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A large legal and economic literature describes how state-owned enterprises (SOEs) suffer from a variety of agency and political problems. Less theory and evidence, however, have been generated about the reasons why state-owned enterprises listed in stock markets manage to attract investors to...
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Our research tests the difference in investment efficiency between state-owned enterprises (SOEs) and private firms and … then evaluates the effect of privatisation and equitisation policies on the investment efficiency of former state owned … spending. We find no evidence of investment spending being linked to marginal returns by SOEs across all sectors and size …
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We document a political cycle in the investment decisions of state-owned enterprises (SOEs) by using the …. Using a project-level investment database, we find that SOEs announce more capital expenditure projects in election years …
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