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Performance of Organic and Inorganic Growth Strategies of State-Owned Companies from the BRICS Countries

Student: Andrei Dorokhov

Supervisor: Anastasia N. Stepanova

Faculty: Faculty of Economic Sciences

Educational Programme: Strategic Corporate Finance (Master)

Year of Graduation: 2020

This paper is devoted to the choice between the strategies of organic and inorganic growth of state-owned companies. We used a sample of 3 297 firms from Brazil, Russia, India, China and South Africa during 2012-2018 in order to study an impact of state ownership on the choice between organic and inorganic growth strategies as well as on the performance of each strategy. SOEs choose organic growth significantly more often. Besides that, for all countries except for India, state ownership increases an effect of intangible assets to a probability to grow through acquisitions. However, we do not observe any consistent factors which influence performance of growth strategies in different ways for the whole sample and for state-owned companies.

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