It is often taken as a stylized fact that state ownership harms the financial performance of firms. Yet we show that this relationship varies greatly across national contexts. We argue that the political ideology of the government, both independently and in conjunction with political institutions (state capacity and political constraint), affects this relationship. We test our hypotheses using meta-analytical techniques on an international sample spanning 53 years and 131 countries. Our research sheds further light on the state ownership – firm performance relationship by highlighting the role of the political ideology of the government, and its interactions with political institutions.

国有所有权损害企业的财务绩效通常被视为一种典型的事实。然而，我们表明，这种关系在不同国家的情况下差异很大。我们认为，政府的政治意识形态，无论是独立存在还是与政治制度（国家能力和政治约束）结合在一起，都会影响这种关系。我们使用荟萃分析技术在跨越53年和131个国家的国际样本上检验了我们的假设。我们的研究通过强调政府的政治意识形态的作用及其与政治机构的相互作用，进一步阐明了国家所有权-企业绩效关系。