Ownership is the touchstone of corporate governance analysis' and a central strand of literature on theory of the firm. 2 The identity of a corporation's equity owners has enormous significance for the oversight and incentives of management, the corporate governance challenges it faces, and ultimately, the goals it

3 pursues.

The impact of corporate ownership is considered to be particularly acute when a contrast is drawn between privately owned enterprises (POEs) and state-owned enterprises (SOEs). SOEs, by virtue of their privileged position vis-h-vis the state, are widely believed to enjoy privileged market access, to pursue noneconomic objectives, and to be uniquely positioned to influence the rules by which they are regulated. 4 A large body of theoretical literature tries to explain why the state would act as an owner of enterprise. 5 And the very existence of SOEs in domestic and global markets is thought to necessitate