IDEAS home Printed from https://ideas.repec.org/a/eee/corfin/v65y2020ics0929119920302078.html
   My bibliography  Save this article

State ownership and stock liquidity: Evidence from privatization

Author

Listed:
  • Boubakri, Narjess
  • Chen, Ruiyuan (Ryan)
  • El Ghoul, Sadok
  • Guedhami, Omrane
  • Nash, Robert

Abstract

We provide unique firm-level evidence of the relation between state ownership and stock liquidity. Using a broad sample of newly privatized firms (NPFs) from 53 countries over the period 1994–2014, our study identifies a non-monotonic association between state ownership and stock liquidity. The inverse U-shaped relation is consistent with trade-offs between costs and benefits of state ownership and suggests an optimal level of government shareholdings that maximizes stock liquidity of NPFs. We further identify that the inflection point from the cost/benefit trade-off is contingent upon characteristics of the nation's institutional environment.

Suggested Citation

  • Boubakri, Narjess & Chen, Ruiyuan (Ryan) & El Ghoul, Sadok & Guedhami, Omrane & Nash, Robert, 2020. "State ownership and stock liquidity: Evidence from privatization," Journal of Corporate Finance, Elsevier, vol. 65(C).
    • Handle: RePEc:eee:corfin:v:65:y:2020:i:c:s0929119920302078
    DOI: 10.1016/j.jcorpfin.2020.101763
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0929119920302078
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.jcorpfin.2020.101763?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Andrei Shleifer, 1998. "State versus Private Ownership," Journal of Economic Perspectives, American Economic Association, vol. 12(4), pages 133-150, Fall.
    2. Edmans, Alex & Jayaraman, Sudarshan & Schneemeier, Jan, 2017. "The source of information in prices and investment-price sensitivity," Journal of Financial Economics, Elsevier, vol. 126(1), pages 74-96.
    3. Boubakri, Narjess & Saffar, Walid, 2019. "State Ownership and Debt Choice: Evidence from Privatization," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 54(3), pages 1313-1346, June.
    4. J. Kornai & E. Maskin & G. Roland, 2004. "Understanding the Soft Budget Constraint," Voprosy Ekonomiki, NP Voprosy Ekonomiki, issue 11.
    5. Chaney, Paul K. & Faccio, Mara & Parsley, David, 2011. "The quality of accounting information in politically connected firms," Journal of Accounting and Economics, Elsevier, vol. 51(1-2), pages 58-76, February.
    6. Boycko, Maxim & Shleifer, Andrei & Vishny, Robert W, 1996. "A Theory of Privatisation," Economic Journal, Royal Economic Society, vol. 106(435), pages 309-319, March.
    7. Utpal Bhattacharya & Hazem Daouk, 2002. "The World Price of Insider Trading," Journal of Finance, American Finance Association, vol. 57(1), pages 75-108, February.
    8. Borisova, Ginka & Fotak, Veljko & Holland, Kateryna & Megginson, William L., 2015. "Government ownership and the cost of debt: Evidence from government investments in publicly traded firms," Journal of Financial Economics, Elsevier, vol. 118(1), pages 168-191.
    9. James R. Barth & Gerard Caprio & Ross Levine, 2013. "Bank regulation and supervision in 180 countries from 1999 to 2011," Journal of Financial Economic Policy, Emerald Group Publishing Limited, vol. 5(2), pages 111-219, May.
    10. Beuselinck, Christof & Cao, Lihong & Deloof, Marc & Xia, Xinping, 2017. "The value of government ownership during the global financial crisis," Journal of Corporate Finance, Elsevier, vol. 42(C), pages 481-493.
    11. Shmuel Baruch & G. Andrew Karolyi & Michael L. Lemmon, 2007. "Multimarket Trading and Liquidity: Theory and Evidence," Journal of Finance, American Finance Association, vol. 62(5), pages 2169-2200, October.
