Does Ownership Identity Matter? A Meta‐analysis of Research on Firm Financial Performance in Relation to Government versus Private Ownership
Kun Tracy Wang and
Greg Shailer
Abacus, 2018, vol. 54, issue 1, 1-35
Abstract:
We examine whether reported ownership–performance relations systematically differ for government versus private ownership by integrating the diverse empirical results for listed corporations in emerging markets. Our meta‐analysis confirms popular perceptions that, compared to private ownership, government ownership is associated with inferior performance. We find that, on average, the underlying ownership–performance relation is negative for government ownership and positive for private ownership, and the difference between these relations is significant. We also find that the positive private ownership–performance relation is stronger for institutional/foreign ownership compared to family/management ownership. Further analysis shows that negative (positive) government (private) ownership and performance relations have weakened (strengthened) over time. Our assessment of the sources of heterogeneity shows that reported relations are biased by estimation methods that fail to adequately control for endogeneity. Our results suggest that the nature of ownership–performance relations in emerging markets remains very dynamic and warrants ongoing research interest.
Date: 2018
References: Add references at CitEc
Citations: View citations in EconPapers (22)
Downloads: (external link)
https://doi.org/10.1111/abac.12103
Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
HTML/Text
Persistent link: https://EconPapers.repec.org/RePEc:bla:abacus:v:54:y:2018:i:1:p:1-35
Ordering information: This journal article can be ordered from
http://www.blackwell ... bs.asp?ref=0001-3072
Access Statistics for this article
Abacus is currently edited by G.W. Dean and S. Jones
More articles in Abacus from Accounting Foundation, University of Sydney
Bibliographic data for series maintained by Wiley Content Delivery (contentdelivery@wiley.com).