Does Ownership Identity Matter? A Meta‐analysis of Research on Firm Financial Performance in Relation to Government versus Private Ownership
通过元分析整合新兴市场上市公司数据，发现政府所有权与绩效负相关、私人所有权正相关，且私人所有权中机构/外资持股比家族/管理层持股效果更强，同时指出未控制内生性的估计方法会带来偏差。
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.