Minority Rules: Credible State Ownership and Investment Risk Around the World

References

• Acemoglu D, Johnson S (2005) Unbundling institutions. J. Political Econom. 113(3):949–995.Crossref, Google Scholar
• Balgooyen H (1951) Experience of United States private business in Latin America. Amer. Econom. Rev. 41(2):330–342.Google Scholar
• Barth J, Caprio G, Levine R (2001) The regulation and supervision of banks around the world: A new database. World Bank Policy Research Working Paper 2588, World Bank, Washington, DC.Google Scholar
• Bascle G (2008) Controlling for endogeneity with instrumental variables in strategic management research. Strategic Organ. 6(3):285–327.Crossref, Google Scholar
• Beck T, Clarke G, Groff A, Keefer P, Walsh P (2001) New tools and new tests in comparative political economy: The Database of Political Institutions. World Bank Econom. Rev. 15(1):165–176.Crossref, Google Scholar
• Berry H, Guillen M, Zhou N (2010) An institutional approach to cross-national distance. J. Internat. Bus. Stud. 41(9):1460–1480.Crossref, Google Scholar
• Bloomberg International (2015) Credit Ratings (Bloomberg online data services). Bloomberg International, New York.Google Scholar
• Boycko M, Shleifer A, Vishny R (1996) A theory of privatization. Econom. J. 106(435):309–319.Google Scholar
• Brealey R, Myers S (2003) Financing and Risk Management (McGraw-Hill, New York).Google Scholar
• Butler AW, Fauver L (2006) Institutional environment and sovereign credit ratings. Financial Management 35(3):53–79.Crossref, Google Scholar
• Cantor R, Packer F (1996) Determinants and impacts of sovereign credit ratings. Federal Reserve Bank New York Econom. Policy Rev. 2(2):37–53.Google Scholar
• Connelly B, Certo S, Ireland R, Reutzel C (2011) Signalling theory: A review and assessment. J. Management 37(1):39–67.Crossref, Google Scholar
• Cuervo A, Villalonga B (2000) Explaining the variance in the performance effects of privatization. Acad. Management Rev. 25(3):581–590.Crossref, Google Scholar
• Davis H (1996) Project Finance: Practical Case Studies (Euromoney Publications, London).Google Scholar
• Downes D, Heinkel R (1982) Signaling and the evaluation of unseasoned new issues. J. Finance 37(1):1–10.Crossref, Google Scholar
• El Tiempo (1995) TEBSA, un negocio redondo [TEBSA, a windfall]. (April 23), http://www.eltiempo.com/archivo/documento/MAM-316596.Google Scholar
• Esty B (2002) Returns on project-financed investments: Evolution and managerial implications. J. Appl. Corporate Finance 15(1):71–86.Crossref, Google Scholar
• Esty BC (2003) The economic motivations for using project finance. Working paper, Harvard Business School, Boston. http://www.people.hbs.edu/besty/bce%20pf%20motivations%202-14-03.pdf.Google Scholar
• Esty BC (2004) Why study large projects? An introduction to research on project finance. Eur. Financial Management 10(2):213–224.Crossref, Google Scholar
• Esty BC, Ferman A (2001a) Chad-Cameroon Petroleum Development and Pipeline Project (A). HBS Case 206-010, Harvard Business School, Boston.Google Scholar
• Esty BC, Ferman C (2001b) Chad-Cameroon Petroleum Development and Pipeline Project (B). HBS Case 202-012, Harvard Business School, Boston.Google Scholar
• Esty B, Megginson W (2003) Creditor rights, enforcement, and debt ownership structure: Evidence from the global syndicated loan market. J. Financial Quant. Anal. 38(1):37–59.Crossref, Google Scholar
• Esty BC, Sesia A (2006) Chad-Cameroon Petroleum Development and Pipeline Project (C) (abridged). HBS Case 206-139, Harvard Business School, Boston.Google Scholar
• Finnerty J (2013) Project Finance, 3rd ed. (John Wiley & Sons, New York).Google Scholar
• Fosu A (2002) Political instability and economic growth: Implications of coup events in sub-Saharan Africa. Amer. J. Econom. Sociol. 61(1):329–348.Crossref, Google Scholar
• Galal G, Jones L, Tandon P, Vogelsang I (1994) Welfare Consequences of Selling Public Enterprises: An Empirical Analysis (World Bank, Washington, DC).Crossref, Google Scholar
