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Political Uncertainty and Investments by Private and State-Owned Enterprises

Chaudhry, Neeru; Veld, Chris - 2023

We study corporate investments around national elections in India. Investment rates drop by a nonsignificant 2.2% for state-owned enterprises (SOEs) in election years. The decrease is significantly larger for private firms, which record an investment drop of 7.4%. The decrease in investment for...

Persistent link: https://www.econbiz.de/10014257722

State Ownership, Soft-Budget Constraints, and Cash Holdings : Evidence from China's Privatized Firms

Megginson, William L. - 2015

We study the relation between state ownership and cash holdings in China's share-issue privatized firms from 2000 to 2012. We find that the level of cash holdings increases as state ownership declines. For the average firm in our sample, a 10 percentage-point decline in state ownership leads to...

Persistent link: https://www.econbiz.de/10013031410

Financial Reporting Quality and Investment Efficiency of Private Firms in Emerging Markets

Chen, Feng - 2010

Prior research shows that financial reporting quality (FRQ) is positively related to investment efficiency for large U.S. publicly traded companies. We examine the role of FRQ in private firms from emerging markets, a setting in which extant research suggests that FRQ would be less conducive to...

Persistent link: https://www.econbiz.de/10013135252

The Sarbanes-Oxley Act and Exit Strategies of Private Firms

Bova, Francesco - 2014

The costs and benefits of the Sarbanes-Oxley Act of 2002 (SOX) have been oft-debated since the inception of the Act. Much of the extant literature has assessed the costs and benefits of SOX to publicly-traded companies. We focus on the costs of SOX compliance for private firms wanting to exit...

Persistent link: https://www.econbiz.de/10013068844

Corporate Governance of Chinese Privatized Firms : Evidence from a Survey of Non-Listed Enterprises

Zhong, Ninghua - 2016

have set up stronger governance than domestic private firms that have not experienced privatization. I propose seven … governments' fiscal conditions in the privatization year and privatized firms' governance, which suggests a significant role … played by local governments in shaping corporate governance during the privatization process …

Persistent link: https://www.econbiz.de/10013004652

When Does Cash Matter? Evidence for Private Firms

Ehling, Paul - 2014

Using a database of more than 180,000 private companies from 2000 to 2009, we find that the benefits of holding more cash vary substantially with a firm's size and the conditions it faces. Cash holdings matter most for small firms: when there are negative shocks to industry or macroeconomic...

Persistent link: https://www.econbiz.de/10013052400

Managerial Ownership in a Private Firm Framework

Gao, Chao; Johnston, Mitchell - 2022

We empirically study the relation between managerial ownership and firm performance in a unique private firm setting. The simplicity of the ownership structure and nature of our sample firms helps isolate the incentive-aligning effect of managerial ownership from the influence of other effects....

Persistent link: https://www.econbiz.de/10013290126

CEO Turnover-Performance Sensitivities in Private Firms

Gao, Huasheng - 2015

We compare CEO turnover in public and large private firms. Public firms have higher turnover rates and exhibit greater turnover-performance sensitivities than private firms. Controlling for pre-turnover performance, performance improvements are greater for private firms than for public firms. We...

Persistent link: https://www.econbiz.de/10013034430

Do Private Firms (Mis) Learn from the Stock Market?

Yan, Dong - 2021

This paper examines whether and to what extent private firms learn from the stock market. Using a large panel data set for the United Kingdom, I find that private firms' investment responds positively to the valuation of public firms in the same industry. The sensitivity increases with price...

Persistent link: https://www.econbiz.de/10013312912

Financial Reporting Quality and Investment Efficiency of Private Firms in Emerging Markets

Chen, Feng - 2010

Persistent link: https://www.econbiz.de/10013141364