Government attenuation of institutional inefficiencies in capital markets: influence on the financial performance of Brazilian electricity distribution companies
Author
Abstract
Suggested Citation
DOI: 10.1016/j.jup.2019.100940
Download full text from publisher
As the access to this document is restricted, you may want to search for a different version of it.
References listed on IDEAS
- Ningyue Liu & Liming Wang & Min Zhang, 2013. "Corporate Ownership, Political Connections and M&A: Empirical Evidence from China," Asian Economic Papers, MIT Press, vol. 12(3), pages 41-57, Fall.
- Francisco J. Buera & Yongseok Shin, 2013.
"Financial Frictions and the Persistence of History: A Quantitative Exploration,"
Journal of Political Economy, University of Chicago Press, vol. 121(2), pages 221-272.
- Yongseok Shin & Francisco Buera, 2007. "Financial Frictions and the Persistence of History: A Quantitative Exploration," 2007 Meeting Papers 300, Society for Economic Dynamics.
- Francisco J. Buera & Yongseok Shin, 2010. "Financial Frictions and the Persistence of History: A Quantitative Exploration," NBER Working Papers 16400, National Bureau of Economic Research, Inc.
- Mike W Peng & Denis Y L Wang & Yi Jiang, 2008. "An institution-based view of international business strategy: a focus on emerging economies," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 39(5), pages 920-936, July.
- He, Xiaoming & Eden, Lorraine & Hitt, Michael A., 2016. "Shared Governance: Institutional Investors as a Counterbalance to the State in State Owned Multinationals," Journal of International Management, Elsevier, vol. 22(2), pages 115-130.
- Fan, Joseph P.H. & Wong, T.J. & Zhang, Tianyu, 2007. "Politically connected CEOs, corporate governance, and Post-IPO performance of China's newly partially privatized firms," Journal of Financial Economics, Elsevier, vol. 84(2), pages 330-357, May.
- Shleifer, Andrei & Vishny, Robert W, 1997.
"A Survey of Corporate Governance,"
Journal of Finance, American Finance Association, vol. 52(2), pages 737-783, June.
- Andrei Shleifer & Robert W. Vishny, 1995. "A Survey of Corporate Governance," Harvard Institute of Economic Research Working Papers 1741, Harvard - Institute of Economic Research.
- Shleifer, Andrei & Vishny, Robert W., 1997. "A Survey of Corporate Governance," Scholarly Articles 30728046, Harvard University Department of Economics.
- Andrei Shleifer & Robert W. Vishny, 1996. "A Survey of Corporate Governance," NBER Working Papers 5554, National Bureau of Economic Research, Inc.
- Paul M Vaaler & Burkhard N Schrage, 2009. "Residual state ownership, policy stability and financial performance following strategic decisions by privatizing telecoms," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 40(4), pages 621-641, May.
- Amy J. Hillman & Asghar Zardkoohi & Leonard Bierman, 1999. "Corporate political strategies and firm performance: indications of firm‐specific benefits from personal service in the U.S. government," Strategic Management Journal, Wiley Blackwell, vol. 20(1), pages 67-81, January.
- Meghana Ayyagari & Asli Demirgüç-Kunt & Vojislav Maksimovic, 2008.
"How Important Are Financing Constraints? The Role of Finance in the Business Environment,"
The World Bank Economic Review, World Bank, vol. 22(3), pages 483-516, November.
- Ayyagari, Meghana & Demirguc-Kunt, Asli & Maksimovic, Vojislav, 2006. "How important are financing constraints ? The role of finance in the business environment," Policy Research Working Paper Series 3820, The World Bank.
- Steen Thomsen & Torben Pedersen, 2000. "Ownership structure and economic performance in the largest european companies," Strategic Management Journal, Wiley Blackwell, vol. 21(6), pages 689-705, June.
