Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/23888
Title: The role of state and foreign owners in corporate risk-taking : evidence from privatization
Authors: Boubakri, N
Cosset, JC
Saffar, W 
Keywords: Corporate governance
Privatization
Risk-taking
Issue Date: 2013
Publisher: Elsevier
Source: Journal of financial economics, 2013, v. 108, no. 3, p. 641-658 How to cite?
Journal: Journal of financial economics 
Abstract: Using a unique database of 381 newly privatized firms from 57 countries, we investigate the impact of shareholders' identity 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 high risk-taking by foreign owners depends on the strength of country-level governance institutions. Our results suggest that relinquishment of government control, openness to foreign investment, and improvement of country-level governance institutions are key determining factors of corporate risk-taking in newly privatized firms.
URI: http://hdl.handle.net/10397/23888
ISSN: 0304-405X
DOI: 10.1016/j.jfineco.2012.12.007
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