Residual state ownership, foreign ownership and firms' financing patterns

Would different types of ownerships affect each other's effect on firm behavior? We investigate the residual state ownership, foreign and interaction between two firms' financing patterns, employing World Bank Enterprise Survey (WBES) dataset, which covers over 130 thousand firms in 139 economies from 2006 to 2017. find that neither with ownership only nor are positively related external finance. In comparison, both associated higher The coefficient state-foreign is statistically economically significant. increased finance for mainly comes private banks new equity. Moreover, we explore channels through and/or patterns. Firms or do not actively expand market innovate their products. While eagerly engaging expansion product innovation.