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Ownership and the Value of Political Connections: Evidence from China

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Cited by:

  1. Tkachenko, Andrey, 2022. "State-business relations and access to external financing," BOFIT Discussion Papers 10/2022, Bank of Finland, Institute for Economies in Transition.
  2. Fawad Rauf & Cosmina L. Voinea & Nadine Roijakkers & Khwaja Naveed & Hammad Bin Azam Hashmi & Tayyaba Rani, 2022. "How executive turnover influences the quality of corporate social responsibility disclosure? Moderating role of political embeddedness: evidence from China," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 12(3), pages 527-551, September.
  3. Liu, Xiaoyan & Zhao, Rui & Guo, Mengmeng, 2023. "CEO turnover, political connections, and firm performance: Evidence from China," Emerging Markets Review, Elsevier, vol. 55(C).
  4. Bao, Xiaolu & Johan, Sofia & Kutsuna, Kenji, 2016. "Do political connections matter in accessing capital markets? Evidence from China," Emerging Markets Review, Elsevier, vol. 29(C), pages 24-41.
  5. Ma, Huanyu & Hao, Dapeng, 2022. "Economic policy uncertainty, financial development, and financial constraints: Evidence from China," International Review of Economics & Finance, Elsevier, vol. 79(C), pages 368-386.
  6. Jin, Xuejun & Chen, Zhenhao & Luo, Deming, 2019. "Anti-corruption, political connections and corporate responses: Evidence from Chinese listed companies," Pacific-Basin Finance Journal, Elsevier, vol. 57(C).
  7. Liang, Qi & Xu, Pisun & Jiraporn, Pornsit, 2013. "Board characteristics and Chinese bank performance," Journal of Banking & Finance, Elsevier, vol. 37(8), pages 2953-2968.
  8. Ramiz ur Rehman & Junrui Zhang & Muhammad Akram Naseem & Muhammad Ishfaq Ahmed & Rizwan Ali, 2021. "Board independence and Chinese banking efficiency: a moderating role of ownership restructuring," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 11(3), pages 517-536, September.
  9. Cull, Robert & Li, Wei & Sun, Bo & Xu, Lixin Colin, 2015. "Government connections and financial constraints: Evidence from a large representative sample of Chinese firms," Journal of Corporate Finance, Elsevier, vol. 32(C), pages 271-294.
  10. Yu, Feifei & Guo, Yue & Le-Nguyen, Khuong & Barnes, Stuart J. & Zhang, Weiting, 2016. "The impact of government subsidies and enterprises’ R&D investment: A panel data study from renewable energy in China," Energy Policy, Elsevier, vol. 89(C), pages 106-113.
  11. Fernanda Arreola & Rodrigo Bandeira-de-Mello, 2018. "The Differential Effects of Minority State Ownership Types on the Internationalization of Emerging Market Multinationals from Democratic States," Management International Review, Springer, vol. 58(5), pages 845-869, October.
  12. 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.
  13. Wu, Huiying & Li, Sihai & Ying, Sammy Xiaoyan & Chen, Xuan, 2018. "Politically connected CEOs, firm performance, and CEO pay," Journal of Business Research, Elsevier, vol. 91(C), pages 169-180.
  14. Li, Qian & Wang, Shihao & Song, Victor, 2023. "Product competition, political connections, and the costs of high leverage," Journal of Empirical Finance, Elsevier, vol. 74(C).
  15. Zhaohua Li & Xiaofei Pan, 2023. "Relationship investment and local corruption environment: Evidence from China," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 63(4), pages 4597-4628, December.
  16. Hyejeong Shin & Ji-Young Ahn, 2021. "CEO’s Political Connection and Organization Efficiency: Evidence from Public Institutions in Korea," Public Organization Review, Springer, vol. 21(3), pages 419-435, September.
  17. Lu Zhang & Shenggang Ren & Xiaohong Chen & Dayuan Li & Duanjinyu Yin, 2020. "CEO Hubris and Firm Pollution: State and Market Contingencies in a Transitional Economy," Journal of Business Ethics, Springer, vol. 161(2), pages 459-478, January.
