“…However, state ownership may also be motivated by purely financial objectives (Goldeng, Grünfeld, & Benito, 2008;Krivogorsky & Grudnitski, 2010). There is also variation in the ownership shares from full, 100% ownership to less-than-10% minority ownership (Liu & Sun, 2005;Lopez-de-Foronda, Lopez-Iturriaga, & Santamaria-Mariscal, 2007;Okhmatovskiy, 2010). When considering these utterly different categories of enterprises, it is crucial to understand what objectives the state-owner may set for such enterprises (Luke, 2010).…”