    12. Bhide, Amar, 1993. "The hidden costs of stock market liquidity," Journal of Financial Economics, Elsevier, vol. 34(1), pages 31-51, August.
    13. Shleifer, Andrei & Vishny, Robert W, 1997. "A Survey of Corporate Governance," Journal of Finance, American Finance Association, vol. 52(2), pages 737-783, June.
    14. Chia, Yee-Ee & Lim, Kian-Ping & Goh, Kim-Leng, 2020. "More shareholders, higher liquidity? Evidence from an emerging stock market," Emerging Markets Review, Elsevier, vol. 44(C).
    15. Amihud, Yakov, 2002. "Illiquidity and stock returns: cross-section and time-series effects," Journal of Financial Markets, Elsevier, vol. 5(1), pages 31-56, January.
    16. Jun, Sang-Gyung & Marathe, Achla & Shawky, Hany A., 2003. "Liquidity and stock returns in emerging equity markets," Emerging Markets Review, Elsevier, vol. 4(1), pages 1-24, March.
    17. Megginson, William L., 2017. "Privatization, State Capitalism, and State Ownership of Business in the 21st Century," Foundations and Trends(R) in Finance, now publishers, vol. 11(1-2), pages 1-153, November.
    18. Attig, Najah & Fong, Wai-Ming & Gadhoum, Yoser & Lang, Larry H.P., 2006. "Effects of large shareholding on information asymmetry and stock liquidity," Journal of Banking & Finance, Elsevier, vol. 30(10), pages 2875-2892, October.
    19. Kingsley Y. L. Fong & Craig W. Holden & Charles A. Trzcinka, 2017. "What Are the Best Liquidity Proxies for Global Research?," Review of Finance, European Finance Association, vol. 21(4), pages 1355-1401.
    20. repec:bla:jfinan:v:53:y:1998:i:1:p:1-25 is not listed on IDEAS
    21. Radhakrishnan Gopalan & Sudarshan Jayaraman, 2012. "Private Control Benefits and Earnings Management: Evidence from Insider Controlled Firms," Journal of Accounting Research, Wiley Blackwell, vol. 50(1), pages 117-157, March.
    22. Geert Bekaert & Campbell R. Harvey & Christian Lundblad, 2007. "Liquidity and Expected Returns: Lessons from Emerging Markets," The Review of Financial Studies, Society for Financial Studies, vol. 20(6), pages 1783-1831, November.
    23. Sergei Sarkissian, 2004. "The Overseas Listing Decision: New Evidence of Proximity Preference," The Review of Financial Studies, Society for Financial Studies, vol. 17(3), pages 769-809.
    24. Bortolotti, Bernardo & de Jong, Frank & Nicodano, Giovanna & Schindele, Ibolya, 2007. "Privatization and stock market liquidity," Journal of Banking & Finance, Elsevier, vol. 31(2), pages 297-316, February.
    25. Ginka Borisova & William L. Megginson, 2011. "Does Government Ownership Affect the Cost of Debt? Evidence from Privatization," The Review of Financial Studies, Society for Financial Studies, vol. 24(8), pages 2693-2737.
    26. Ginglinger, Edith & Hamon, Jacques, 2007. "Actual share repurchases, timing and liquidity," Journal of Banking & Finance, Elsevier, vol. 31(3), pages 915-938, March.
    27. Roman Frydman & Cheryl Gray & Marek Hessel & Andrzej Rapaczynski, 2000. "The Limits of Discipline: Ownership and Hard Budget Constraints in the Transition Economies," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 8(3), pages 577-601, November.
    28. Lesmond, David A., 2005. "Liquidity of emerging markets," Journal of Financial Economics, Elsevier, vol. 77(2), pages 411-452, August.
    29. Boycko, Maxim & Shleifer, Andrei & Vishny, Robert W., 1994. "Voucher privatization," Journal of Financial Economics, Elsevier, vol. 35(2), pages 249-266, April.
