메뉴 건너뛰기




Volumn 108, Issue 3, 2013, Pages 641-658

The role of state and foreign owners in corporate risk-taking: Evidence from privatization

Author keywords

Corporate governance; Privatization; Risk taking

Indexed keywords


EID: 84877609814     PISSN: 0304405X     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jfineco.2012.12.007     Document Type: Article
Times cited : (557)

References (62)
  • 3
    • 0034754775 scopus 로고    scopus 로고
    • New tools in comparative political economy: the database of political institutions
    • Beck T., Clarke G., Groff A., Keefer P., Walsh P. New tools in comparative political economy: the database of political institutions. World Bank Economic Review 2001, 15:165-176.
    • (2001) World Bank Economic Review , vol.15 , pp. 165-176
    • Beck, T.1    Clarke, G.2    Groff, A.3    Keefer, P.4    Walsh, P.5
  • 4
    • 79960513001 scopus 로고    scopus 로고
    • Does government ownership affect the cost of debt: Evidence from privatization?
    • Borisova G., Megginson W.L. Does government ownership affect the cost of debt: Evidence from privatization?. Review of Financial Studies 2011, 24:2693-2737.
    • (2011) Review of Financial Studies , vol.24 , pp. 2693-2737
    • Borisova, G.1    Megginson, W.L.2
  • 6
    • 0004442622 scopus 로고    scopus 로고
    • The financial and operating performance of newly privatized firms: Evidence from developing countries
    • Boubakri N., Cosset J.-C. The financial and operating performance of newly privatized firms: Evidence from developing countries. Journal of Finance 1998, 53:1081-1110.
    • (1998) Journal of Finance , vol.53 , pp. 1081-1110
    • Boubakri, N.1    Cosset, J.-C.2
  • 7
    • 16844386845 scopus 로고    scopus 로고
    • Post-privatization corporate governance: The role of ownership structure and investor protection
    • Boubakri N., Cosset J.-C., Guedhami O. Post-privatization corporate governance: The role of ownership structure and investor protection. Journal of Financial Economics 2005, 76:369-399.
    • (2005) Journal of Financial Economics , vol.76 , pp. 369-399
    • Boubakri, N.1    Cosset, J.-C.2    Guedhami, O.3
  • 8
    • 27144471041 scopus 로고    scopus 로고
    • Liberalization, corporate governance and the performance of newly privatized firms
    • Boubakri N., Cosset J.-C., Guedhami O. Liberalization, corporate governance and the performance of newly privatized firms. Journal of Corporate Finance 2005, 11:767-790.
    • (2005) Journal of Corporate Finance , vol.11 , pp. 767-790
    • Boubakri, N.1    Cosset, J.-C.2    Guedhami, O.3
  • 10
    • 33846894044 scopus 로고    scopus 로고
    • Foreign investor participation in privatizations: Does the institutional environment matter?
    • Boubakri N., Cosset J.-C., Guedhami O., Omran M. Foreign investor participation in privatizations: Does the institutional environment matter?. Journal of Financial Research 2007, 30:129-146.
    • (2007) Journal of Financial Research , vol.30 , pp. 129-146
    • Boubakri, N.1    Cosset, J.-C.2    Guedhami, O.3    Omran, M.4
  • 11
    • 78751701626 scopus 로고    scopus 로고
    • The political economy of residual state ownership in privatized firms: Evidence from emerging markets
    • Boubakri N., Cosset J.-C., Guedhami O., Saffar W. The political economy of residual state ownership in privatized firms: Evidence from emerging markets. Journal of Corporate Finance 2011, 17:244-258.
    • (2011) Journal of Corporate Finance , vol.17 , pp. 244-258
    • Boubakri, N.1    Cosset, J.-C.2    Guedhami, O.3    Saffar, W.4
  • 14
    • 0001925832 scopus 로고
    • Testing a causal model of corporate risk-taking and performance
    • Bromiley P. Testing a causal model of corporate risk-taking and performance. Academy of Management Journal 1991, 34:37-59.
    • (1991) Academy of Management Journal , vol.34 , pp. 37-59
    • Bromiley, P.1
  • 15
  • 17
    • 84877609405 scopus 로고    scopus 로고
    • Claessens, S., Djankov, S., Nenova, T., 2001. Corporate risk around the world. World Bank Policy Research Working Paper 2271.
