The role of state and foreign owners in corporate risk-taking: Evidence from privatization
The role of state and foreign owners in corporate risk-taking: Evidence from privatization
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DOI：
10.1016/j.jfineco.2012.12.007
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发表时间：
2013-06-01
影响因子：
8.9
通讯作者：
Saffar, Walid
中科院分区：
文献类型：
--
作者：
Boubakri, Narjess;Cosset, Jean-Claude;Saffar, Walid
本文利用来自57个国家的381家新私有化公司的数据库，研究了股东身份对公司风险承担行为的影响。我们发现强有力的证据表明，国家（外国）所有权与企业风险承担负（正）相关。此外，我们发现，外国所有者承担的高风险取决于国家一级治理机构的实力。我们的研究结果表明，放弃政府控制，开放外国投资，并改善国家一级的治理机构是新的私有化企业的公司风险承担的关键决定因素。(C)2012爱思唯尔有限公司版权所有。
Using a unique database of 381 newly privatized firms from 57 countries, we investigate the impact of shareholders' identity on corporate risk-taking behavior. We find strong and robust evidence that state (foreign) ownership is negatively (positively) related to corporate risk-taking. Moreover, we find that high risk-taking by foreign owners depends on the strength of country-level governance institutions. Our results suggest that relinquishment of government control, openness to foreign investment, and improvement of country-level governance institutions are key determining factors of corporate risk-taking in newly privatized firms. (C) 2012 Elsevier B.V. All rights reserved.