      • Boycko, Maxim & Shleifer, Andrei & Vishny, Robert W., 1993. "Voucher Privatization," Working Papers 85, The University of Chicago Booth School of Business, George J. Stigler Center for the Study of the Economy and the State.
      • Boycko, Maxim & Shleifer, Andrei & Vishny, Robert W, 1994. "Voucher Privatization," Scholarly Articles 30704159, Harvard University Department of Economics.
    30. Rhee, S. Ghon & Wang, Jianxin, 2009. "Foreign institutional ownership and stock market liquidity: Evidence from Indonesia," Journal of Banking & Finance, Elsevier, vol. 33(7), pages 1312-1324, July.
    31. Levine, Ross, 1991. "Stock Markets, Growth, and Tax Policy," Journal of Finance, American Finance Association, vol. 46(4), pages 1445-1465, September.
    32. repec:bla:jfinan:v:59:y:2004:i:6:p:2835-2870 is not listed on IDEAS
    33. Boubakri, Narjess & Cosset, Jean-Claude & Guedhami, Omrane & Saffar, Walid, 2011. "The political economy of residual state ownership in privatized firms: Evidence from emerging markets," Journal of Corporate Finance, Elsevier, vol. 17(2), pages 244-258, April.
    34. Leuz, C & Verrecchia, RE, 2000. "The economic consequences of increased disclosure," Journal of Accounting Research, Wiley Blackwell, vol. 38, pages 91-124.
    35. Fama, Eugene F. & French, Kenneth R., 1997. "Industry costs of equity," Journal of Financial Economics, Elsevier, vol. 43(2), pages 153-193, February.
    36. Holmstrom, Bengt & Tirole, Jean, 1993. "Market Liquidity and Performance Monitoring," Journal of Political Economy, University of Chicago Press, vol. 101(4), pages 678-709, August.
    37. Boubakri, Narjess & Cosset, Jean-Claude & Saffar, Walid, 2013. "The role of state and foreign owners in corporate risk-taking: Evidence from privatization," Journal of Financial Economics, Elsevier, vol. 108(3), pages 641-658.
    38. In‐Mu Haw & Bingbing Hu & Lee‐Seok Hwang & Woody Wu, 2004. "Ultimate Ownership, Income Management, and Legal and Extra‐Legal Institutions," Journal of Accounting Research, Wiley Blackwell, vol. 42(2), pages 423-462, May.
    39. Dongwei Su & Xingxing He, 2012. "Ownership structure, corporate governance and productive efficiency in China," Journal of Productivity Analysis, Springer, vol. 38(3), pages 303-318, December.
    40. Cull, Robert & Xu, Lixin Colin & Zhu, Tian, 2009. "Formal finance and trade credit during China's transition," Journal of Financial Intermediation, Elsevier, vol. 18(2), pages 173-192, April.
    41. Mark H. Lang & Karl V. Lins & Darius P. Miller, 2003. "ADRs, Analysts, and Accuracy: Does Cross Listing in the United States Improve a Firm's Information Environment and Increase Market Value?," Journal of Accounting Research, Wiley Blackwell, vol. 41(2), pages 317-345, May.
    42. Megginson, William L & Nash, Robert C & van Randenborgh, Matthias, 1994. "The Financial and Operating Performance of Newly Privatized Firms: An International Empirical Analysis," Journal of Finance, American Finance Association, vol. 49(2), pages 403-452, June.
    43. D'Souza, Juliet & Nash, Robert, 2017. "Private benefits of public control: Evidence of political and economic benefits of state ownership," Journal of Corporate Finance, Elsevier, vol. 46(C), pages 232-247.
    44. Guedhami, Omrane & Pittman, Jeffrey A. & Saffar, Walid, 2009. "Auditor choice in privatized firms: Empirical evidence on the role of state and foreign owners," Journal of Accounting and Economics, Elsevier, vol. 48(2-3), pages 151-171, December.