    • Claessens, S., Djankov, S., Nenova, T., 2001. Corporate risk around the world. World Bank Policy Research Working Paper 2271.
  • 18
    • 0001955893 scopus 로고    scopus 로고
    • Privatization and corporate governance: The lessons from securities market failure
    • Coffee J.C. Privatization and corporate governance: The lessons from securities market failure. Journal of Corporate Law 1999, 25:1-39.
    • (1999) Journal of Corporate Law , vol.25 , pp. 1-39
    • Coffee, J.C.1
  • 21
    • 0000957355 scopus 로고    scopus 로고
    • State-owned and privatelyowned firms: An empirical analysis of profitability, leverage, and labor intensity
    • Dewenter K., Malatesta P. State-owned and privatelyowned firms: An empirical analysis of profitability, leverage, and labor intensity. American Economic Review 2001, 91:320-334.
    • (2001) American Economic Review , vol.91 , pp. 320-334
    • Dewenter, K.1    Malatesta, P.2
  • 23
    • 0000838266 scopus 로고    scopus 로고
    • Enterprise restructuring in transition: A quantitative survey
    • Djankov S., Murrell P. Enterprise restructuring in transition: A quantitative survey. Journal of Economic Literature 2002, 40:739-792.
    • (2002) Journal of Economic Literature , vol.40 , pp. 739-792
    • Djankov, S.1    Murrell, P.2
  • 24
    • 58949097720 scopus 로고    scopus 로고
    • Private benefits of control, ownership, and the cross-listing decision
    • Doidge C., Karolyi G., Lins K., Miller D., Stulz R. Private benefits of control, ownership, and the cross-listing decision. Journal of Finance 2009, 64:425-466.
    • (2009) Journal of Finance , vol.64 , pp. 425-466
    • Doidge, C.1    Karolyi, G.2    Lins, K.3    Miller, D.4    Stulz, R.5
  • 25
    • 0011086176 scopus 로고    scopus 로고
    • The financial and operating performance of privatized firms during the 1990s
    • D'Souza J., Megginson W. The financial and operating performance of privatized firms during the 1990s. Journal of Finance 1999, 54:1397-1438.
    • (1999) Journal of Finance , vol.54 , pp. 1397-1438
    • D'Souza, J.1    Megginson, W.2
  • 27
    • 0034753746 scopus 로고    scopus 로고
    • Privatization and corporate governance: Principles, evidence, and future challenges
    • Dyck A. Privatization and corporate governance: Principles, evidence, and future challenges. The World Bank Research Observer 2001, 16:59-84.
    • (2001) The World Bank Research Observer , vol.16 , pp. 59-84
    • Dyck, A.1
  • 29
    • 80054918965 scopus 로고    scopus 로고
    • Large shareholder diversification and corporate risk-taking
    • Faccio M., Marchica M., Mura R. Large shareholder diversification and corporate risk-taking. Review of Financial Studies 2011, 24:3601-3641.
    • (2011) Review of Financial Studies , vol.24 , pp. 3601-3641
    • Faccio, M.1    Marchica, M.2    Mura, R.3
  • 30
    • 34247262521 scopus 로고    scopus 로고
    • Politically connected CEOs, corporate governance, and post-IPO performance of China's newly partially privatized firms
    • Fan P.H., Wong T.J., Zhang T. Politically connected CEOs, corporate governance, and post-IPO performance of China's newly partially privatized firms. Journal of Financial Economics 2007, 84:330-357.
    • (2007) Journal of Financial Economics , vol.84 , pp. 330-357
    • Fan, P.H.1    Wong, T.J.2    Zhang, T.3
  • 31
    • 46049088884 scopus 로고    scopus 로고
    • The colors of investors' money: The role of institutional investors around the world
    • Ferreira M.A., Matos P. The colors of investors' money: The role of institutional investors around the world. Journal of Financial Economics 2008, 88:499-533.
    • (2008) Journal of Financial Economics , vol.88 , pp. 499-533
    • Ferreira, M.A.1    Matos, P.2
  • 32
    • 47849122079 scopus 로고    scopus 로고
    • Corporate stability and economic growth: Is what's good for general motors good for America?
    • Fogel K., Morck R., Yeung B. Corporate stability and economic growth: Is what's good for general motors good for America?. Journal of Financial Economics 2008, 89:83-108.
    • (2008) Journal of Financial Economics , vol.89 , pp. 83-108
    • Fogel, K.1    Morck, R.2    Yeung, B.3
