Corporate governance of state-owned enterprises: a theoretical perspective

It contributes to the renewed efforts to gain a better understanding of the governance of these complex organizations that stand between the market and the government and, thereby, contributes to the development of a theoretical framework of contemporary SOEs. As in theories of business organizations, this thesis tackles two underlying questions: what is the SOE and whose interests should it serve.It is an exploratory theoretical research that goes through two main stages.

The first stage (chapters 2 & 3) investigates how the relevant literature conceptualizes SOEs, shapes their organizational structure and internal governance, and manages their accountability and governance relationships with the government. It critically analyzes the theoretical assumptions underlying the prevailing theories of SOEs, underpins the gap, and raises the need for a theoretical shift in the field. The second stage (chapters 4, 5, & 6) develops the institutional framework of SOEs and, guided by the framework, it studies three problematic areas of CG of SOEs: SOE-government relationship; internal CG; and accountability.The institutional framework redraws the boundaries of the SOE and conceptualizes it as an institutionalized business organization.