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Corporate Risk-Taking in Privatized Firms: International Evidence on the Role of State and Foreign Owners

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  • Narjess Boubakri
  • Jean-Claude Cosset
  • Walid Saffar
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    Abstract

    Using a unique database of 190 newly privatized firms from 36 countries, we investigate the impact of shareholders’ identify on corporate risk-taking behavior. We find strong and robust evidence that state (foreign) ownership is negatively (positively) related to corporate risk-taking. Moreover, we find that these relations depend on the level of government extraction. Our results suggest that relinquishment of government control, openness to foreign investment, and improvement of country-level governance institutions are key factors in the success of privatization reform.

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    File URL: http://www.cirpee.org/fileadmin/documents/Cahiers_2011/CIRPEE11-10.pdf
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    Bibliographic Info

    Paper provided by CIRPEE in its series Cahiers de recherche with number 1110.

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    Date of creation: 2011
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    Handle: RePEc:lvl:lacicr:1110

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    Keywords: Privatization; risk-taking; corporate governance;

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