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Preprints, Working Papers, ... (Working Paper) Year : 2022

State Ownership and Corporate Leverage Around the World

Ralph de Haas
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Alexander Stepanov
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Does state ownership hinder or help rms access credit? We use data on almost 4 million rms in 89 countries to study the relationship between state ownership and corporate leverage. Controlling for country-sector-year xed eects and conventional rm-level determinants of leverage, we show that state ownership is robustly and negatively related to corporate leverage. This relationship holds across most of the rm-size distributionwith the important exception of the largest companiesand is stronger in countries with weak political and legal institutions. A panel data analysis of privatized rms and a comparison of privatized with matched control rms yield similar qualitative and quantitative eects of state ownership on leverage.
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hal-03878686 , version 1 (29-11-2022)


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  • HAL Id : hal-03878686 , version 1


Ralph de Haas, Sergei Guriev, Alexander Stepanov. State Ownership and Corporate Leverage Around the World. 2022. ⟨hal-03878686⟩
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