Fiche du document
10 mai 2022
- handle: 10670/1.t3tb9s
- hal: hal-03878686
http://creativecommons.org/licenses/by-nc-nd/ , info:eu-repo/semantics/OpenAccess
Mots-clés
State ownership privatization corporate debt state banks State ownership privatization corporate debt state banks D - Microeconomics/D.D2 - Production and Organizations/D.D2.D22 - Firm Behavior: Empirical Analysis F - International Economics/F.F3 - International Finance/F.F3.F36 - Financial Aspects of Economic Integration G - Financial Economics/G.G3 - Corporate Finance and Governance/G.G3.G32 - Financing Policy • Financial Risk and Risk Management • Capital and Ownership Structure • Value of Firms • Goodwill G - Financial Economics/G.G3 - Corporate Finance and Governance/G.G3.G38 - Government Policy and Regulation H - Public Economics/H.H1 - Structure and Scope of Government/H.H1.H11 - Structure, Scope, and Performance of Government H - Public Economics/H.H8 - Miscellaneous Issues/H.H8.H81 - Governmental Loans • Loan Guarantees • Credits • Grants • Bailouts L - Industrial Organization/L.L3 - Nonprofit Organizations and Public Enterprise/L.L3.L33 - Comparison of Public and Private Enterprises and Nonprofit Institutions • Privatization • Contracting OutSujets proches
Nationalization State ownership Socialization of industry Public ownershipCiter ce document
Ralph de Haas et al., « State Ownership and Corporate Leverage Around the World », Archive ouverte de Sciences Po (SPIRE), ID : 10670/1.t3tb9s
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Résumé
Does state ownership hinder or help rms access credit? We use data on almost 4 million rms in 89 countries to study the relationship between state ownership and corporate leverage. Controlling for country-sector-year xed eects and conventional rm-level determinants of leverage, we show that state ownership is robustly and negatively related to corporate leverage. This relationship holds across most of the rm-size distributionwith the important exception of the largest companiesand is stronger in countries with weak political and legal institutions. A panel data analysis of privatized rms and a comparison of privatized with matched control rms yield similar qualitative and quantitative eects of state ownership on leverage.