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Stakeholder Management by Emerging Market Hybrid State-Owned Enterprises: A Biomimicry Perspective

Published online by Cambridge University Press:  21 April 2025

Huan Zou Open the ORCID record for Huan Zou [Opens in a new window] ,
Pervez Ghauri  and
Minxia Song
Huan Zou
Affiliation:
SOAS University of London, UK
Pervez Ghauri*
Affiliation:
University of Birmingham, UK
Minxia Song
Affiliation:
China People's Digital, Carbon Neutral Institute, China
*
Corresponding author: Pervez Ghauri ([email protected])
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Abstract

Despite the phenomenon of hybrid emerging market state-owned enterprises (EM-SOEs) in international markets, the complexity inherent in their ownership structure, their paradoxes in institutional and market economies, and concerns about their proximity to the state make it challenging for EM-SOEs to fulfill sustainable development mandates as part of their internationalization strategies. In this study, we propose a biomimicry perspective to investigate how hybrid EM-SOEs with plural institutional demands manage their stakeholder relationships and undertake their corporate sustainability practices in the host market. Shifting from the firm-centric perspective, the biomimicry perspective offers a systems' explanation to spur new insights based on a single in-depth case study in the power generation industry in Indonesia. The findings highlight the importance of a long-term, value-driven strategic approach, emphasizing the cultivation of symbiotic relationships for delivering innovative products and processes to provide renewable energy supply in local markets. Additionally, legitimation practices are observed across three key dimensions embedded in the internal and external systems – governments, local elites, and local grassroots citizens, involving idiosyncratic local stakeholders whose impacts are rather mixed for EM-SOEs' international operations in Indonesia.

摘要

摘要

近年来，新兴市场国有企业在国际市场中的表现备受关注。然而，受其复杂的所有权结构、在计划经济与市场经济间的双重角色矛盾，以及与政府的紧密联系影响，这些企业在国际化战略中推行和履行可持续发展任务面临诸多挑战。在本研究中，我们提出了仿生学视角，以探讨混合型国有企业如何在应对多元制度需求的情况下，管理利益相关者关系，并在东道国市场推进企业可持续发展战略。与以企业为中心的传统视角不同，仿生学提供了系统化的分析框架。本研究通过对印度尼西亚电力行业的单案例深入分析，发现长期价值驱动的战略对企业至关重要，特别是在培养与利益相关方的共生关系方面。这种关系有助于企业创新，深化对本地市场的投资，并提供绿色能源和多方社会环境效益。同时，研究揭示了企业在内部和外部系统中合法化实践的三个关键维度：政府、当地精英和基层民众。由于这些独特的利益相关者对外来投资有不同的利益诉求，这为新兴市场混合型国有企业在印度尼西亚的国际业务带来了复杂而多样的影响。

Keywords

biomimicry perspectivecase studycorporate sustainability practicesemerging market state-owned enterprisesstakeholder management利益相关者管理仿生学视角新兴市场国有企业案例研究企业可持续发展实践
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Management and Organization Review , First View , pp. 1 - 28
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Copyright © The Author(s), 2025. Published by Cambridge University Press on behalf of International Association for Chinese Management Research

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