• Goranova M, Alessandri T, Brandes P, Dharwadkar R (2007) Managerial ownership and corporate diversification: A longitudinal view. Strategic Management J. 28(3):211–225.Crossref, Google Scholar
• Greenwood R, Deephouse D, Li S (2007) Ownership and performance of professional service firms. Organ. Stud. 28(2):219–238.Crossref, Google Scholar
• Gupta N (2005) Partial privatization and firm performance. J. Finance 60(2):987–1015.Crossref, Google Scholar
• Hammond J, Allan G (1974a) Bougainville Copper Ltd. (B). HBS Case 174-104, Harvard Business School, Boston.Google Scholar
• Hammond J, Allan G (1974b) Bougainville Copper Ltd. (C). HBS Case 175-071, Harvard Business School, Boston.Google Scholar
• Hammond J, Allan G (1975a) Bougainville Copper Ltd. (D). HBS Case 175-072, Harvard Business School, Boston.Google Scholar
• Hammond J, Allan G (1975b) Bougainville Copper Ltd. (E). HBS Case 175-204, Harvard Business School, Boston.Google Scholar
• Heckman J (1979) Sample selection bias as a specification error. Econometrica 47(1):153–161.Crossref, Google Scholar
• Henisz W (2000) The institutional environment for economic growth. Econom. Politics 12(1):1–31.Crossref, Google Scholar
• Henisz W (2014) Corporate Diplomacy: Building Reputations and Relationships with External Stakeholders (Greenleaf Publishing, Sheffield, UK).Google Scholar
• Henisz W, Macher J (2004) Firm- and country-level tradeoffs and contingencies in the evaluation of foreign investment: The semiconductor industry, 1994–2002. Organ. Sci. 15(6):537–554.Link, Google Scholar
• Hiatt S, Sine W (2014) Clear and present danger: Planning and new venture survival amid political and civil violence. Strategic Management J. 35(5):773–785.Crossref, Google Scholar
• Hiatt SR, Carlos C, Sine WD (2018) Manu militari: The institutional contingencies of stakeholder relationships on entrepreneurial performance. Organ. Sci. 29(4):633–652.Link, Google Scholar
• Holburn G, Zelner B (2010) Political capabilities, policy risk, and international investment strategy: Evidence from the global electric power generation industry. Strategic Management J. 31(12):1290–1315.Crossref, Google Scholar
• Index Mundi (2015) Commodity metals price index, compiled from data obtained from the International Monetary Fund. Retrieved December 22, 2015, http://www.indexmundi.com/commodities/?commodity=metals-price-indexandmonths=360.Google Scholar
• InflationData.com (2015) Annual inflation-adjusted crude oil prices in the US. Retrieved December 22, 2015, http://inflationdata.com/Inflation/Inflation_Rate/Historical_Oil_Prices_Table.asp.Google Scholar
• Inoue C, Lazzarini S, Musacchio A (2013) Leviathan as a minority shareholder: Firm-level implications of equity purchases by the state. Acad. Management J. 56(6):1775–1801.Crossref, Google Scholar
• James B, Vaaler P (2017) Experience, equity and foreign investment risk: A PIC perspective. Management Internat. Rev. 57(2):209–241.Crossref, Google Scholar
• Jaud P (2010) Feed back [sic] from the 250 MW Provence CFB. Accessed June 15, 2016, http://www.processeng.biz/iea-fbc.org/upload/61_9_Jaud-REX%20Provence_IEA%20FBC_oct2010_V2.pdf.Google Scholar
• Jensen N (2008) Political risk, democratic institutions, and foreign direct investment. J. Politics 70(4):1040–1052.Crossref, Google Scholar
• Jensen M, Meckling W (1976) Theory of the firm: Managerial behavior, agency costs, and capital structure. J. Financial Econom. 3(4):305–360.Crossref, Google Scholar
• Kaufmann D, Kraay A, Mastruzzi M (2009) Governance matters VIII: Aggregate and individual governance indicators, 1996–2008. World Bank Policy Research Working Paper 4978, World Bank, Washington, DC.Crossref, Google Scholar
• Keefer P, Stasavage D (2003) The limits of delegation: Veto players, central bank independence and the credibility of monetary policy. Amer. Political Sci. Rev. 97(3):407–423.Crossref, Google Scholar
• Kleibergen F, Paap R (2006) Generalized reduced rank tests using the singular-value composition. J. Econometrics 127(1):97–126.Crossref, Google Scholar
