State ownership reinvented? Explaining performance differences between state‐owned and private firms

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dc.contributor.authorSERGIO GIOVANETTI LAZZARINI
dc.contributor.authorMusacchio, Aldo
dc.coverage.cidadeNão informadopt_BR
dc.coverage.paisNão Informadopt_BR
dc.creatorMusacchio, Aldo
dc.date.accessioned2022-10-13T20:54:07Z
dc.date.available2022-10-13T20:54:07Z
dc.date.issued2018
dc.description.otherResearch Question/Issue: This study aims to understand the implications of the corporate governance arrangements in state‐owned enterprises (SOEs) that are publicly listed in terms of firm performance relative to that of private firms. Research Findings/Insights: Using a new database of 477 large, listed SOEs observed between 1997 and 2012 in 66 developed and emerging countries, we use matching techniques to show that these firms do not underperform similar private firms, except when the former face shocks that prioritize their social and political objectives, such as during severe recessions. These findings demonstrate the need to revise existing theories of SOE underperformance. Theoretical/Academic Implications: We expand the traditional agency view of SOEs by introducing principal–principal conflicts that prevail in publicly traded firms. We argue that governments try to steer SOEs to pursue social and political objectives, which can lead to inefficiencies, but they also provide them rents and protection, factors that should lead them to perform as well or better than similar private firms. Thus, our theory of state ownership argues that their advantage or disadvantage over similar private firms cannot be identified from the theory and thus needs an empirical test. Practitioner/Policy Implications: We modify the simplistic view that SOEs are inef ficient and highlight that SOEs that compete with private firms may have advantages that give them a competitive edge. This has implications not only for firm‐level strategy, but also for competition policy worldwide.pt_BR
dc.format.extentp. 255-272pt_BR
dc.format.mediumDigitalpt_BR
dc.identifier.doi10.1111/corg.12239pt_BR
dc.identifier.urihttps://repositorio.insper.edu.br/handle/11224/4276
dc.identifier.volume26pt_BR
dc.language.isoInglêspt_BR
dc.publisherJohn Wiley & Sonspt_BR
dc.relation.ispartofCorporate Governance: An International Reviewpt_BR
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 EDITOR.pt_BR
dc.subject.keywordsCorporate Governancept_BR
dc.subject.keywordsNational Privatizationpt_BR
dc.subject.keywordsNational‐Level Governance Outcomespt_BR
dc.subject.keywordsOwnership Mechanismspt_BR
dc.subject.keywordsState‐Owned Enterprise (SOE)pt_BR
dc.titleState ownership reinvented? Explaining performance differences between state‐owned and private firmspt_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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