Leviathan as a minority shareholder: firm-level implications of state equity purchases

dc.contributor.authorInoue, Carlos Frederico Kiyoshi Vasconcelos
dc.contributor.authorSERGIO GIOVANETTI LAZZARINI
dc.contributor.authorMusacchio, Aldo
dc.coverage.cidadeNão informadopt_BR
dc.coverage.paisNão Informadopt_BR
dc.creatorInoue, Carlos Frederico Kiyoshi Vasconcelos
dc.creatorMusacchio, Aldo
dc.date.accessioned2022-10-11T21:44:15Z
dc.date.available2022-10-11T21:44:15Z
dc.date.issued2013
dc.description.otherIn 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 invest ment 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.pt_BR
dc.format.extentp. 1775-1801pt_BR
dc.format.mediumDigitalpt_BR
dc.identifier.doihttp://dx.doi.org/10.5465/amj.2012.0406pt_BR
dc.identifier.issue6pt_BR
dc.identifier.urihttps://repositorio.insper.edu.br/handle/11224/4251
dc.identifier.volume56pt_BR
dc.language.isoInglêspt_BR
dc.publisherNão informadopt_BR
dc.relation.ispartofAcademy of Management Journalpt_BR
dc.relation.urihttps://journals.aom.org/doi/10.5465/amj.2012.0406
dc.rights.licenseO INSPER E ESTE REPOSITÓRIO NÃO DETÊM OS DIREITOS DE USO E REPRODUÇÃO DOS CONTEÚDOS AQUI REGISTRADOS. É RESPONSABILIDADE DOS USUÁRIOS INDIVIDUAIS VERIFICAR OS USOS PERMITIDOS NA FONTE ORIGINAL, RESPEITANDO-SE OS DIREITOS DE AUTOR OU EDITORpt_BR
dc.subject.keywordsNão informadopt_BR
dc.titleLeviathan as a minority shareholder: firm-level implications of state equity purchasespt_BR
dc.typejournal article
dspace.entity.typePublication
local.subject.cnpqCiências Sociais Aplicadaspt_BR
local.typeArtigo Científicopt_BR
relation.isAuthorOfPublication4ee022f9-7466-405d-ae1a-6b1e33f611e8
relation.isAuthorOfPublication.latestForDiscovery4ee022f9-7466-405d-ae1a-6b1e33f611e8
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