    45. Jeong†Bon Kim & Cheong H. Yi, 2006. "Ownership Structure, Business Group Affiliation, Listing Status, and Earnings Management: Evidence from Korea," Contemporary Accounting Research, John Wiley & Sons, vol. 23(2), pages 427-464, June.
    46. Ding, Mingfa & Suardi, Sandy, 2019. "Government ownership and stock liquidity: Evidence from China," Emerging Markets Review, Elsevier, vol. 40(C), pages 1-1.
    47. Bernardo Bortolotti & Mara Faccio, 2009. "Government Control of Privatized Firms," The Review of Financial Studies, Society for Financial Studies, vol. 22(8), pages 2907-2939, August.
    48. Megginson, William L., 2005. "The economics of bank privatization," Journal of Banking & Finance, Elsevier, vol. 29(8-9), pages 1931-1980, August.
    49. Leuz, Christian & Nanda, Dhananjay & Wysocki, Peter D., 2003. "Earnings management and investor protection: an international comparison," Journal of Financial Economics, Elsevier, vol. 69(3), pages 505-527, September.
    50. repec:dau:papers:123456789/1748 is not listed on IDEAS
    51. Fauver, Larry & Hung, Mingyi & Li, Xi & Taboada, Alvaro G., 2017. "Board reforms and firm value: Worldwide evidence," Journal of Financial Economics, Elsevier, vol. 125(1), pages 120-142.
    52. repec:bla:jfinan:v:53:y:1998:i:1:p:65-98 is not listed on IDEAS
    53. Pastor, Lubos & Stambaugh, Robert F., 2003. "Liquidity Risk and Expected Stock Returns," Journal of Political Economy, University of Chicago Press, vol. 111(3), pages 642-685, June.
    54. Roll, Richard, 1984. "A Simple Implicit Measure of the Effective Bid-Ask Spread in an Efficient Market," Journal of Finance, American Finance Association, vol. 39(4), pages 1127-1139, September.
    55. Chung, Kee H. & Elder, John & Kim, Jang-Chul, 2010. "Corporate Governance and Liquidity," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 45(2), pages 265-291, April.
    56. Yakov Amihud & Haim Mendelson, 2012. "Liquidity, the Value of the Firm, and Corporate Finance," Journal of Applied Corporate Finance, Morgan Stanley, vol. 24(1), pages 17-32, March.
    57. Kyle, Albert S, 1985. "Continuous Auctions and Insider Trading," Econometrica, Econometric Society, vol. 53(6), pages 1315-1335, November.
    58. Brockman, Paul & Chung, Dennis Y. & Yan, Xuemin (Sterling), 2009. "Block Ownership, Trading Activity, and Market Liquidity," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 44(6), pages 1403-1426, December.
    59. Goyenko, Ruslan Y. & Holden, Craig W. & Trzcinka, Charles A., 2009. "Do liquidity measures measure liquidity?," Journal of Financial Economics, Elsevier, vol. 92(2), pages 153-181, May.
    60. Boubakri, Narjess & El Ghoul, Sadok & Guedhami, Omrane & Megginson, William L., 2018. "The market value of government ownership," Journal of Corporate Finance, Elsevier, vol. 50(C), pages 44-65.
    61. Bernardo Bortolotti & Marcella Fantini & Carlo Scarpa, 2002. "Why Do Governments Privatize Abroad?," International Review of Finance, International Review of Finance Ltd., vol. 3(2), pages 131-161, June.
    62. Mark Lang & Karl V. Lins & Mark Maffett, 2012. "Transparency, Liquidity, and Valuation: International Evidence on When Transparency Matters Most," Journal of Accounting Research, Wiley Blackwell, vol. 50(3), pages 729-774, June.
    63. Chen, Ruiyuan (Ryan) & El Ghoul, Sadok & Guedhami, Omrane & Nash, Robert, 2018. "State Ownership and Corporate Cash Holdings," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 53(5), pages 2293-2334, October.
