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231006 ||| eng |
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|a Herrera Dappe, Matias
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| 245 |
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|a State-Owned Enterprises as Countercyclical Instruments
|h Elektronische Ressource
|b Experimental Evidence from the Infrastructure Sector
|c Matias Herrera Dappe
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| 260 |
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|a Washington, D.C
|b The World Bank
|c 2022
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| 300 |
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|a 27 pages
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| 653 |
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|a Energy Policies and Economics
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| 653 |
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|a Macroeconomics and Economic Growth
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| 653 |
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|a Energy
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| 653 |
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|a Macroeconomic Shock
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| 653 |
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|a Economic Policy, Institutions and Governance
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| 653 |
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|a Infrastructure
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| 653 |
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|a Public Utilities
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| 653 |
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|a Energy Privatization
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| 653 |
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|a Energy Sector Regulation
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| 653 |
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|a Economic Crisis
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| 653 |
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|a Private Utilities
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| 653 |
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|a State-Owned Enterprise
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| 700 |
1 |
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|a Musacchio, Aldo
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| 700 |
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|a Turkgulu, Burak
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| 700 |
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|a Pan, Carolina
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| 041 |
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|a eng
|2 ISO 639-2
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| 989 |
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|b WOBA
|a World Bank E-Library Archive
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| 028 |
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|a 10.1596/1813-9450-9971
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| 856 |
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|u http://elibrary.worldbank.org/doi/book/10.1596/1813-9450-9971
|x Verlag
|3 Volltext
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| 082 |
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|a 330
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| 520 |
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|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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