| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP17300 |
| DP17300 State Ownership and Corporate Leverage Around the World | |
| Ralph De Haas; Sergei Guriev; Alexander Stepanov | |
| 发表日期 | 2022-05-11 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | Does state ownership hinder or help firms access credit? We use data on almost 4 million firms in 89 countries to study the relationship between state ownership and corporate leverage. Controlling for country-sector-year fixed effects and conventional firm-level determinants of leverage, we show that state ownership is robustly and negatively related to corporate leverage. This relationship holds across most of the firm-size distribution, with the important exception of the largest companies, and is stronger in countries with weak political and legal institutions. A panel data analysis of privatized firms and a comparison of privatized with matched control firms yield similar qualitative and quantitative effects of state ownership on leverage. |
| 主题 | Financial Economics ; Organizational Economics ; Public Economics |
| 关键词 | State ownership Privatization Corporate debt State banks |
| URL | https://cepr.org/publications/dp17300 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/546325 |
| 推荐引用方式 GB/T 7714 | Ralph De Haas,Sergei Guriev,Alexander Stepanov. DP17300 State Ownership and Corporate Leverage Around the World. 2022. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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