    64. Maria K. Boutchkova & William L. Megginson, 2000. "Privatization and the Rise of Global Capital Markets," Financial Management, Financial Management Association, vol. 29(4), Winter.
    65. Cumming, Douglas & Johan, Sofia & Li, Dan, 2011. "Exchange trading rules and stock market liquidity," Journal of Financial Economics, Elsevier, vol. 99(3), pages 651-671, March.
    66. Boubakri, Narjess & Guedhami, Omrane & Mishra, Dev & Saffar, Walid, 2012. "Political connections and the cost of equity capital," Journal of Corporate Finance, Elsevier, vol. 18(3), pages 541-559.
    67. Andrei Shleifer & Robert W. Vishny, 1994. "Politicians and Firms," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 109(4), pages 995-1025.
    68. Boubakri, Narjess & Cosset, Jean-Claude & Guedhami, Omrane, 2005. "Postprivatization corporate governance: The role of ownership structure and investor protection," Journal of Financial Economics, Elsevier, vol. 76(2), pages 369-399, May.
    69. repec:oup:rfinst:v:21:y:2017:i:4:p:1355-1401. is not listed on IDEAS
    70. Holland, Kateryna, 2019. "Government investment in publicly traded firms," Journal of Corporate Finance, Elsevier, vol. 56(C), pages 319-342.
    71. MARA FACCIO & RONALD W. MASULIS & JOHN J. McCONNELL, 2006. "Political Connections and Corporate Bailouts," Journal of Finance, American Finance Association, vol. 61(6), pages 2597-2635, December.
    72. Bruno Biais & Enrico Perotti, 2002. "Machiavellian Privatization," American Economic Review, American Economic Association, vol. 92(1), pages 240-258, March.
    73. Frydman, R. & Gray, C. & Hessel, M. & Rapaczynski, A., 2000. "The Limits of Discipline: Ownership and Hard Budget Constraints in the Transition Economies," Working Papers 00-02, C.V. Starr Center for Applied Economics, New York University.
    74. Yakov Amihud & Haim Mendelson, 2000. "The Liquidity Route To A Lower Cost Of Capital," Journal of Applied Corporate Finance, Morgan Stanley, vol. 12(4), pages 8-25, January.
    75. Lesmond, David A & Ogden, Joseph P & Trzcinka, Charles A, 1999. "A New Estimate of Transaction Costs," The Review of Financial Studies, Society for Financial Studies, vol. 12(5), pages 1113-1141.
    76. Boehmer, Ekkehart & Nash, Robert C. & Netter, Jeffry M., 2005. "Bank privatization in developing and developed countries: Cross-sectional evidence on the impact of economic and political factors," Journal of Banking & Finance, Elsevier, vol. 29(8-9), pages 1981-2013, August.
    77. Hamdi Ben‐Nasr & Narjess Boubakri & Jean‐Claude Cosset, 2012. "The Political Determinants of the Cost of Equity: Evidence from Newly Privatized Firms," Journal of Accounting Research, Wiley Blackwell, vol. 50(3), pages 605-646, June.
    78. Mark H. Lang & Karl V. Lins & Darius P. Miller, 2004. "Concentrated Control, Analyst Following, and Valuation: Do Analysts Matter Most When Investors Are Protected Least?," Journal of Accounting Research, Wiley Blackwell, vol. 42(3), pages 589-623, June.
    79. Jeffry M. Netter & William L. Megginson, 2001. "From State to Market: A Survey of Empirical Studies on Privatization," Journal of Economic Literature, American Economic Association, vol. 39(2), pages 321-389, June.
    80. Borisova, Ginka & Brockman, Paul & Salas, Jesus M. & Zagorchev, Andrey, 2012. "Government ownership and corporate governance: Evidence from the EU," Journal of Banking & Finance, Elsevier, vol. 36(11), pages 2917-2934.
