LEVIATHAN AS A MINORITY SHAREHOLDER: FIRM-LEVEL IMPLICATIONS OF STATE EQUITY PURCHASES

• 成果类型: Article
• 署名作者: Inoue, Carlos F. K. V.; Lazzarini, Sergio G.; Musacchio, Aldo
• 署名单位: Insper; Harvard University; National Bureau of Economic Research
• 刊物名称: ACADEMY OF MANAGEMENT JOURNAL
• ISSN/ISSBN: 0001-4273
• DOI: 10.5465/amj.2012.0406
• 发表日期: 2013
• 页码: 1775-1801
• 关键词: emerging markets; corporate governance; business groups; UNITED-STATES; Agency theory; performance; OWNERSHIP; PRIVATE; privatization; TRANSITION

摘要

In many countries, firms face institutional voids that raise the costs of doing business and thwart entrepreneurial activity. We examine a particular mechanism that may address those voids: minority state ownership. Minority stakes are less affected by the agency distortions commonly found for full-fledged state ownership. Using panel data from publicly traded firms in Brazil, where the government holds minority stakes through its development bank, we find a positive effect of those stakes on firms' returns on assets and on the capital expenditures of financially constrained firms with investment opportunities. However, these positive effects are substantially reduced when minority stakes are allocated to business group affiliates and as local institutions develop. Therefore, we shed light on the firm-level implications of minority state ownership, a topic that has received scant attention in the strategy literature.