  18. Bai, Rui & Lin, Boqiang & Liu, Xiying, 2021. "Government subsidies and firm-level renewable energy investment: New evidence from partially linear functional-coefficient models," Energy Policy, Elsevier, vol. 159(C).
  19. Plamen Nikolov & Hongjian Wang & Kevin Acker, 2020. "Wage premium of Communist Party membership: Evidence from China," Pacific Economic Review, Wiley Blackwell, vol. 25(3), pages 309-338, August.
  20. Schweizer, Denis & Walker, Thomas & Zhang, Aoran, 2019. "Cross-border acquisitions by Chinese enterprises: The benefits and disadvantages of political connections," Journal of Corporate Finance, Elsevier, vol. 57(C), pages 63-85.
  21. Shuang Huang & Abraham Y. Nahm & Zengji Song, 2023. "Government subsidies of new energy vehicle industry and enterprise innovation: Moderating role of chief executive officers' technical background," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 44(4), pages 2137-2147, June.
  22. Cao, Xiaping & Pan, Xiaofei & Qian, Meijun & Tian, Gary Gang, 2017. "Political capital and CEO entrenchment: Evidence from CEO turnover in Chinese non-SOEs," Journal of Corporate Finance, Elsevier, vol. 42(C), pages 1-14.
  23. Tkachenko, Andrey & Esaulov, Daniil, 2020. "Autocratic governors in public procurement," European Journal of Political Economy, Elsevier, vol. 61(C).
  24. Florackis, Chris & Fu, Xi & Wang, Jingjing, 2023. "Political connections, environmental violations and punishment: Evidence from heavily polluting firms," International Review of Financial Analysis, Elsevier, vol. 88(C).
  25. Chen, Jean J. & Cheng, Xinsheng & Gong, Stephen X. & Tan, Youchao, 2014. "Do higher value firms voluntarily disclose more information? Evidence from China," The British Accounting Review, Elsevier, vol. 46(1), pages 18-32.
  26. Feng Liu & Hui Lin & Huiying Wu, 2018. "Political Connections and Firm Value in China: An Event Study," Journal of Business Ethics, Springer, vol. 152(2), pages 551-571, October.
  27. Lai, Shaojie & Chen, Lihan & Wang, Qing Sophie & Anderson, Hamish, 2022. "Natural disasters, trade credit, and firm performance," Economic Modelling, Elsevier, vol. 116(C).
  28. Yacine Belghitar & Ephraim Clark & Abubakr Saeed, 2019. "Political connections and corporate financial decision making," Review of Quantitative Finance and Accounting, Springer, vol. 53(4), pages 1099-1133, November.
  29. Trifonov, Dmitri, 2021. "Political connections of Russian corporations: Blessing or curse?," Journal of Behavioral and Experimental Finance, Elsevier, vol. 29(C).
  30. Habib, Ahsan & Ranasinghe, Dinithi & Muhammadi, Abdul Haris & Islam, Ainul, 2018. "Political connections, financial reporting and auditing: Survey of the empirical literature," Journal of International Accounting, Auditing and Taxation, Elsevier, vol. 31(C), pages 37-51.
  31. Fayrouz Bencheikh & Neila Boulila Taktak, 2017. "Political Connections and Debt Access: The Case of Tunisian Firms," International Journal of Economics and Financial Issues, Econjournals, vol. 7(3), pages 180-185.
  32. Wu, W. & Johan, S.A. & Rui, O.M., 2012. "Institutional investors, political connections and incidence of corporate fraud," Discussion Paper 2012-042, Tilburg University, Tilburg Law and Economic Center.
  33. Haoxiang Tong & Huili Xiao, 2019. "Political Connection Impairs Enterprise Innovation: An Empirical Study Based on Chinese Private Listed Enterprises," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 11(7), pages 1-1, July.
  34. Mai, Nhat Chi, 2020. "Impact of Residual State Ownership on Privatised Firm Performance: Evidence from Vietnamese Listed Firms," OSF Preprints j78fy, Center for Open Science.
  35. Emma L. Black & Angelos J. Doukas & Xiaofei Xing & Jie (Michael) Guo, 2015. "Gains to Chinese Bidder Firms: Domestic vs. Foreign Acquisitions," European Financial Management, European Financial Management Association, vol. 21(5), pages 905-935, November.