    81. Leuz, Christian, 2006. "Cross listing, bonding and firms' reporting incentives: A discussion of Lang, Raedy and Wilson (2006)," Journal of Accounting and Economics, Elsevier, vol. 42(1-2), pages 285-299, October.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Andrey B. Ankudinov & Bela S. Bataeva, 2021. "Capital structure and market capitalization: Empirical analysis of Russian public companies," Upravlenets, Ural State University of Economics, vol. 12(2), pages 35-42, April.
    2. Tee, Chwee-Ming & Wong, Wai-Yan & Hooy, Chee-Wooi, 2024. "Political connections and carbon footprint: A cross-country evidence," International Review of Economics & Finance, Elsevier, vol. 93(PB), pages 69-85.
    3. Breugem, Matthijs & Corvino, Raffaele, 2021. "Dynamic ownership and private benefits," Journal of Corporate Finance, Elsevier, vol. 67(C).
    4. Huang, Ke & Zhu, Ying, 2022. "China’s secondary privatization and corporate investment efficiency," Research in International Business and Finance, Elsevier, vol. 61(C).
    5. Philip Sinnadurai & Susela Devi, 2022. "Understanding Post-Privatisation Performance of Statutory Bodies Subject to Government Shareholding—A Suggested Theoretical Framework, for Malaysian Researchers," JRFM, MDPI, vol. 15(5), pages 1-15, May.
    6. Marc Kouzez & Ji-Yong Lee & Jomana Leroux, 2024. "Investment in ESG activities and bank performance: does bank ownership matter?," Post-Print hal-03859287, HAL.
    7. Lin, Xin-Yi & Liu, Jing-Yue & Zhang, Yue-Jun, 2024. "Does corporate social responsibility affect stock liquidity? Evidence from China," Finance Research Letters, Elsevier, vol. 60(C).
    8. Anureet Virk Sidhu & Shailesh Rastogi & Rajani Gupte & Venkata Mrudula Bhimavarapu, 2022. "Impact of Liquidity Coverage Ratio on Performance of Select Indian Banks," JRFM, MDPI, vol. 15(5), pages 1-17, May.
    9. Ruiyuan Chen & Sadok El Ghoul & Omrane Guedhami & Chuck C. Y. Kwok & Robert Nash, 2021. "International evidence on state ownership and trade credit: Opportunities and motivations," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 52(6), pages 1121-1158, August.
    10. Douglas Cumming & Pedro Monteiro, 2023. "Sovereign wealth fund investment in venture capital, private equity, and real asset funds," Journal of International Business Policy, Palgrave Macmillan, vol. 6(3), pages 330-355, September.
    11. Li, WeiWei & Huang, Ruilei & Gan, Zhongxin & Jiang, Zhiyan, 2024. "Do state-affiliated corporate shareholders matter for asset-liability maturity mismatch?," Finance Research Letters, Elsevier, vol. 60(C).
    12. Yee - Ee Chia & Ricky Chee - Jiun Chia & Mohd Ashari Bakri, 2023. "COVID-19 and stock liquidity: Evidence from top 30 Kuala Lumpur composite index," Economics Bulletin, AccessEcon, vol. 43(1), pages 280-294.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Boubakri, Narjess & Guedhami, Omrane & Kwok, Chuck C.Y. & Wang, He (Helen), 2019. "Is privatization a socially responsible reform?," Journal of Corporate Finance, Elsevier, vol. 56(C), pages 129-151.
    2. Ruiyuan Chen & Sadok El Ghoul & Omrane Guedhami & Chuck C. Y. Kwok & Robert Nash, 2021. "International evidence on state ownership and trade credit: Opportunities and motivations," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 52(6), pages 1121-1158, August.
    3. Boubakri, Narjess & El Ghoul, Sadok & Guedhami, Omrane & Hossain, Mahmud, 2020. "Post-privatization state ownership and bank risk-taking: Cross-country evidence," Journal of Corporate Finance, Elsevier, vol. 64(C).
