Political influence on the investment of state-owned enterprises

References

• Aghion, P., J. van Reenen, and L. Zingales. 2013. “Innovation and Institutional Ownership.” American Economic Review 103 (1): 277–304. https://doi.org/10.1257/aer.103.1.277.
   Web of Science ®Google Scholar
• Aharoni, Y. 1986. The Evolution and Management of State Owned Enterprises. Pensacola, Florida: Ballinger Publishing Company.
   Google Scholar
• Alok, S., M. Ayyagari, and A. Karolyi. 2020. “Politics, State Ownership, and Corporate Investments.” The Review of Financial Studies 33 (7): 3031–3087. https://doi.org/10.1093/rfs/hhz102.
   Web of Science ®Google Scholar
• Andrikopoulos, A., A. Merika, A. Merikas, and C. Sigalas. 2021. “Related Party Transactions and Principal-Principal Conflicts in Public Companies: Evidence from the Maritime Shipping Industry.” Transportation Research Part E: Logistics & Transportation Review 145:102171. https://doi.org/10.1016/j.tre.2020.102171.
   Web of Science ®Google Scholar
• Avsar, V., C. Karayalcin, and M. A. Ulubasoglu. 2013. “State‐Owned Enterprises, Inequality, and Political Ideology.” Economics & Politics 25 (3): 387–410. https://doi.org/10.1111/ecpo.12017.
   Web of Science ®Google Scholar
• Bae, S. C., T. H. Kwon, and C. Liu. 2024. “The Impact of High-Pressure Political Reforms on State-Owned Enterprises: Evidence from China.” International Review of Financial Analysis 91:103006. https://doi.org/10.1016/j.irfa.2023.103006.
   Web of Science ®Google Scholar
• Bebchuk, L., A. Cohen, and A. Ferrell. 2009. “What Matters in Corporate Governance?” Review of Financial Studies 22 (2): 783–827. https://doi.org/10.1093/rfs/hhn099.
   Web of Science ®Google Scholar
• Bebchuk, L., and J. Fried. 2004. Pay without performance: The Unfulfilled Promise of Executive Compensation. Cambridge: Harvard University Press.
   Google Scholar
• Bertrand, M., F. Kramarz, A. Schoar, and D. Thesmar. 2007. “Politicians, Firms and the Political Business Cycle: Evidence from France.” Unpublished Working Paper University of Chicago 1–40. https://www.chicagobooth.edu/research/rustandy/social-impact-research/research-papers/2009/evidence-from-france.
   Google Scholar
• Boubakri, N., J. C. Cosset, and W. Saffar. 2008. “Political Connections of Newly Privatized Firms.” Journal of Corporate Finance 14 (5): 654–673. https://doi.org/10.1016/j.jcorpfin.2008.08.003.
   Web of Science ®Google Scholar
• Brey, N. K., S. P. O. Camilo, R. Marcon, and R. Bandeira-de-Mello. 2014. “Conexões políticas em estruturas de propriedade: o governo como acionista em uma análise descritiva.” RAM Revista de Administração Mackenzie 15 (1): 98–124. https://doi.org/10.1590/S1678-69712014000100005.
   Google Scholar
• Capobianco, A., and H. Christiansen. 2011. “Competitive Neutrality and State-Owned Enterprises: Challenges and Policy Options.” OECD Corporate Governance Working Papers (1): 1. https://doi.org/10.1787/22230939.
   Google Scholar
• Chaudhry, N., and C. Veld. 2023. “Political Uncertainty and Investments by Private and State‐Owned Enterprises.” International Review of Finance 23 (3): 584–614. https://doi.org/10.1111/irfi.12410.
   Web of Science ®Google Scholar
• Chen, S., Z. Sun, S. Tang, and D. Wu. 2011. “Government Intervention and Investment Efficiency: Evidence from China.” Journal of Corporate Finance 17 (2): 259–271. https://doi.org/10.1016/j.jcorpfin.2010.08.004.
   Web of Science ®Google Scholar
• Cooray, A. 2009. “Government Expenditure, Governance and Economic Growth.” Comparative Economic Studies 51:401–418.
