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The Economic Benefits of Political Connections in Late Victorian Britain

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  • Braggion, F.
  • Moore, L.

    (Tilburg University, Center for Economic Research)

Abstract

The late-Victorian era was characteristed by especially close links between politicians and firms in the UK. Roughly half of all members of Parliament served as company directors, many as directors of multiple firms. We analyze 467 British companies over the period 1895 to 1904 to investigate the interaction of firms and politicians. We find that new-technology firms with politicians serving on their boards were more likely to issue equity finance and had higher Tobin's Q. Our evidence suggests that causality runs from director-politicians to a firm's performance, rather than in the opposite direction.

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Bibliographic Info

Paper provided by Tilburg University, Center for Economic Research in its series Discussion Paper with number 2011-039.

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Date of creation: 2011
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Handle: RePEc:dgr:kubcen:2011039

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Web page: http://center.uvt.nl

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Keywords: Political Connections; Second Industrial Revolution; External Finance;

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References

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  1. Fabio Braggion & Lyndon Moore, 2011. "Dividend Policies in an Unregulated Market: The London Stock Exchange, 1895--1905," Review of Financial Studies, Society for Financial Studies, vol. 24(9), pages 2935-2973.
  2. Joseph G. Altonji & Todd E. Elder & Christopher R. Taber, 2005. "Selection on Observed and Unobserved Variables: Assessing the Effectiveness of Catholic Schools," Journal of Political Economy, University of Chicago Press, vol. 113(1), pages 151-184, February.
  3. Mara Faccio, 2006. "Politically Connected Firms," American Economic Review, American Economic Association, vol. 96(1), pages 369-386, March.
  4. Thomas Ferguson & Hans-Joachim Voth, 2008. "Betting on Hitler-The Value of Political Connections in Nazi Germany," The Quarterly Journal of Economics, MIT Press, vol. 123(1), pages 101-137, 02.
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Cited by:
  1. James Foreman-Peck & Leslie Hannah, 2012. "Some Consequences of the Early Twentieth Century Divorce of Ownership from Control," Working Papers 0023, European Historical Economics Society (EHES).
  2. Burhop, Carsten & Chambers, David & Cheffins, Brian, 2014. "Regulating IPOs: Evidence from going public in London, 1900–1913," Explorations in Economic History, Elsevier, vol. 51(C), pages 60-76.
  3. Guo, Di & Jiang, Kun & Kim, Byung-Yeon & Xu, Chenggang, 2014. "Political economy of private firms in China," Journal of Comparative Economics, Elsevier, vol. 42(2), pages 286-303.

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