Abstract
This paper examines the process of the internationalisation of Japan Tobacco (JT), as a former state-owned enterprise (SOE) in the context of varied state motives and interventions influenced by changing social and political environments. The account of the successful internationalisation of this large Japanese multinational corporation (MNC), frequently listed in the Fortune Global 500, helps to meet a growing need to elaborate the relationship between the privatisation and internationalisation of SOEs. The historical analysis of JT’s internationalisation is presented with two distinct focuses, each of which illuminates significant implications for scholars of business history. First, breaking down the narrative into distinct phases helps to reveal the dynamic interaction between processes of privatisation and internationalisation over time. Second, the focus on distinct stakeholders draws on resource dependency theory to elaborate the nuanced relationship between the State’s motives and JT’s determination to internationalise.
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