State ownership and stock liquidity: Evidence from privatization
State ownership and stock liquidity: Evidence from privatization
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DOI：
10.1016/j.jcorpfin.2020.101763
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发表时间：
2020-10-22
影响因子：
6.1
通讯作者：
Nash R
中科院分区：
文献类型：
--
作者：
Boubakri N;Chen R(;El Ghoul S;Guedhami O;Nash R
我们提供了独特的公司层面的证据，证明国有制和股票流动性之间的关系。利用1994-2014年期间来自53个国家的新私有化公司（NPFs）的广泛样本，我们的研究确定了国有制与股票流动性之间的非单调关联。反u型关系与国有制的成本和收益之间的权衡是一致的，并表明政府持股的最优水平可以使npf的股票流动性最大化。我们进一步发现，成本/收益权衡的拐点取决于国家制度环境的特征。本文研究了国有制对股票流动性的影响。我们确定了国有制与股票流动性之间的非单调关系。这种关系与国有制的成本/收益之间的权衡是一致的。这种权衡的拐点取决于制度环境。
We provide unique firm-level evidence of the relation between state ownership and stock liquidity. Using a broad sample of newly privatized firms (NPFs) from 53 countries over the period 1994–2014, our study identifies a non-monotonic association between state ownership and stock liquidity. The inverse U-shaped relation is consistent with trade-offs between costs and benefits of state ownership and suggests an optimal level of government shareholdings that maximizes stock liquidity of NPFs. We further identify that the inflection point from the cost/benefit trade-off is contingent upon characteristics of the nation's institutional environment. We study how state ownership affects stock liquidity. We identify a non-monotonic relation between state ownership and stock liquidity. This relation is consistent with trade-offs between costs/benefits of state ownership. The inflection point from this trade-off depends on the institutional environment.