    4. Boubakri, Narjess & El Ghoul, Sadok & Guedhami, Omrane & Megginson, William L., 2018. "The market value of government ownership," Journal of Corporate Finance, Elsevier, vol. 50(C), pages 44-65.
    5. Xinyu Yu & Ping Wang, 2020. "Government control and the value of cash: evidence from listed firms in China," Review of Quantitative Finance and Accounting, Springer, vol. 55(4), pages 1341-1369, November.
    6. Holland, Kateryna, 2019. "Government investment in publicly traded firms," Journal of Corporate Finance, Elsevier, vol. 56(C), pages 319-342.
    7. Achsanta, Aldy Fariz & Lepetit, Laetitia & Tarazi, Amine, 2022. "Government ownership of banks: Implications for minority shareholders," Economic Modelling, Elsevier, vol. 112(C).
    8. Hamdi Ben-Nasr, 2015. "Government Ownership and Dividend Policy: Evidence from Newly Privatised Firms," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 42(5-6), pages 665-704, June.
    9. Sun, Lingxia, 2023. "Ultimate government control and stock price crash risk: Evidence from China," Emerging Markets Review, Elsevier, vol. 55(C).
    10. Ding, Mingfa & Suardi, Sandy, 2019. "Government ownership and stock liquidity: Evidence from China," Emerging Markets Review, Elsevier, vol. 40(C), pages 1-1.
    11. Chia, Yee-Ee & Lim, Kian-Ping & Goh, Kim-Leng, 2020. "More shareholders, higher liquidity? Evidence from an emerging stock market," Emerging Markets Review, Elsevier, vol. 44(C).
    12. Li, Ting & Zaiats, Nataliya, 2017. "Information environment and earnings management of dual class firms around the world," Journal of Banking & Finance, Elsevier, vol. 74(C), pages 1-23.
    13. Cosset, Jean-Claude & Durnev, Art & Oliveira dos Santos, Igor, 2020. "Privatization and state ownership of natural advantage industries," The Quarterly Review of Economics and Finance, Elsevier, vol. 76(C), pages 68-83.
    14. Liu, Yu & Xu, Jian, 2022. "Residual state ownership, foreign ownership and firms' financing patterns," Emerging Markets Review, Elsevier, vol. 51(PA).
    15. Roy, Partha P. & Rao, Sandeep & Zhu, Min, 2022. "Mandatory CSR expenditure and stock market liquidity," Journal of Corporate Finance, Elsevier, vol. 72(C).
    16. Chen, Ruiyuan & El Ghoul, Sadok & Guedhami, Omrane & Wang, He, 2017. "Do state and foreign ownership affect investment efficiency? Evidence from privatizations," Journal of Corporate Finance, Elsevier, vol. 42(C), pages 408-421.
    17. Bram De Lange & Bruno Merlevede, 2020. "State-Owned Enterprises across Europe: Stylized Facts from a Large Firm-level Dataset," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 20/1006, Ghent University, Faculty of Economics and Business Administration.
    18. Hamdi Ben‐Nasr & Narjess Boubakri & Jean‐Claude Cosset, 2012. "The Political Determinants of the Cost of Equity: Evidence from Newly Privatized Firms," Journal of Accounting Research, Wiley Blackwell, vol. 50(3), pages 605-646, June.
    19. Boubakri, Narjess & Guedhami, Omrane & Saffar, Walid, 2016. "Geographic location, foreign ownership, and cost of equity capital: Evidence from privatization," Journal of Corporate Finance, Elsevier, vol. 38(C), pages 363-381.
    20. Ben-Nasr, Hamdi, 2016. "State and foreign ownership and the value of working capital management," Journal of Corporate Finance, Elsevier, vol. 41(C), pages 217-240.

    More about this item

    Keywords

    Privatization; Government ownership; Stock liquidity;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:corfin:v:65:y:2020:i:c:s0929119920302078. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/jcorpfin .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.