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Loans, Link and Leadership: Political Change and Borrower Discouragement in Connected Firms

Author

Listed:
  • Jérémie Bertrand

    (IÉSEG School Of Management [Puteaux])

  • Florian Léon

    (FERDI - Fondation pour les Etudes et Recherches sur le Développement International)

  • Caroline Perrin

    (University of Portsmouth)

Abstract

This paper examines how political leaders change moderates the impact of corporate political activity (CPA) on borrower discouragement, using a global dataset of 24,167 firms. While CPA generally reduces discouragement, its effectiveness is significantly diminished during political transitions, as the "know-who" channel becomes unreliable.

Suggested Citation

  • Jérémie Bertrand & Florian Léon & Caroline Perrin, 2025. "Loans, Link and Leadership: Political Change and Borrower Discouragement in Connected Firms," Working Papers hal-04981933, HAL.
    • Handle: RePEc:hal:wpaper:hal-04981933
    Note: View the original document on HAL open archive server: https://hal.science/hal-04981933v1
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