State-Owned Enterprises as Countercyclical Instruments: Experimental Evidence from the Infrastructure Sector
This paper examines the effects of a negative macroeconomic shock on the financial performance of state-owned enterprises (SOEs) in infrastructure. It exploits the differential effects of a drastic fall in oil prices (in 2014-15) on SOEs in energy-rich countries relative to SOEs in non-energy-rich c...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
The World Bank
2022
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| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | This paper examines the effects of a negative macroeconomic shock on the financial performance of state-owned enterprises (SOEs) in infrastructure. It exploits the differential effects of a drastic fall in oil prices (in 2014-15) on SOEs in energy-rich countries relative to SOEs in non-energy-rich countries, matching firms based on their fuel expense ratio. The results-based on a balanced sample using coarsened exact matching and a differences-in-differences estimation-indicate that fully owned SOEs (FSOEs) that suffered a negative macroeconomic shock performed worse than those that did not. FSOEs that suffered a shock also received large fiscal transfers from the government to cope with the shock for three years after the shock. Despite the transfers, they reduced their capital expenditures as a consequence of the shock |
| Beschreibung: | 1 Online-Ressource (27 Seiten) |
| DOI: | 10.1596/1813-9450-9971 |
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| 520 | 3 | |a This paper examines the effects of a negative macroeconomic shock on the financial performance of state-owned enterprises (SOEs) in infrastructure. It exploits the differential effects of a drastic fall in oil prices (in 2014-15) on SOEs in energy-rich countries relative to SOEs in non-energy-rich countries, matching firms based on their fuel expense ratio. The results-based on a balanced sample using coarsened exact matching and a differences-in-differences estimation-indicate that fully owned SOEs (FSOEs) that suffered a negative macroeconomic shock performed worse than those that did not. FSOEs that suffered a shock also received large fiscal transfers from the government to cope with the shock for three years after the shock. Despite the transfers, they reduced their capital expenditures as a consequence of the shock | |
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| 650 | 4 | |a Economic Policy, Institutions and Governance | |
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| 650 | 4 | |a Energy Sector Regulation | |
| 650 | 4 | |a Infrastructure | |
| 650 | 4 | |a Macroeconomic Shock | |
| 650 | 4 | |a Macroeconomics and Economic Growth | |
| 650 | 4 | |a Private Utilities | |
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| id | DE-604.BV049080570 |
| illustrated | Not Illustrated |
| index_date | 2024-07-03T22:27:57Z |
| indexdate | 2024-10-12T04:03:00Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-034342461 |
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| physical | 1 Online-Ressource (27 Seiten) |
| psigel | ZDB-1-WBA |
| publishDate | 2022 |
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| publisher | The World Bank |
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| spellingShingle | Herrera Dappe, Matias State-Owned Enterprises as Countercyclical Instruments Experimental Evidence from the Infrastructure Sector Economic Crisis Economic Policy, Institutions and Governance Energy Energy Policies and Economics Energy Privatization Energy Sector Regulation Infrastructure Macroeconomic Shock Macroeconomics and Economic Growth Private Utilities Public Utilities State-Owned Enterprise |
| title | State-Owned Enterprises as Countercyclical Instruments Experimental Evidence from the Infrastructure Sector |
| title_auth | State-Owned Enterprises as Countercyclical Instruments Experimental Evidence from the Infrastructure Sector |
| title_exact_search | State-Owned Enterprises as Countercyclical Instruments Experimental Evidence from the Infrastructure Sector |
| title_exact_search_txtP | State-Owned Enterprises as Countercyclical Instruments Experimental Evidence from the Infrastructure Sector |
| title_full | State-Owned Enterprises as Countercyclical Instruments Experimental Evidence from the Infrastructure Sector Matias Herrera Dappe |
| title_fullStr | State-Owned Enterprises as Countercyclical Instruments Experimental Evidence from the Infrastructure Sector Matias Herrera Dappe |
| title_full_unstemmed | State-Owned Enterprises as Countercyclical Instruments Experimental Evidence from the Infrastructure Sector Matias Herrera Dappe |
| title_short | State-Owned Enterprises as Countercyclical Instruments |
| title_sort | state owned enterprises as countercyclical instruments experimental evidence from the infrastructure sector |
| title_sub | Experimental Evidence from the Infrastructure Sector |
| topic | Economic Crisis Economic Policy, Institutions and Governance Energy Energy Policies and Economics Energy Privatization Energy Sector Regulation Infrastructure Macroeconomic Shock Macroeconomics and Economic Growth Private Utilities Public Utilities State-Owned Enterprise |
| topic_facet | Economic Crisis Economic Policy, Institutions and Governance Energy Energy Policies and Economics Energy Privatization Energy Sector Regulation Infrastructure Macroeconomic Shock Macroeconomics and Economic Growth Private Utilities Public Utilities State-Owned Enterprise |
| url | https://doi.org/10.1596/1813-9450-9971 |
| work_keys_str_mv | AT herreradappematias stateownedenterprisesascountercyclicalinstrumentsexperimentalevidencefromtheinfrastructuresector AT barbozajonathan stateownedenterprisesascountercyclicalinstrumentsexperimentalevidencefromtheinfrastructuresector AT musacchioaldo stateownedenterprisesascountercyclicalinstrumentsexperimentalevidencefromtheinfrastructuresector AT pancarolina stateownedenterprisesascountercyclicalinstrumentsexperimentalevidencefromtheinfrastructuresector AT semikolenovayadviga stateownedenterprisesascountercyclicalinstrumentsexperimentalevidencefromtheinfrastructuresector AT turkguluburak stateownedenterprisesascountercyclicalinstrumentsexperimentalevidencefromtheinfrastructuresector |