With this panel, we seek to examine how political and institutional environments influence firm strategies of global state-controlled firms. We will discuss how national contexts account for cross-national differences in models of state capitalism. We will propose a categorization of models of state capitalism. The governments’ influence on the global strategies of firms from emerging economies is all-pervasive. In contrast, the developed countries intervene little in global strategies of state-owned enterprises to the extent that the latter are virtually indistinguishable from privately-owned firms. There is also some variation as to how the governments exercise their influence over global firm strategies, which depends on the type of state-controlled vehicle, the amount of control, and the host country into which the firm is expanding.