• Kleimeier S, Megginson W (2000) Are project finance loans different from other syndicated credits? J. Appl. Corporate Finance 13(1):75–87.Crossref, Google Scholar
• Kobrin S (1979) Political risk: A review and reconsideration. J. Internat. Bus. Stud. 10(1):67–80.Crossref, Google Scholar
• Kobrin S (1987) Testing the bargaining hypothesis in the manufacturing sector in developing countries. Internat. Organ. 41(4):609–638.Crossref, Google Scholar
• La Porta R, Lopez-de-Silanes F, Shleifer A (2002) Government ownership of banks. J. Finance 57(1):265–301.Crossref, Google Scholar
• Mahoney J, McGahan A, Pitelis C (2009) The interdependence of private and public interests. Organ. Sci. 20(6):1034–1052.Link, Google Scholar
• Megginson W, Netter J (2001) From state to market: A survey of empirical studies on privatization. J. Econom. Literature 39(2):321–389.Crossref, Google Scholar
• Modern Power Systems (1996) Consortium plans Botany cogeneration project. 16(8):5.Google Scholar
• Murtha T, Lenway S (1994) Country capabilities and the strategic state: How national political institutions affect multinational corporations’ strategies. Strategic Management J. 15(S2):113–130.Crossref, Google Scholar
• Musacchio A, Lazzarini S (2014) Reinventing State Capitalism: Leviathan in Business, Brazil and Beyond (Harvard University Press, Cambridge, MA).Crossref, Google Scholar
• Musacchio A, Lazzarini S, Aguilera R (2015) New varieties of state capitalism: Strategic and governance implications. Acad. Management Perspect. 29(1):115–131.Crossref, Google Scholar
• Myers S (1984) The capital structure puzzle. J. Finance 39(3):574–592.Crossref, Google Scholar
• North D (1990) Institutions, Institutional Change and Economic Performance (Cambridge University Press, Cambridge, UK).Crossref, Google Scholar
• Oneal J (1994) The affinity of foreign investors for authoritarian regimes. Internat. Organ. 47(3):565–588.Google Scholar
• Perotti E (1995) Credible privatization. Amer. Econom. Rev. 85(4):847–859.Google Scholar
• Perotti E, Guney S (1993) The structure of privatization plans. Financial Management 22(1):84–98.Crossref, Google Scholar
• Ramamurti R (2001) The obsolescing “bargaining model”? MNC-host developing country relations revisited. J. Internat. Bus. Stud. 32(1):23–39.Crossref, Google Scholar
• Ramamurti R (2003) Can governments make credible promises: Insights from infrastructure projects in emerging economies. J. Internat. Management 9(3):253–269.Google Scholar
• Raveed S (1977) U.S. MNC-host government joint ventures in Cost Rica: A comparative analysis of the attitudes of U.S. MNCs and host country executives. Acad. Management Proc. 1977(1):327–331.Crossref, Google Scholar
• Robinson R (1973) The engagement of host government interests upon the entry of foreign business. Fayerweather J, ed. International Business-Government Affairs: Toward an Era of Accommodation (Ballinger, Cambridge, MA), 45–48.Google Scholar
• Rodrik D (1991) Policy uncertainty and private investment in developing countries. J. Development Econom. 36(2):229–242.Crossref, Google Scholar
• Rondinelli D, Iacono M (1996) Policies and Institutions for Managing Privatization: International Experience (International Training Center of ILO, Turin, Italy).Google Scholar
• Sappington DEM, Stiglitz JE (1987) Privatization, information, and incentives. J. Policy Anal. Management 6(4):567–585.Crossref, Google Scholar
• Sawant R (2010a) Infrastructure Investing: Managing Risks and Rewards for Pensions, Insurance Companies and Endowments (John Wiley & Sons, Hoboken, NJ).Crossref, Google Scholar
• Sawant R (2010b) The economics of large-scale infrastructure FDI: The case of project finance. J. Internat. Bus. Stud. 41(6):1036–1045.Crossref, Google Scholar
• Schultz K, Weingast B (2003) The democratic advantage: Institutional foundations of financial power in international competition. Internat. Organ. 57(1):3–42.Crossref, Google Scholar
