The upsurge of foreign direct investment by emerging market state-owned multinational companies into the markets of the developed nations, including the United States, raised an issue of the expansion of state capitalism. According to Bremer (2009), rising state capitalism had introduced substantial inefficiencies into global market competition. The study focused on the dynamics of the participation of Chinese and Russian state-owned companies in U.S. capital markets and the expectations of future value these companies would create for their stakeholders by largely focusing on the trends of the price-to-earnings ratios of these foreign MNEs compared to the trends of non-state-owned companies. The sample included the annual data for 16 Chinese and Russian state-owned companies in extractive industries, in banking, in telecommunications, and in electric power generation utility as well as the data for the U.S. benchmark companies. Using the two-tailed t tests, the researcher tested the hypotheses regarding the existence of the statistically significant difference between the means of the price-to-earnings foreign state-owned companies versus those of the U.S. companies. The study showed that in most comparisons the means of the price-to-earnings ratios of the non-state owned U.S. companies were significantly different from those of the state-owned companies. Based on the analysis of the extant literature and the results of the research, future research topics were identified.
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