Wen, Yantao; Berka, Martin; Molchanov, Alexander; Qin, … - 2023
This paper investigates the impact of state ownership on exposure of Chinese firms to economic policy uncertainty (EPU … proportion of state ownership. Furthermore, we identify debt financing as the primary channel through which state ownership … exposes firms to EPU. Specifically, a higher percentage of state ownership leads to higher leverage which, in turn, increases …