   Google Scholar
• Ding, S., C. Jia, C. Wilson, and Z. Wu. 2015. “Political Connections and Agency Conflicts: The Roles of Owner and Manager Political Influence on Executive Compensation.” Review of Quantitative Finance & Accounting 45 (2): 407–434. https://doi.org/10.1007/s11156-014-0441-9.
   Google Scholar
• Dragomir, V. D., M. Dumitru, and L. Feleagă. 2021. “Political Interventions in State-Owned Enterprises: The Corporate Governance Failures of a European Airline.” Journal of Accounting and Public Policy 40 (5): 106855. https://doi.org/10.1016/j.jaccpubpol.2021.106855.
   Web of Science ®Google Scholar
• Estrin, S., J. Hanousek, E. Kočenda, and J. Svejnar. 2009. “The Effects of Privatization and Ownership in Transition Economies.” Journal of Economic Literature 47 (3): 699–728. https://doi.org/10.1257/jel.47.3.699.
   Web of Science ®Google Scholar
• Faccio, M., L. H. Lang, and L. Young. 2001. “Dividends and Expropriation.” Procedia - Social and Behavioral Sciences Elsevier BV 91 (1): 54–78. https://doi.org/10.1257/aer.91.1.54.
   Google Scholar
• Fan, J. H., T. J. Wong, and T. Zhang. 2007. “Politically Connected CEOs, Corporate Governance, and Post-IPI Performance of China’s Newly Partially Privatized Firms.” Journal of Financial Economics 84 (5): 330–357. https://doi.org/10.1016/j.jfineco.2006.03.008.
   Google Scholar
• Fontes Filho, J. R., and C. F. Alves. 2018. “Mecanismos de controle na governança corporativa das empresas estatais: uma comparação entre Brasil e Portugal.” Ebape Review Br 16 (1): 2–13. https://doi.org/10.1590/1679-395172454.
   Google Scholar
• Gompers, P. A., J. Ishii, and A. Metrick. 2003. “A Corporate Governance and Equity Prices.” Quarterly Journal of Economics 118 (1): 107–156. https://doi.org/10.1162/00335530360535162.
   Web of Science ®Google Scholar
• Grosman, A., R. V. Aguilera, and M. Wright. 2019. “Lost in Translation? Corporate Governance, Independent Boards and Blockholder Appropriation.” Journal of World Business 54 (4): 258–272. https://doi.org/10.1016/j.jwb.2018.09.001.
   Web of Science ®Google Scholar
• Guldiken, O., and I. S. Darendeli. 2016. “Too Much of a Good Thing: Board Monitoring and R&D Investments.” Journal of Business Research 69 (8): 2931–2938. https://doi.org/10.1016/j.jbusres.2015.12.062.
   Web of Science ®Google Scholar
• Hoskisson, R. E., L. Eden, C. M. Lau, and M. Wright. 2000. “Strategy in Emerging Economies.” Academy of Management Journal 43 (3): 249–267. https://doi.org/10.2307/1556394.
   Web of Science ®Google Scholar
• Hung, M., T. J. Wong, and T. Zhang. 2012. “Political Considerations in the Decision of Chinese SOEs to List in Hong Kong.” Journal of Accounting and Economics 53 (1): 435–449. https://doi.org/10.1016/j.jacceco.2011.10.001.
   Web of Science ®Google Scholar
• Inoue, C. F., S. G. Lazzarini, and A. Musacchio. 2013. “Leviathan as a Minority Shareholder: Firm-Level Implications of State Equity Purchases.” Academy of Management Journal 56 (6): 1775–1801. https://doi.org/10.5465/amj.2012.0406.
   Web of Science ®Google Scholar
• Jones, L. P. 1991. Performance Evaluation for State-Owned enterprises. Privatization and Control of State-Owned Enterprises, 179–205. Washington, DC: World Bank, EDI, Development Studies.
   Google Scholar
• Klausen, J. E., and M. Winsvold. 2019. “Corporate Governance and Democratic Accountability: Local State-Owned Enterprises in Norway.” Journal of Public Policy 41 (1): 161–184. https://doi.org/10.1017/S0143814X19000229.