  36. Pham, Hung D. & Runst, Petrik & Bizer, Kilian, 2017. "Networks and Firm Performance: A Case Study of Vietnamese Small and Medium Enterprises," ifh Working Papers 8 (2017), Volkswirtschaftliches Institut für Mittelstand und Handwerk an der Universität Göttingen (ifh).
  37. Muhammad Haris & Hongxing Yao & Gulzara Tariq & Hafiz Mustansar Javaid & Qurat Ul Ain, 2019. "Corporate Governance, Political Connections, and Bank Performance," IJFS, MDPI, vol. 7(4), pages 1-37, October.
  38. Bilei Zhou & Jie (Michael) Guo & Jun Hua & Angelos J. Doukas, 2015. "Does State Ownership Drive M&A Performance? Evidence from China," European Financial Management, European Financial Management Association, vol. 21(1), pages 79-105, January.
  39. Ebrahim, M. Shahid & Girma, Sourafel & Shah, M. Eskandar & Williams, Jonathan, 2014. "Dynamic capital structure and political patronage: The case of Malaysia," International Review of Financial Analysis, Elsevier, vol. 31(C), pages 117-128.
  40. Tam, On Kit & Liang, Hsin-Yu & Chen, Sheng-Hung & Liu, Bin, 2021. "Do valued independent directors matter to commercial bank performance?," International Review of Economics & Finance, Elsevier, vol. 71(C), pages 1-20.
  41. Li, Tongxia & Munir, Qaiser & Abd Karim, Mohd Rahimie, 2017. "Nonlinear relationship between CEO power and capital structure: Evidence from China's listed SMEs," International Review of Economics & Finance, Elsevier, vol. 47(C), pages 1-21.
  42. Jia, Ning & Mao, Xinshu & Yuan, Rongli, 2019. "Political connections and directors' and officers' liability insurance – Evidence from China," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 353-372.
  43. Tkachenko, Andrey & Yakovlev, Andrei & Kuznetsova, Aleksandra, 2017. "‘Sweet deals’: State-owned enterprises, corruption and repeated contracts in public procurement," Economic Systems, Elsevier, vol. 41(1), pages 52-67.
  44. Liu, Li & Liu, Qigui & Tian, Gary & Wang, Peipei, 2018. "Government connections and the persistence of profitability: Evidence from Chinese listed firms," Emerging Markets Review, Elsevier, vol. 36(C), pages 110-129.
  45. Hung, Chi-Hsiou D. & Jiang, Yuxiang & Liu, Frank Hong & Tu, Hong & Wang, Senyu, 2017. "Bank political connections and performance in China," Journal of Financial Stability, Elsevier, vol. 32(C), pages 57-69.
  46. Faraji, Omid & Kashanipour, Mohammad & MohammadRezaei, Fakhroddin & Ahmed, Kamran & Vatanparast, Nader, 2020. "Political connections, political cycles and stock returns: Evidence from Iran," Emerging Markets Review, Elsevier, vol. 45(C).
  47. Wang, Zhiqiang & Su, Bingbai & Coakley, Jerry & Shen, Zhe, 2018. "Prospect theory and IPO returns in China," Journal of Corporate Finance, Elsevier, vol. 48(C), pages 726-751.
  48. Chen, Yunsen & Huang, Jianqiao & Xiao, Sheng & Zhao, Ziye, 2020. "The “home bias” of corporate subsidiary locations," Journal of Corporate Finance, Elsevier, vol. 62(C).
  49. Hasan, Iftekhar & Jackowicz, Krzysztof & Kowalewski, Oskar & Kozlowski, Lukasz, 2013. "Politically Connected Firms in Poland and Their Access to Bank Financing," Working Papers 13-37, University of Pennsylvania, Wharton School, Weiss Center.
  50. Abubakr Saeed & Yacine Belghitar & Ephraim Clark, 2014. "Theoretical motives of corporate cash holdings and political connections: firms level evidence from a developing economy," International Review of Applied Economics, Taylor & Francis Journals, vol. 28(6), pages 813-831, September.