- Lazzarini, Sergio G. & Musacchio, Aldo & Bandeira-de-Mello, Rodrigo & Marcon, Rosilene, 2015. "What Do State-Owned Development Banks Do? Evidence from BNDES, 2002–09," World Development, Elsevier, vol. 66(C), pages 237-253.
- Alvaro Cuervo-Cazurra & Mehmet Genc, 2008. "Transforming disadvantages into advantages: developing-country MNEs in the least developed countries," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 39(6), pages 957-979, September.
- Yigang Pan & Lefa Teng & Atipol Bhanich Supapol & Xiongwen Lu & Dan Huang & Zhennan Wang, 2014. "Firms’ FDI ownership: The influence of government ownership and legislative connections," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 45(8), pages 1029-1043, October.
- Aya S Chacar & William Newburry & Balagopal Vissa, 2010. "Bringing institutions into performance persistence research: Exploring the impact of product, financial, and labor market institutions," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 41(7), pages 1119-1140, September.
- Cull, Robert & Li, Wei & Sun, Bo & Xu, Lixin Colin, 2015.
"Government connections and financial constraints: Evidence from a large representative sample of Chinese firms,"
Journal of Corporate Finance, Elsevier, vol. 32(C), pages 271-294.
- Cull, Robert & Li, Wei & Sun, Bo & Xu, Lixin Colin, 2013. "Government connections and financial constraints : evidence from a large representative sample of Chinese firms," Policy Research Working Paper Series 6352, The World Bank.
- Robert Cull & Wei Li & Bo Sun & Lixin Colin Xu, 2015. "Government Connections and Financial Constraints: Evidence from a Large Representative Sample of Chinese Firms," International Finance Discussion Papers 1129, Board of Governors of the Federal Reserve System (U.S.).
- Johnson, Simon & Mitton, Todd, 2003.
"Cronyism and capital controls: evidence from Malaysia,"
Journal of Financial Economics, Elsevier, vol. 67(2), pages 351-382, February.
- Simon Johnson & Todd Mitton, 2001. "Cronyism and Capital Controls: Evidence from Malaysia," NBER Working Papers 8521, National Bureau of Economic Research, Inc.
- Jean-Jacques Dethier & Maximilian Hirn & Stéphane Straub, 2011.
"Explaining Enterprise Performance in Developing Countries with Business Climate Survey Data,"
The World Bank Research Observer, World Bank, vol. 26(2), pages 258-309, August.
- Dethier, Jean-Jacques & Hirn, Maximilian & Straub, Stephane, 2008. "Explaining Enterprise Performance in Developing Countries with Business Climate Survey Data," Policy Research Working Paper Series 4792, The World Bank.
- Eitan Goldman & Jörg Rocholl & Jongil So, 2013. "Politically Connected Boards of Directors and The Allocation of Procurement Contracts," Review of Finance, European Finance Association, vol. 17(5), pages 1617-1648.
- Sirtaine, Sophie & Pinglo, Maria Elena & Guasch, J. Luis & Foster, Vivien, 2005. "How profitable are private infrastructure concessions in Latin America?: Empirical evidence and regulatory implications," The Quarterly Review of Economics and Finance, Elsevier, vol. 45(2-3), pages 380-402, May.
- Thorsten Beck & Asli Demirgüç‐Kunt & Vojislav Maksimovic, 2005. "Financial and Legal Constraints to Growth: Does Firm Size Matter?," Journal of Finance, American Finance Association, vol. 60(1), pages 137-177, February.
- Stein, Jeremy C., 2003.
"Agency, information and corporate investment,"
Handbook of the Economics of Finance, in: G.M. Constantinides & M. Harris & R. M. Stulz (ed.), Handbook of the Economics of Finance, edition 1, volume 1, chapter 2, pages 111-165,
Elsevier.
- Jeremy C. Stein, 2001. "Agency, Information and Corporate Investment," NBER Working Papers 8342, National Bureau of Economic Research, Inc.
