The value of government ownership during the global financial crisis

被引：62

作者：

Beuselinck, Christof ^{[1
,2
]}

Cao, Lihong ^{[3
,4
,5
]}

Deloof, Marc ^{[4
,5
]}

Xia, Xinping ^{[6
]}

机构：

[1] IESEG Sch Management, Puteaux La Defense, France

[2] LEM, Bourg La Reine, France

[3] Hunan Univ, Sch Business, Changsha 410082, Hunan, Peoples R China

[4] Univ Antwerp, Antwerp, Belgium

[5] Antwerp Management Sch, Antwerp, Belgium

[6] Huazhong Univ Sci & Technol, Wuhan, Hubei, Peoples R China

来源：

JOURNAL OF CORPORATE FINANCE | 2017年 / 42卷

关键词：

Government ownership; Global financial crisis; Firm value; Institutional quality; Europe; NEWLY PRIVATIZED FIRMS; CORPORATE GOVERNANCE; OPERATING PERFORMANCE; STATE; INFORMATION; MARKET;

D O I：

10.1016/j.jcorpfin.2015.05.002

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper examines the value of government ownership in Europe during the global financial crisis. This crisis was an exogenous shock for European firms, which allows us to observe an out-of-equilibrium effect on the costs and benefits of government ownership. Using a comprehensive sample of 4737 listed firms in 28 European countries over the period 2005-2009, we find that firms with government ownership experienced a smaller reduction in firm value than firms without government ownership. This effect was driven by firms located in countries where the risk of expropriation by the government is lower, that is, countries with less corruption and better investor protection. (C) 2015 Elsevier B.V. All rights reserved.

引用

页码：481 / 493

页数：13

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