  51. Yu, Xin & Zheng, Ying, 2019. "The value of political ties for firms experiencing enforcement actions: Evidence from China," The British Accounting Review, Elsevier, vol. 51(1), pages 24-45.
  52. Tuan Nguyen-Anh & Nguyen To-The & Song Nguyen-Van, 2021. "Economic impacts of political ties in Vietnam: evidence from Northern rural households," Asia-Pacific Journal of Regional Science, Springer, vol. 5(3), pages 993-1021, October.
  53. Jackowicz, Krzysztof & Kozłowski, Łukasz & Mielcarz, Paweł, 2014. "Political connections and operational performance of non-financial firms: New evidence from Poland," Emerging Markets Review, Elsevier, vol. 20(C), pages 109-135.
  54. Budi Wahyono, 2023. "Do political connections affect the market reaction to firms’ inclusion in or exclusion from the Sharia index?," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 13(4), pages 835-854, December.
  55. Manh Hoang Nguyen & Thi Quy Vo, 2022. "Residual State Ownership and Firm Performance: A Case of Vietnam," JRFM, MDPI, vol. 15(6), pages 1-28, June.
  56. Hartwell, Christopher A. & Devinney, Timothy, 2021. "Populism, political risk, and pandemics: The challenges of political leadership for business in a post-COVID world," Journal of World Business, Elsevier, vol. 56(4).
  57. Wang, Yang & Ashton, John K. & Jaafar, Aziz, 2019. "Money shouts! How effective are punishments for accounting fraud?," The British Accounting Review, Elsevier, vol. 51(5).
  58. Li, Mingsheng & Liu, Desheng & Peng, Hongfeng & Zhang, Luxiu, 2022. "Political connection and its impact on equity market," Research in International Business and Finance, Elsevier, vol. 60(C).
  59. Benjamin M. Blau & Todd G. Griffith & Derek Larsen & Ryan J. Whitby, 2022. "Corporate lobbying and the value of firms: The case of defense firms and the 9/11 terrorist attacks," International Review of Finance, International Review of Finance Ltd., vol. 22(4), pages 759-769, December.
  60. Jiamin Wang & Qian Li & Chenmeng Lai & Victor Song, 2024. "Corporate fraud, political connections, and media bias: Evidence from China," Bulletin of Economic Research, Wiley Blackwell, vol. 76(2), pages 319-353, April.
  61. Rihem Braham & Christian Peretti & Lotfi Belkacem, 2022. "On the Measurement and Extent of Banks’ Political Connection in the Middle East and North Africa Region," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 64(4), pages 606-645, December.
  62. Saibal Ghosh, 2023. "Political connections and bank behaviour," Economic Notes, Banca Monte dei Paschi di Siena SpA, vol. 52(1), February.
  63. Xiaofei Pan & Gary Gang Tian, 2020. "Bank Work Experience Versus Political Connections: Which Matters for Bank Loan Financing?," International Review of Finance, International Review of Finance Ltd., vol. 20(2), pages 351-382, June.
  64. Liu, Xiaolu & Li, Honglin, 2016. "Ownership domination in standardization: Evidence from Chinese industrial firms," Telecommunications Policy, Elsevier, vol. 40(2), pages 225-241.
  65. Radygin, Alexander & Simachev, Yury & Entov, Revold, 2015. "The state-owned company: “State failure” or “market failure”?1," Russian Journal of Economics, Elsevier, vol. 1(1), pages 55-80.
  66. Hasan, Iftekhar & Jackowicz, Krzysztof & Kowalewski, Oskar & Kozlowski, Lukasz, 2013. "Politically Connected Firms in Poland and Their Access to Bank Financing," Working Papers 13-37, University of Pennsylvania, Wharton School, Weiss Center.
  67. Liu, Xiaolu & Li, Xiaoyu & Li, Honglin, 2016. "R&D subsidies and business R&D: Evidence from high-tech manufacturing firms in Jiangsu," China Economic Review, Elsevier, vol. 41(C), pages 1-22.
  68. Braham, Rihem & de Peretti, Christian & Belkacem, Lotfi, 2020. "The role of political patronage in the risk-taking behaviour of banks in the Middle East and North Africa," Research in International Business and Finance, Elsevier, vol. 53(C).
