Abstract
The study considers how the phenomenon of state entrepreneurship has been examined in theoretical works by world-famous researchers. It has been brought to light that a comparison of the performance of state-owned enterprises is rather difficult due to divergent views on their socio-economic and institutional framework in different countries. The characteristics of privatization processes that have taken place since the 1990s as well as their current trends are identified. The contribution of an entrepreneurial state in financing and stimulating innovations is analyzed. Bearing in mind the ever-growing role of state entrepreneurship in building business processes, it is noted that the current stage of the development of state entrepreneurship needs significant changes in the state system of economic governance. Taking into account shortcomings over the analyzed period, suggestions have been put forward on how to improve the effectiveness of state entrepreneurship seen as a tool of public administration.
Highlights
For a long while a significant part of managerial elite, scholars and business representatives have been sceptical to the role of state entrepreneurship in the economy due to the accumulated negative experience of state-owned enterprises’ performance in the last century
Regarding the fact that most research papers are focused upon criticism of state entrepreneurship, little attention is paid to its positive contribution to providing jobs for people, stimulating economic growth, protecting national security interests and addressing a range of other socio-economic issues
A controversial implication of this phenomenon requires a study of its genesis in a cross-section of countries and in the context of global economic changes, which have taken place since the 1990s of the 20th century. Another perspective should be taken into consideration of the development of theoretical approaches to target, functional and facility-level assignments of state entrepreneurship both within the national economy and global dimensions
Summary
For a long while a significant part of managerial elite, scholars and business representatives have been sceptical to the role of state entrepreneurship in the economy due to the accumulated negative experience of state-owned enterprises’ performance in the last century. Summarizing the findings of research on the optimization of the share of state in privatization processes, it should be noted that Irish experts of Forfas (based on the Ireland National Development Plan 2007–2013) identified constraining factors which require the involvement of the state in commercial activities: the existence of natural monopolies and their price policy; market failures and instability of the private sector in times of financial and economic crises; externalities and their negative impact; lack of equal opportunities for all economic agents The list of enterprises with the state’s share in the statutory fund on the Fortune Global Top 25, in 2014
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