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corporate governancestate ownedowned enterprisespublic investmenteffect publicinvestment corporatecorporate investmentsoes presentgovernance stateenterprises costlycostly corruptionfiscal multipliermultiplier publicinvestment rolerole corporatecorporate balancebalance sheetfirm performanceÖffentliches unternehmenpublic enterprisecrowding outÖffentliche investitionpaper exploresexplores whetherwhether publicinvestment crowdscrowds crowdscrowds privateprivate investmentinvestment aimaim buildbuild databasedatabase halfhalf millionmillion firmsfirms countriescountries effectinvestment dependsdepends leverageleverage financialfinancial constraintsconstraints publicinvestment boostsboosts privateinvestment firmsfirms lowlow leverageleverage firmsfirms leverageleverage privateinvestment reactreact increaseincrease publicinvestment lineline myersmyers effectinvestment weakerweaker firmsfirms financiallyfinancially constrainedenterprises soespresent keykey sectorssectors economieseconomies worldworld whilewhile provideprovide importantimportant publicpublic serviceservice widespreadwidespread concernconcern activitiesactivities negativelynegatively affectedaffected corruptionlimited crosscross countrycountry analysiscosts corruptionevidence corruptionsoes usingusing firmfirm levellevel datacountries strikingresult soes
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