- Tiago B. Correia & Elbia Melo & Agnes M. da Costa & Adriano J. da Silva, 2006. "Trajetória das Reformas Institucionais da Indústria Elétrica Brasileira e Novas Perspectivas de Mercado," Economia, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics], vol. 7(3), pages 607-627.
- Klaus E Meyer & Yuan Ding & Jing Li & Hua Zhang, 2014. "Overcoming distrust: How state-owned enterprises adapt their foreign entries to institutional pressures abroad," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 45(8), pages 1005-1028, October.
- Esteban García‐Canal & Mauro F. Guillén, 2008. "Risk and the strategy of foreign location choice in regulated industries," Strategic Management Journal, Wiley Blackwell, vol. 29(10), pages 1097-1115, October.
- Buckley, Peter J. & Elia, Stefano & Kafouros, Mario, 2014. "Acquisitions by emerging market multinationals: Implications for firm performance," Journal of World Business, Elsevier, vol. 49(4), pages 611-632.
- G.M. Constantinides & M. Harris & R. M. Stulz (ed.), 2003. "Handbook of the Economics of Finance," Handbook of the Economics of Finance, Elsevier, edition 1, volume 1, number 1, March.
- Alvaro Cuervo-Cazurra & Andrew Inkpen & Aldo Musacchio & Kannan Ramaswamy, 2014. "Governments as owners: State-owned multinational companies," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 45(8), pages 919-942, October.
- Wu, Hsueh-Liang, 2011. "Can minority state ownership influence firm value? Universal and contingency views of its governance effects," Journal of Business Research, Elsevier, vol. 64(8), pages 839-845, August.
- Kátia Rocha & Gabriel Fiuza de Bragança & Fernando Camacho, 2006. "Remuneração de Capital das Distribuidoras de Energia Elétrica: Uma Análise Comparativa," Discussion Papers 1153, Instituto de Pesquisa Econômica Aplicada - IPEA.
- G.M. Constantinides & M. Harris & R. M. Stulz (ed.), 2003. "Handbook of the Economics of Finance," Handbook of the Economics of Finance, Elsevier, edition 1, volume 1, number 2, March.
- Paul Brockman & Oliver M Rui & Huan Zou, 2013. "Institutions and the performance of politically connected M&As," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 44(8), pages 833-852, October.
- Lin Cui & Fuming Jiang, 2012. "State ownership effect on firms' FDI ownership decisions under institutional pressure: a study of Chinese outward-investing firms," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 43(3), pages 264-284, April.
- Peter J Buckley & L Jeremy Clegg & Adam R Cross & Xin Liu & Hinrich Voss & Ping Zheng, 2007. "The determinants of Chinese outward foreign direct investment," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 38(4), pages 499-518, July.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Christian Falaster & Manuel Portugal Ferreira & Dan Li, 2021. "The influence of generalized and arbitrary institutional inefficiencies on the ownership decision in cross-border acquisitions," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 52(9), pages 1724-1749, December.
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.- Li, Linjie & Liu, Xiaming & Yuan, Dong & Yu, Miaojie, 2017. "Does outward FDI generate higher productivity for emerging economy MNEs? – Micro-level evidence from Chinese manufacturing firms," International Business Review, Elsevier, vol. 26(5), pages 839-854.
- Jing Li & Klaus E Meyer & Hua Zhang & Yuan Ding, 2018. "Diplomatic and corporate networks: Bridges to foreign locations," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 49(6), pages 659-683, August.
- Alvaro Cuervo-Cazurra, 2018. "Thanks but no thanks: State-owned multinationals from emerging markets and host-country policies," Journal of International Business Policy, Palgrave Macmillan, vol. 1(3), pages 128-156, December.
- Andrei Panibratov & Daria Klishevich, 2023. "Emerging market state-owned multinationals: a review and implications for the state capitalism debate," Asian Business & Management, Palgrave Macmillan, vol. 22(1), pages 84-117, February.
- Ren, Monica & Manning, Stephan & Vavilov, Stanislav, 2019. "Does state ownership really matter? The dynamic alignment of China's resource environment and firm internationalization strategies," Journal of International Management, Elsevier, vol. 25(3), pages 1-1.
