Publication
Title
The value of government ownership during the global financial crisis
Author
Abstract
This paper examines the value of government ownership in Europe during the global financial crisis. This crisis was an exogenous shock for European firms, which allows us to observe an out-of-equilibrium effect on the costs and benefits of government ownership. Using a comprehensive sample of 4737 listed firms in 28 European countries over the period 20052009, we find that firms with government ownership experienced a smaller reduction in firm value than firms without government ownership. This effect was driven by firms located in countries where the risk of expropriation by the government is lower, that is, countries with less corruption and better investor protection.
Language
English
Source (journal)
Journal of corporate finance. - Amsterdam
Publication
Amsterdam : 2017
ISSN
0929-1199
Volume/pages
42(2017), p. 481-493
ISI
000394471500027
Full text (Publisher's DOI)
Full text (open access)
The author-created version that incorporates referee comments and is the accepted for publication version Available from 01.07.2018
Full text (publisher's version - intranet only)
UAntwerpen
Faculty/Department
Research group
Publication type
Subject
Affiliation
Publications with a UAntwerp address
External links
Web of Science
Record
Identification
Creation 01.09.2015
Last edited 10.06.2017
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