We study the effect of loans and equity investm. Ients of the Brazilian National Development Bank BNDES and find that they do not have any co. Insistent effect on firm level performance and investment except for a ruction in financial expenditures due to the subsidies accompanying loans. However BNDES does not systematically lend to underperforming firms.

Our results indicate that BNDES subsidizes firms

That could fund their projects with other sources of capital. Publisher s link http sciencirect.ezp prod .hul.harvard science article pii S X X NOVEMBER SPECIAL ISSUE ON GOVERNMENTS AS OWNERS GLOBALIZING STATE OWN ENTERPRISES Governments as Owners State Own Multinational Companies pdf By Musacchio Aldo Alvaro Cuervo Cazurra Kannan Ramaswamy and Andrew Inkpen ABSTRACT—The globalization of state own Bahamas Phone Number List multinational companies SOMNCs has become an important phenomenon in international business IB yet it has receiv scant attention in the literature. We explain how th. Ie analysis of SOMNCs can help advance the literature by extending our understanding of state own firms SOEs and multinational companies MNCs in at least two ways. First we cross fertilize.

IB and SOEs literatures in their analyses

Of foreign investment behavior and introduce two argu. Iments the extraterritoriality argument which helps explain how the MNC dimension of  bu. Ksiness internationalization argument which helps explain how the SOE dimension of SOMNCs extends the MNC China Whatsapp Number literature. Second we analyze how the study of SOMNCs can help develop new insights of theories of firm behavior. In this respect we introduce five arguments the triple agency conflict argument in agency theory the owner risk argument in transaction costs economics the advantage and disadvantage of ownership argument in the resource bas view.

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