The market value of government ownership

被引：63

作者：

Boubakri, Narjess ^{[1
]}

El Ghoul, Sadok ^{[2
]}

Guedhami, Omrane ^{[3
]}

Megginson, William L. ^{[4
,5
]}

机构：

[1] Amer Univ Sharjah, POB 26666, Sharjah, U Arab Emirates

[2] Univ Alberta, Edmonton, AB T6C 4G9, Canada

[3] Univ South Carolina, Columbia, SC 29208 USA

[4] Univ Oklahoma, Norman, OK 73019 USA

[5] King Fahd Univ Petr & Minerals, Riyadh, Saudi Arabia

来源：

JOURNAL OF CORPORATE FINANCE | 2018年 / 50卷

关键词：

Government control; Financial crises; Corporate valuation; POLITICAL CONNECTIONS; IMPLIED COST; CORPORATE; RETURN; STATE; RISK;

D O I：

10.1016/j.jcorpfin.2017.12.026

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Motivated by the recent rise of state capitalism, this paper investigates the effects of government ownership on market valuations across a sample of publicly listed corporations from East Asia. We find strong, robust evidence that government-owned firms exhibit higher market valuation than non-government-owned firms, but the relation is not linear. The benefits of government ownership in terms of value premium extend to closely held firms where the government is a second blockholder. These effects stem from the financing decisions of government-owned firms and from the discount rate of cash flows, and hold prior to and during the recent global financial crisis. Additional analyses suggest that the effect of government ownership on valuation is influenced by financial market development and the quality of institutions and government in place. Collectively, our results imply that government ownership can be valuable. (C) 2018 Elsevier B.V. All rights reserved.

引用

页码：44 / 65

页数：22

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