   Web of Science ®Google Scholar
• Krause, T. A., I. Ivanov, and M. Sidki. 2023. Blame or Gain? Is Institutional Trust Impacted by the Perception of Political Influence in State-Owned Enterprises? Working Papers, No. 30, Frankfurt University of Applied Sciences.
   Google Scholar
• la Porta, R., F. Lopez‐de‐Silanes, and A. Shleifer. 1999. “Corporate Ownership Around the World.” The Journal of Finance 54 (2): 471–517. https://doi.org/10.1111/0022-1082.00115.
   Web of Science ®Google Scholar
• La Porta, R., F., Lopez-de-Silanes, A., Shleifer, and R. Vishny. 2000. “Investor Protection and Corporate Governance.” Journal of Financial Economics 58 (1–2): 3–27.
   Web of Science ®Google Scholar
• Lawson, C. 1994. “The Theory of State‐Owned Enterprises in Market Economies.” Journal of Economic Surveys 8 (3): 283–309. https://doi.org/10.1111/j.1467-6419.1994.tb00104.x.
   Google Scholar
• Leutert, W., and S. A. Vortherms. 2021. “Personnel Power: Governing State-Owned Enterprises.” Business and Politics 23 (3): 419–437. https://doi.org/10.1017/bap.2021.5.
   Web of Science ®Google Scholar
• Lev, B. 2001. Intangibles: Management, Measurement and Reporting. Bookings Institution Press.
   Google Scholar
• Li, Q., C. Lin, L. Xu, and A. Karolyi. 2020. “Political Investment Cycles of State-Owned Enterprises.” The Review of Financial Studies 33 (7): 3088–3129. https://doi.org/10.1093/rfs/hhz090.
   Web of Science ®Google Scholar
• Li, J., and C. Qian. 2013. “Principal‐Principal Conflicts Under Weak Institutions: A Study of Corporate Takeovers in China.” Strategic Management Journal 34 (4): 498–508. https://doi.org/10.1002/smj.2027.
   Web of Science ®Google Scholar
• Loch, M., J. C. Silva, G. Bueno, and R. Marcon. 2020. “The Government As Shareholder and Principal-Principal Conflicts in the Brazilian Electric Power Industry.” BBR Brazilian Business Review 17 (1): 24–45. https://doi.org/10.15728/bbr.2020.17.1.2.
   Google Scholar
• Lopes Júnior, E. P., P. I. S. Damasceno, and R. J. S. Lôbo. 2019. “Governmental Effectiveness: Analysis of State-Owned Enterprises Investments.” Contabilidade, Gestão e Governança 22 (3): 443–462. https://doi.org/10.21714/1984-3925_2019v22n3a8.
   Web of Science ®Google Scholar
• Morck, R., D. Wolfenzon, and B. Yeung. 2005. “Corporate Governance, Economic Entrenchment, and Growth.” Journal of Economic Literature 43 (3): 655–720. https://doi.org/10.1257/002205105774431252.
   Web of Science ®Google Scholar
• Musacchio, A., and S. G. Lazzarini. 2012. “Leviathan in Business: Varieties of State Capitalism and Their Implications for Economic Performance.” Available at SSRN 2070942. https://doi.org/10.2139/ssrn.2070942.
   Google Scholar
• Nohria, N., and R. Gulati. 1996. “Is Slack Good or Bad for Innovation?” Academy of Management Journal 39 (5): 1245–1264. https://doi.org/10.2307/256998.
   Web of Science ®Google Scholar
• O’brien, J. P. 2003. “The Capital Structure Implications of Pursuing a Strategy of Innovation.” Strategic Management Journal 24 (5): 415–431. https://doi.org/10.1002/smj.308.
   Web of Science ®Google Scholar
• Okhmatovskiy, I. 2010. “Performance Implications of Ties to the Government and SOEs: A Political Embeddedness Perspective.” Journal of Management Studies 47 (6): 1020–1047. https://doi.org/10.1111/j.1467-6486.2009.00881.x.
