State ownership,political ideology,and firm performance around the world |
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Authors: | Ruth Aguilera Patricio Duran P.P.M.A.R. Heugens Steve Sauerwald Roxana Turturea Marc VanEssen |
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Affiliation: | 1. University of Sussex Business School, United Kingdom;2. Southampton Business School, University of Southampton, United Kingdom;3. University of Sussex Business School, United Kingdom |
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Abstract: | It is often taken as a stylized fact that state ownership harms the financial performance of firms. Yet we show that this relationship varies greatly across national contexts. We argue that the political ideology of the government, both independently and in conjunction with political institutions (state capacity and political constraint), affects this relationship. We test our hypotheses using meta-analytical techniques on an international sample spanning 53 years and 131 countries. Our research sheds further light on the state ownership – firm performance relationship by highlighting the role of the political ideology of the government, and its interactions with political institutions. |
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Keywords: | State capitalism State ownership Meta-analysis Institution-Based view Political institutions Public enterprise |
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