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Does state ownership really matter for capital structure in selected G-20 economies?

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  • Muhammad Yusuf Amin
  • Mustafa Besim
  • Zahoor Ul Haq

Abstract

The effect of state ownership on the capital structure decisions of enterprises in selected G-20 countries is estimated using financial and accounting data of 252 state-owned and 6503 non-state-owned firms for the period 2011–2015. The results indicate that state ownership is positively associated with leverage in all the selected G-20 countries. However, this phenomenon changed when countries were considered according to their income levels because state-owned enterprises in high-income countries carry more debt, while the opposite is true for lower-middle-income countries. The results were also divergent when the effects of various firm-specific variables were compared between state and non-state-owned enterprises across the development spectrum.

Suggested Citation

  • Muhammad Yusuf Amin & Mustafa Besim & Zahoor Ul Haq, 2019. "Does state ownership really matter for capital structure in selected G-20 economies?," Economic Research-Ekonomska Istraživanja, Taylor & Francis Journals, vol. 32(1), pages 3150-3167, January.
    • Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:3150-3167
    DOI: 10.1080/1331677X.2019.1661000
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