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Title: Corporate Risk-Taking in Privatized Firms: International Evidence on the Role of State and Foreign Owners
Authors: Boubakri, Narjess
Cosset, Jean-Claude
Saffar, Walid
Keywords: Privatization
Corporate Governance
Issue Date: 2011-04
Series/Report no.: Cahiers du CIRPÉE;11-10
Abstract: Using a unique database of 190 newly privatized firms from 36 countries, we investigate the impact of shareholders’ identify on corporate risk-taking behavior. We find strong and robust evidence that state (foreign) ownership is negatively (positively) related to corporate risk-taking. Moreover, we find that these relations depend on the level of government extraction. Our results suggest that relinquishment of government control, openness to foreign investment, and improvement of country-level governance institutions are key factors in the success of privatization reform.
Appears in Collections:Cahiers de recherche du CIRPÉE

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