  • 33
    • 84906090855 scopus 로고    scopus 로고
    • Annual freedom in the world survey: political rights and civil liberties rating
    • Freedom House
    • Freedom House, 2010. Annual freedom in the world survey: political rights and civil liberties rating . http://www.freedomhouse.org.
    • (2010)
  • 34
    • 0006070524 scopus 로고    scopus 로고
    • When does privatization work? The impact of private ownership on corporate performance in the transition economies
    • Frydman R., Gray C., Hessel M., Rapaczynski A. When does privatization work? The impact of private ownership on corporate performance in the transition economies. Quarterly Journal of Economics 1999, 114:1153-1191.
    • (1999) Quarterly Journal of Economics , vol.114 , pp. 1153-1191
    • Frydman, R.1    Gray, C.2    Hessel, M.3    Rapaczynski, A.4
  • 35
    • 28144440002 scopus 로고    scopus 로고
    • Corporate governance, corporate ownership, and the role of institutional investors: A global perspective
    • Gillan S.L., Starks L.T. Corporate governance, corporate ownership, and the role of institutional investors: A global perspective. Journal of Applied Finance 2003, 13:4-22.
    • (2003) Journal of Applied Finance , vol.13 , pp. 4-22
    • Gillan, S.L.1    Starks, L.T.2
  • 37
    • 33750374773 scopus 로고    scopus 로고
    • Ownership concentration in privatized firms: The role of disclosure standards, auditor choice, and auditing infrastructure
    • Guedhami O., Pittman J.A. Ownership concentration in privatized firms: The role of disclosure standards, auditor choice, and auditing infrastructure. Journal of Accounting Research 2006, 44:889-929.
    • (2006) Journal of Accounting Research , vol.44 , pp. 889-929
    • Guedhami, O.1    Pittman, J.A.2
  • 38
    • 70350425205 scopus 로고    scopus 로고
    • Auditor choice in privatized firms: Empirical evidence on the role of state and foreign owners
    • Guedhami O., Pittman J.A., Saffar W. Auditor choice in privatized firms: Empirical evidence on the role of state and foreign owners. Journal of Accounting and Economics 2009, 48:151-171.
    • (2009) Journal of Accounting and Economics , vol.48 , pp. 151-171
    • Guedhami, O.1    Pittman, J.A.2    Saffar, W.3
  • 39
    • 83455242362 scopus 로고    scopus 로고
    • Economic freedom of the world: 2010 annual report
    • Gwartney, J.D., Lawson, R., Norton, S., 2010. Economic freedom of the world: 2010 annual report. http://www.freetheworld.com.
    • (2010)
    • Gwartney, J.D.1    Lawson, R.2    Norton, S.3
  • 40
    • 68749100630 scopus 로고    scopus 로고
    • Does religion matter in corporate decision making in America?
    • Hilary G., Hui K.W. Does religion matter in corporate decision making in America?. Journal of Financial Economics 2009, 93:455-473.
    • (2009) Journal of Financial Economics , vol.93 , pp. 455-473
    • Hilary, G.1    Hui, K.W.2
  • 42
    • 47849107249 scopus 로고    scopus 로고
    • Corporate governance and risk-taking
    • John K., Litov L., Yeung B. Corporate governance and risk-taking. Journal of Finance 2008, 63:1679-1728.
    • (2008) Journal of Finance , vol.63 , pp. 1679-1728
    • John, K.1    Litov, L.2    Yeung, B.3
  • 43
    • 0000746374 scopus 로고    scopus 로고
    • Share issue privatizations as financial means to political and economic ends
    • Jones S., Megginson W.L., Nash R., Netter J. Share issue privatizations as financial means to political and economic ends. Journal of Financial Economics 1999, 53:217-253.
    • (1999) Journal of Financial Economics , vol.53 , pp. 217-253
    • Jones, S.1    Megginson, W.L.2    Nash, R.3    Netter, J.4
  • 44
    • 0004063385 scopus 로고    scopus 로고
    • Governance matters VIII: Governance indicators for 1996-2008
    • World Bank Policy Research Working Paper No. 4978.
    • Kaufmann, D., Kraay, A., Mastruzzi, M., 2009. Governance matters VIII: Governance indicators for 1996-2008. World Bank Policy Research Working Paper No. 4978.
    • (2009)
    • Kaufmann, D.1    Kraay, A.2    Mastruzzi, M.3
  • 45
    • 84984517112 scopus 로고
