International Journal of Global Energy Issues (IJGEI), Vol. 7, No. 1/2, 1995

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.

Online publication date: Tue, 15-Jul-2014

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