• Shah S, Thakor A (1987) Optimal capital structure and project financing. J. Econom. Theory 42(2):209–243.Crossref, Google Scholar
• Shleifer A, Vishny R (1994) Politicians and firms. Quart. J. Econom. 109(4):995–1025.Crossref, Google Scholar
• Spence M (1973) Job market signaling. Quart. J. Econom. 87(3):355–374.Crossref, Google Scholar
• StataCorp (2011) Stata Statistical Software: Release 12 (StataCorp LP, College Station, TX).Google Scholar
• Stock J, Yogo M (2005) Testing for weak instruments in linear IV regression. Andrews DWK, Stock JH, eds. Identification and Inference for Econometric Models: Essays in Honor of Thomas J. Rothenberg (Cambridge University Press, Cambridge, UK), 80–108.Crossref, Google Scholar
• Thomson Reuters (2013) Securities Data project finance investment database. Thomson Reuters Financial, New York.Google Scholar
• Trachtman J (2008) The Economic Structure of International Law (Harvard University Press, Cambridge, MA).Crossref, Google Scholar
• Vaaler P (2008) How do MNCs vote in developing country elections? Acad. Management J. 51(1):21–43.Crossref, Google Scholar
• Vaaler P (2014) Personal correspondence with Lou Wells about state investment in major projects located in developing countries, Minneapolis, MN.Google Scholar
• Vaaler P (2016) Personal interview with Glenn Turner about the Gem Diamonds Company Letšeng mine operation in Lesotho, Berkshire, UK.Google Scholar
• Vaaler P, McNamara G (2004) Crisis and competition in expert organizational decision making: Credit rating agencies and their response to turbulence in emerging economies. Organ. Sci. 15(6):687–703.Link, Google Scholar
• Vaaler P, Schrage B (2009) Residual state ownership, policy stability and financial performance following strategic decisions taken by privatizing telecoms. J. Internat. Bus. Stud. 40(4):621–641.Crossref, Google Scholar
• Vasudeva G, Zaheer A, Hernandez E (2013) The embeddedness of networks: Institutions, structural holes, and innovativeness in the fuel cell industry. Organ. Sci. 24(3):645–663.Link, Google Scholar
• Vernon R (1971) Sovereignty at Bay (Basic Books, New York).Google Scholar
• Wells LT Jr (1997a) Enron Development Corp.: The Dahbol power project in Maharashtra, India (A) (abridged). HBS Case 797-085, Harvard Business School, Boston.Google Scholar
• Wells LT Jr (1997b) Enron Development Corp.: The Dahbol power project in Maharashtra, India (B) (abridged). HBS Case 797-086, Harvard Business School, Boston.Google Scholar
• Wells L (2014) Government-held equity in foreign investment projects: Good for host countries? Columbia FDI Perspectives 114, Columbia Center on Sustainable International Investment, New York.Google Scholar
• Williamson O (1975) Markets and Hierarchies: Analysis and Antitrust Implications: A Study of Economics of Internal Organization (Free Press, New York).Google Scholar
• Williamson O (1985) The Economic Institutions of Capitalism: Firms, Markets and Relational Contracting (Free Press, New York).Google Scholar
• Williamson O (1988) Corporate finance and corporate governance. J. Finance 43(3):567–591.Crossref, Google Scholar
• Williamson J (1989) What Washington means by policy reforms. Williamson J, ed. Latin American Readjustment: How Much Has Happened?, Chap. 2 (Institute for International Economics, Washington, DC).Google Scholar
• World Bank (2015) World development indicators. Online database, http://databank.worldbank.org/data/reports.aspx?source=world -development-indicators.Google Scholar
• World Bank (2016) Private participation in infrastructure database. Accessed January 15, 2016, https://ppi.worldbank.org/data.Google Scholar
• Yergin D, Stanislaw J (1998) The Commanding Heights: The Battle for the World Economy (Simon & Schuster, New York).Google Scholar
• Yescombe E (2007) Public Private Partnerships: Principles of Policy and Finance (Butterworth-Heineman, London).Crossref, Google Scholar
• Zaheer S (1995) Overcoming the liability of foreignness. Acad. Management J. 38(2):341–363.Crossref, Google Scholar