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Mixing Family Business with Politics in Thailand

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  • Masami Imai

    () (Economics and East Asian Studies, Wesleyan University)

Abstract

This paper uses newly compiled data on Thai family businesses and their direct participation in politics to examine whether the political participation of family business yields private economic payoff. The paper finds that the political participation of family members is positively associated with the profitability of family businesses. Furthermore, this “political benefit” is found to be particularly large when firms are connected to the cabinet members. These results support the crony capitalism view that powerful business groups in Thailand have an incentive to directly hold influential public offices in order to influence the economic policy in their favor.

Suggested Citation

  • Masami Imai, 2006. "Mixing Family Business with Politics in Thailand," Wesleyan Economics Working Papers 2006-017, Wesleyan University, Department of Economics.
  • Handle: RePEc:wes:weswpa:2006-017
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    File URL: http://www.blackwell-synergy.com/doi/pdf/10.1111/j.1467-8381.2006.00234.x
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    Cited by:

    1. James S. Ang & David K. Ding & Tiong Yang Thong, 2013. "Political Connection and Firm Value," Asian Development Review, MIT Press, vol. 30(2), pages 131-166, September.
    2. Rajwani, Tazeeb & Liedong, Tahiru Azaaviele, 2015. "Political activity and firm performance within nonmarket research: A review and international comparative assessment," Journal of World Business, Elsevier, vol. 50(2), pages 273-283.
    3. Grossman, Richard S. & Imai, Masami, 2016. "Taking the lord's name in vain: The impact of connected directors on 19th century British banks," Explorations in Economic History, Elsevier, vol. 59(C), pages 75-93.
    4. Ekkayokkaya, Manapol & Pengniti, Tulaya, 2012. "Governance reform and IPO underpricing," Journal of Corporate Finance, Elsevier, vol. 18(2), pages 238-253.

    More about this item

    Keywords

    Cronyism; Political Connection; Family Business; Thailand;

    JEL classification:

    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East
    • P16 - Economic Systems - - Capitalist Systems - - - Political Economy of Capitalism

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