costs of state ownership and new insight into the corporate governance role of country-level institutions. Consistent with … agency theory, we find strong and robust evidence that state ownership is positively related to corporate cash holdings …. Moreover, we find that the strength of country-level institutions affects the relation between state ownership and the value of …

Motivated by the recent rise of state capitalism, this paper investigates the effects of government ownership on market … government ownership in terms of value premium extend to closely held firms where the government is a second blockholder. These … to and during the recent global financial crisis. Additional analyses suggest that the effect of government ownership on …

firm fixed effects, we find that larger long-term (short-term) institutional ownership is associated with higher (lower …-term in-stitutional ownership affects ratings more during times of higher expropriation risk, for firms with weaker internal …

need as suppliers of liquidity. Building on the financing advantage view of state ownership, we theorize how state … the level of state ownership and the provision of trade credit. Using an institution-focused framework, we further … with lower levels of state ownership and higher extents of internationalization offering lower amounts of trade credit …

We provide unique firm-level evidence of the relation between state ownership and stock liquidity. Using a broad sample …-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 …

Using the high-power setting of newly privatized firms from 64 countries, we examine the relationship between ownership … of information asymmetry and agency problems, we find strong and robust evidence that government (foreign) ownership … that the relation between foreign ownership and investment efficiency is stronger when governments relinquish control and …

We provide the first firm-level evidence of the relation between state ownership and debt structure. Using an … international sample of newly privatized firms (NPFs) from 76 countries over the 1998–2017 period, we find that state ownership is … shows that our main evidence is consistent with the soft budget constraint, political, and social views of state ownership …