Given that national corporate law and state-ownership laws vary, countries are characterized by different types of national legal forms. For instance, in Indonesia SOEs according to national state-ownership law are denoted with two different legal forms: Badan Usaha Milik Negara (controlled by the central government) and Badan Usaha Milik Daerah (controlled by the local government). Similarly, in Azerbaijani SOEs are defined as public interest entities (PIEs), in Mozambique as public enterprises and shareholding companies, and in Rwanda as corporate entities recognized by national law as an enterprise in which the state exercises ownership. In some cases, national legal forms of state ownership include state corporations as well as regulators or administrative agencies with some commercial activities (e.g., parastatals).

Given that many SOEs are corporatized and the large heterogeneity in corporate and state-ownership laws, national legal forms cannot be solely used as a variable to identify SOEs. However, the use of national legal forms is essential to ensure that non-corporatized SOEs are included in the BOS database. As most non-corporatized SOEs do not have a shareholder structure, these companies do not provide shareholding percentage information in ORBIS’s links file. As a result, these companies will not be identified as SOEs using an approach that relies on linkages to public authorities in ORBIS, as these linkages are not present. For this reason, we incorporate into the identification of SOEs as well as the construction of ownership structures the information pertaining to national legal forms. In this manner the identification approach ensures that all companies -even under different legal forms- are included in the database when they satisfy the criteria of the SOE definition. For this, national legal forms were retrieved from an ORBIS variable with the same name and then cross-checked with local country teams with the legal expertise to corroborate that those were aligned to the definition proposed in section 2. Once those legal forms were verified, we identified the companies with legal forms associated to state ownership by law as non- corporatized SOEs. In addition, some of these companies can have subsidiaries. Hence, for these non- corporatized SOEs we explored whether those companies are shareholders in other subsequent companies using the algorithm in Figure 7.

_Annex 3._ _Table A.2 Complementary data sources for the global BOS database beyond ORBIS_

|**Database**|**Vendor/Source**|**Coverage**|**V**<br>**Financial**<br>**Information**|**ariable coverage**<br>**Ownership information**|
|---|---|---|---|---|
|EMIS Intelligence|EMIS|5.5 million listed and unlisted firms in 125<br>emerging markets|Yes|Yes (name of shareholders).<br>SOEs can be more easily<br>identified for countries with<br>centralized SOE ownership.|
|Factiva/Factset|Dow Jones/Factset<br>Research|Listed and unlisted companies|Only for listed<br>companies|Yes (binary variable on SOE)|
|Worldscope|Thompson<br>Reuters/Refinitiv|Listed companies|Yes|Yes (common shares<br>outstanding with information<br>on as “government owned<br>company or majority owned by<br>government”.|
|Global 2000|Forbes|Largest 2000 firms worldwide measured by<br>sales, profits,assets and market value|No|No|
|PMR|OECD/WBG|OECD & 40+ developing economies|No|Yes|
|PitchBook|PitchBook|3.3 million firms worldwide covering public<br>listed and private (unlisted) companies|Yes|Yes (for public companies,<br>including list of shareholders<br>andpercentages held)|

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