- Mike W. Peng & Sergey Lebedev & Cristina O. Vlas & Joyce C. Wang & Jason S. Shay, 2018. "The growth of the firm in (and out of) emerging economies," Asia Pacific Journal of Management, Springer, vol. 35(4), pages 829-857, December.
- Rodrigues, Suzana B. & Dieleman, Marleen, 2018. "The internationalization paradox: Untangling dependence in multinational state hybrids," Journal of World Business, Elsevier, vol. 53(1), pages 39-51.
- Daniel M. Shapiro & Carlos Vecino & Jing Li, 2018. "Exploring China’s state-led FDI model: Evidence from the extractive sectors in Latin America," Asia Pacific Journal of Management, Springer, vol. 35(1), pages 11-37, March.
- Wu, Jie & Wood, Geoffrey & Khan, Zaheer, 2021. "Top management team’s formal network and international expansion of Chinese firms: The moderating role of state ownership and political ties," International Business Review, Elsevier, vol. 30(3).
- Buckley, Peter J & Cui, Lin & Chen, Liang & Li, Yi & Choi, Yoona, 2023. "Following their predecessors’ journey? A review of EMNE studies and avenues for interdisciplinary inquiry," Journal of World Business, Elsevier, vol. 58(2).
- Ziliang Deng & Jiayan Yan & Pei Sun, 2020. "Political Status and Tax Haven Investment of Emerging Market Firms: Evidence from China," Journal of Business Ethics, Springer, vol. 165(3), pages 469-488, September.
- Klishevich, Daria & Panibratov, Andrei, 2024. "The omnipresence of the state and its effect on the internationalization of companies: The Russian variety of state capitalism," Journal of International Management, Elsevier, vol. 30(4).
- Fernanda Arreola & Rodrigo Bandeira-de-Mello, 2018. "The Differential Effects of Minority State Ownership Types on the Internationalization of Emerging Market Multinationals from Democratic States," Management International Review, Springer, vol. 58(5), pages 845-869, October.
- Cuervo-Cazurra, Alvaro & Li, Cheng, 2021. "State ownership and internationalization: The advantage and disadvantage of stateness," Journal of World Business, Elsevier, vol. 56(1).
- Deng, Ziliang & Yan, Jiayan & van Essen, Marc, 2018. "Heterogeneity of political connections and outward foreign direct investment," International Business Review, Elsevier, vol. 27(4), pages 893-903.
- Grimm Noh & Dongyoub Shin, 2018. "The different influences of the government and politicians on the international expansion of Chinese firms," Asian Business & Management, Palgrave Macmillan, vol. 17(5), pages 366-396, December.
- Birgitte Grøgaard & Asmund Rygh & Gabriel R. G. Benito, 2019. "Bringing corporate governance into internalization theory: State ownership and foreign entry strategies," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 50(8), pages 1310-1337, October.
- He, Xinming & Zhang, Jianhong, 2018. "Emerging market MNCs' cross-border acquisition completion: Institutional image and strategies," Journal of Business Research, Elsevier, vol. 93(C), pages 139-150.
- Thanh Ngo & Jurica Susnjara, 2020. "Government contracts and US bond yield spreads: A study on costs and benefits of materialized political connections," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 47(7-8), pages 1059-1085, July.
- Chen, Shimin & Sun, Zheng & Tang, Song & Wu, Donghui, 2011. "Government intervention and investment efficiency: Evidence from China," Journal of Corporate Finance, Elsevier, vol. 17(2), pages 259-271, April.
More about this item
Keywords
Institutional inefficiencies; Electric power; Government intervention; Financial market institutional inefficiencies; Capital market institutional inefficiencies;All these keywords.
Statistics
Access and download statisticsCorrections
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:juipol:v:60:y:2019:i:c:5. 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: https://www.sciencedirect.com/journal/utilities-policy .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.