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Adaptation Strategies of Multinational Corporations, State-Owned Enterprises, and Domestic Business Groups to Economic and Political Transitions: A Network Analysis of the Chilean Telecommunications Sector, 1958–2005

Published online by Cambridge University Press:  02 July 2015

Marcelo Bucheli  and
Erica Salvaj
Erica Salvaj
Affiliation:
Department of Business Administration and Department of Strategy and Management of School of Business and Economics, Universidad del Desarrollo Chile. Santiago, Region Metropolitana, Chile. E-mail: esalvaj@gmail.com; esalvaj@udd.cl
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Abstract

This paper compares the corporate network strategies between multinational corporations of two different origins (United States and Spain), business groups, and state-owned enterprises in the public utility sector of a developing country going through economic and political transitions. The transitions we consider are from an import substitution industrialization model to an open market economy and from a democratic regime to a dictatorial one and back to democracy. We analyze the Chilean telecommunications sector between 1958 and 2005 and find that during a democratic regime all firms sought to build more networks with each other, while incentives decrease under an authoritarian regime. In the protectionist era, US investors built links with Chile’s corporate elite, while in times of an open economy, Spanish investors built these links with the government. State-owned corporations did not attempt to build links with other actors at any time, and business groups sought to build most networks among members of the group. Our findings challenge two commonly held assumptions: first, that open economies decrease incentives for domestic actors to build links with each other and, second, that close political regimes increase incentives to build networks among economic actors.

Type
Manuscript
Information
Enterprise & Society , Volume 15 , Issue 3 , September 2014 , pp. 534 - 576
Copyright
Copyright © The Author(s) 2014. Published by Cambridge University Press on behalf of the Business History Conference. All rights reserved.

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Footnotes

The authors would like to acknowledge the generous funding from the Chilean Government Research Grant - Fondecyt 11085048. We also thank comments to previous versions of this paper at seminar presentation at George Washington University, and at the Academy of Management Meeting (Chicago, 2009 and Montreal, 2010), the Academy of International Business (Rio de Janeiro, 2010), and the Ibero-American Academy of Management (Buenos Aires, 2009).

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