   Web of Science ®Google Scholar
• Peng, M. W., G. D. Bruton, C. V. Stan, and Y. Huang. 2016. “Theories of the (State-Owned) Firm.” Asia Pacific Journal of Management 33 (2): 293–317. https://doi.org/10.1007/s10490-016-9462-3.
   Web of Science ®Google Scholar
• Peng, M. W., D. Y. Wang, and Y. Jiang. 2008. “An Institution-Based View of International Business Strategy: A Focus on Emerging Economies.” Journal of International Business Studies 39 (5): 920–936. https://doi.org/10.1057/palgrave.jibs.8400377.
   Web of Science ®Google Scholar
• Puffer, S. M., and D. J. McCarthy. 2007. “Can Russia’s State-Managed, Network Capitalism Be Competitive?: Institutional Pull versus Institutional Push.” Journal of World Business 42 (1): 1–13. https://doi.org/10.1016/j.jwb.2006.08.008.
   Web of Science ®Google Scholar
• Shapiro, S. P. 2005. “Agency Theory.” Annual Review of Sociology 31 (1): 263–284. https://doi.org/10.1146/annurev.soc.31.041304.122159.
   Web of Science ®Google Scholar
• Shleifer, A., and R. W. Vishny. 1994. “Politicians and Firms.” Quarterly Journal of Economics 109 (4): 995–1025. https://doi.org/10.2307/2118354.
   Web of Science ®Google Scholar
• Stan, C. V., M. W. Peng, and G. D. Bruton. 2014. “Slack and the Performance of State-Owned Enterprises.” Asia Pacific Journal of Management 31 (2): 473–495. https://doi.org/10.1007/s10490-013-9347-7.
   Web of Science ®Google Scholar
• Steensma, K., and H. Yang. 2013. “The Influence of State Ownership on Innovation in Market Competition.” Academy of Management Proceedings 2013 (1): 15283. Academy of Management. January. https://doi.org/10.5465/ambpp.2013.22.
   Google Scholar
• Svensson, J. 2005. “Eight Questions About Corruption.” Journal of Economic Perspectives 19 (3): 19–42. https://doi.org/10.1257/089533005774357860.
   Web of Science ®Google Scholar
• Szarzec, K., B. Totleben, and D. Piątek. 2022. “How Do Politicians Capture a State? Evidence from State-Owned Enterprises.” East European Politics and Societies 36 (1): 141–172. https://doi.org/10.1177/0888325420953485.
   Web of Science ®Google Scholar
• Williamson, O. E. 1979. “Transaction-Cost Economics: The Governance of Contractual Relations.” The Journal of Law and Economics 22 (2): 233–261. https://doi.org/10.1086/466942.
   Web of Science ®Google Scholar
• World Bank. Worldwide Governance Indicators. Accessed April 15, 2014. http://databank.worldbank.org/data/views/variableselection/selectvariables.aspx?source=worldwide-governance-indicators.
   Google Scholar
• Yeyati, L. E., and J. Negri. 2023. “State-Owned Enterprises: In Search for a New Consensus.” Journal of Economic Policy Reform 26 (1): 82–96. https://doi.org/10.1080/17487870.2022.2076679.
   Web of Science ®Google Scholar
• Young, M. N., M. W. Peng, D. Ahlstrom, G. D. Bruton, and Y. Jiang. 2008. “Corporate Governance in Emerging Economies: A Review of the Principal–Principal Perspective.” Journal of Management Studies 45 (1): 196–220. https://doi.org/10.1111/j.1467-6486.2007.00752.x.
   Web of Science ®Google Scholar
• Zahra, S. A., R. D. Ireland, I. Gutierrez, and M. A. Hitt. 2000. “Introduction to Special Topic Forum Privatization and Entrepreneurial Transformation: Emerging Issues and a Future Research Agenda.” The Academy of Management Review 25 (3): 509–524. https://doi.org/10.2307/259307.
   Web of Science ®Google Scholar
• Zhang, C., B. Zhou, and X. Tian. 2022. “Political Connections and Green Innovation: The Role of a Corporate Entrepreneurship Strategy in State-Owned Enterprises.” Journal of Business Research 146:375–384. https://doi.org/10.1016/j.jbusres.2022.03.084.
   Web of Science ®Google Scholar