Leviathan as a Minority Shareholder: Firm-level Implications of State Equity Purchases. Aldo Musacchio, September 2013, Paper. “In many countries, firms face institutional voids that raise the costs of doing business and thwart entrepreneurial activity. We examine a particular mechanism to address those voids: minority state ownership. Due to their minority nature, such stakes are less affected by the agency distortions commonly found in full-fledged state-owned firms. Using panel data from publicly traded firms in Brazil…” Link verified June 19, 2014