    • Institutions and economic performance: Cross-country tests using alternative institutional measures
    • Knack S., Keefer P. Institutions and economic performance: Cross-country tests using alternative institutional measures. Economics and Politics 1995, 7:207-227.
    • (1995) Economics and Politics , vol.7 , pp. 207-227
    • Knack, S.1    Keefer, P.2
  • 47
  • 49
    • 77951217425 scopus 로고    scopus 로고
    • Do foreigners invest less in poorly governed firms?
    • Leuz C., Lins K., Warnock F. Do foreigners invest less in poorly governed firms?. Review of Financial Studies 2009, 22:3245-3285.
    • (2009) Review of Financial Studies , vol.22 , pp. 3245-3285
    • Leuz, C.1    Lins, K.2    Warnock, F.3
  • 50
    • 0042012826 scopus 로고    scopus 로고
    • Earnings management and investor protection: An international comparison
    • Leuz C., Nanda D., Wysocki P. Earnings management and investor protection: An international comparison. Journal of Financial Economics 2003, 69:505-527.
    • (2003) Journal of Financial Economics , vol.69 , pp. 505-527
    • Leuz, C.1    Nanda, D.2    Wysocki, P.3
  • 51
    • 84877586453 scopus 로고    scopus 로고
    • How does culture influence corporate risk-taking? Unpublished working paper, University of British Columbia and Peking University.
    • Li, K., Griffin, D., Yue, H., Zhao, L., 2012. How does culture influence corporate risk-taking? Unpublished working paper, University of British Columbia and Peking University.
    • (2012)
    • Li, K.1    Griffin, D.2    Yue, H.3    Zhao, L.4
  • 53
    • 84993888589 scopus 로고
    • The financial and operating performance of newly-privatized firms: an international empirical analysis
    • Megginson W.L., Nash R., Van Randenborgh M. The financial and operating performance of newly-privatized firms: an international empirical analysis. Journal of Finance 1994, 49:403-452.
    • (1994) Journal of Finance , vol.49 , pp. 403-452
    • Megginson, W.L.1    Nash, R.2    Van Randenborgh, M.3
  • 54
    • 0001759920 scopus 로고    scopus 로고
    • From state to market: A survey of empirical studies on privatization
    • Megginson W.L., Netter J.N. From state to market: A survey of empirical studies on privatization. Journal of Economic Literature 2001, 39:321-389.
    • (2001) Journal of Economic Literature , vol.39 , pp. 321-389
    • Megginson, W.L.1    Netter, J.N.2
  • 56
    • 0000366954 scopus 로고    scopus 로고
    • Decoupling risk taking from income stream uncertainty: A holistic model of risk
    • Palmer T.B., Wiseman R.M. Decoupling risk taking from income stream uncertainty: A holistic model of risk. Strategic Management Journal 1999, 20:1037-1062.
    • (1999) Strategic Management Journal , vol.20 , pp. 1037-1062
    • Palmer, T.B.1    Wiseman, R.M.2
  • 57
  • 58
    • 0001906819 scopus 로고    scopus 로고
    • Globalization, corporate finance, and the cost of capital
    • Stulz R. Globalization, corporate finance, and the cost of capital. Journal of Applied Corporate Finance 1999, 12:8-25.
    • (1999) Journal of Applied Corporate Finance , vol.12 , pp. 8-25
    • Stulz, R.1
  • 59
    • 23944437887 scopus 로고    scopus 로고
    • The limits of financial globalization
    • Stulz R. The limits of financial globalization. Journal of Finance 2005, 60:1595-1638.
    • (2005) Journal of Finance , vol.60 , pp. 1595-1638
    • Stulz, R.1
  • 60
    • 78149500334 scopus 로고    scopus 로고
    • Simple formulas for standard errors that cluster by both firm and time
    • Thompson S. Simple formulas for standard errors that cluster by both firm and time. Journal of Financial Economics 2011, 99:1-10.
    • (2011) Journal of Financial Economics , vol.99 , pp. 1-10
    • Thompson, S.1
  • 61
    • 0003450442 scopus 로고
    • MIT Press Series on the Regulation of Economic Activity 18, MIT Press, Cambridge, MA
    • Vickers J., Yarrow G. Privatization: An Economic Analysis 1988, MIT Press Series on the Regulation of Economic Activity 18, MIT Press, Cambridge, MA.
    • (1988) Privatization: An Economic Analysis
    • Vickers, J.1    Yarrow, G.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.