Political Investment Cycles of State-Owned Enterprises

被引：39

作者：

Li, Qingyuan ^{[1
]}

Lin, Chen ^{[2
]}

Xu, Li ^{[3
]}

机构：

[1] Wuhan Univ, Econ & Management Sch, Wuhan, Hubei, Peoples R China

[2] Univ Hong Kong, Fac Business & Econ, Hong Kong, Peoples R China

[3] Washington State Univ, Pullman, WA 99164 USA

来源：

REVIEW OF FINANCIAL STUDIES | 2020年 / 33卷 / 07期

基金：

中国国家自然科学基金;

关键词：

OPERATING PERFORMANCE; GOVERNMENT OWNERSHIP; PRIVATIZED FIRMS; PANEL-DATA; UNCERTAINTY; FINANCE; MARKET; BANKS; TESTS; LAW;

D O I：

10.1093/rfs/hhz090

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Using a large panel of more than 140,000 state-owned enterprises (SOEs), this study examines SOEs' investment behavior surrounding 82 national elections in 25 European countries between 2001 and 2015. We find that SOEs increase their corporate investment by about 29% of the sample average during national election years. This effect is more pronounced in fixed timing and closely contested elections. The effect is also stronger in countries with low institutional quality, more centralized political systems, and state-controlled banking systems. In contrast, we find the matched non-SOEs significantly decrease their corporate investment during national election years.

引用

页码：3088 / 3129

页数：42

共 50 条

[41] THE CONTROL AND PERFORMANCE OF STATE-OWNED ENTERPRISES
ZECKHAUSER, RJ
HORN, M
PRIVATIZATION AND STATE-OWNED ENTERPRISES: LESSONS FROM THE UNITED STATES, GREAT BRITAIN AND CANADA, 1989, : 7 - 57
[42] Power supply for state-owned enterprises
Shepelev D.V.
Shepeleva D.V.
Kondrakhina N.G.
Light and Engineering, 2019, 27 (01): : 109 - 115
[43] Labour Productivity in State-Owned Enterprises
Afonso, Antonio
Guedes, Maria Joao
Patel, Pankaj C.
COMPARATIVE ECONOMIC STUDIES, 2021, 63 (03) : 450 - 465
[44] Knowledge creation in state-owned enterprises
Landoni, Matteo
STRUCTURAL CHANGE AND ECONOMIC DYNAMICS, 2020, 53 : 77 - 85
[45] POWER SUPPLY FOR STATE-OWNED ENTERPRISES
Shepelev, Denis, V
Shepeleva, Dina, V
Kondrakhina, Natalia G.
LIGHT & ENGINEERING, 2019, 27 (01): : 109 - 115
[46] The Separated State Property in State-Owned Enterprises
Anggriani, Reni
Priyono, F. X. Joko
Hastuti, Nanik Tri
SOCIOLOGIA Y TECNOCIENCIA, 2023, 13 (01): : 26 - 43
[47] State-owned enterprises and privatisation in Ghana
Appiah-Kubi, K
JOURNAL OF MODERN AFRICAN STUDIES, 2001, 39 (02): : 197 - 229
[48] Boards and governance of state-owned enterprises
Simpson, Samuel Nana Yaw
CORPORATE GOVERNANCE-THE INTERNATIONAL JOURNAL OF BUSINESS IN SOCIETY, 2014, 14 (02): : 238 - +
[49] State-Owned Enterprises, Competition, and Disclosure
Bova, Francesco
Yang, Liyan
CONTEMPORARY ACCOUNTING RESEARCH, 2018, 35 (02) : 596 - 621
[50] Reform of the state-owned enterprises in China
Parker, D
Pan, WW
COMMUNIST ECONOMIES & ECONOMIC TRANSFORMATION, 1996, 8 (01): : 109 - 127

← 1 2 3 4 5 →