  69. Yanga, Shuying & Kim, Seongcheol, 2017. "Do Cross-border M&As by Chinese Media and Entertainment Firms Create Value? Evidence from US-targeted and Korea-targeted Deals," 14th ITS Asia-Pacific Regional Conference, Kyoto 2017: Mapping ICT into Transformation for the Next Information Society 168549, International Telecommunications Society (ITS).
  70. Fawad Rauf & Cosmina Lelia Voinea & Hammad Bin Azam Hashmi & Cosmin Fratostiteanu, 2020. "Moderating Effect of Political Embeddedness on the Relationship between Resources Base and Quality of CSR Disclosure in China," Sustainability, MDPI, vol. 12(8), pages 1-19, April.
  71. Richard Harris & Nigar Hashimzade & Sai Ding, 2016. "Political Connections, State Ownership and Productivity in China," CESifo Working Paper Series 6236, CESifo.
  72. Richard Harris & Shengyu Li, 2019. "Government assistance and total factor productivity: firm-level evidence from China," Journal of Productivity Analysis, Springer, vol. 52(1), pages 1-27, December.
  73. Deng, Lu & Jiang, Ping & Li, Sifei & Liao, Mingqing, 2020. "Government intervention and firm investment," Journal of Corporate Finance, Elsevier, vol. 63(C).
  74. Haitian Lu & Hongbo Pan & Chenying Zhang, 2015. "Political Connectedness and Court Outcomes: Evidence from Chinese Corporate Lawsuits," Journal of Law and Economics, University of Chicago Press, vol. 58(4).
  75. repec:zbw:bofitp:2014_002 is not listed on IDEAS
  76. How, Janice & Verhoeven, Peter & Abdul Wahab, Effiezal Aswadi, 2014. "Institutional investors, political connections and analyst following in Malaysia," Economic Modelling, Elsevier, vol. 43(C), pages 158-167.
  77. Freille, S. & Avramovich, C. & Moncarz, P. & Sofietti, P., 2019. "Inside the revolving door: campaign finance, lobbying meetings and public contracts. An investigation for Argentina," Research Department working papers 1392, CAF Development Bank Of Latinamerica.
  78. Li, Bo & Megginson, William L. & Shen, Zhe & Sun, Qian, 2019. "Privatization effect versus listing effect: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 56(C), pages 369-394.
  79. Liu, Qigui & Pan, Xiaofei & Tian, Gary Gang, 2018. "To what extent did the economic stimulus package influence bank lending and corporate investment decisions? Evidence from China," Journal of Banking & Finance, Elsevier, vol. 86(C), pages 177-193.
  80. Kusnadi, Yuanto & Yang, Zhifeng & Zhou, Yuxiao, 2015. "Institutional development, state ownership, and corporate cash holdings: Evidence from China," Journal of Business Research, Elsevier, vol. 68(2), pages 351-359.
  81. Xiaoyu Li & Jiawei Tang & Chao Feng & Yexiao Chen, 2023. "Can Government Environmental Auditing Help to Improve Environmental Quality? Evidence from China," IJERPH, MDPI, vol. 20(4), pages 1-21, February.
  82. Andrei Panibratov & Ramsés A. Sánchez Herrera & Alvar Castello Esquerdo & Daria Klishevich, 2023. "Surviving populism: A corporate political activity approach in Mexico," Journal of International Business Policy, Palgrave Macmillan, vol. 6(2), pages 182-200, June.
  83. Nianhang Xu & Xinzhong Xu & Qingbo Yuan, 2013. "Political Connections, Financing Friction, and Corporate Investment: Evidence from Chinese Listed Family Firms," European Financial Management, European Financial Management Association, vol. 19(4), pages 675-702, September.
  84. Luo, Kun & Lim, Edwin KiaYang & Qu, Wen & Zhang, Xuan, 2021. "Board cultural diversity, government intervention and corporate innovation effectiveness: Evidence from China," Journal of Contemporary Accounting and Economics, Elsevier, vol. 17(2).
  85. Richard Harris & Shengyu Li, 2016. "Government Assistance and Total Factor Productivity: Firm-level Evidence from China, 1998-2007," CEGAP Working Papers 2016_04, Durham University Business School.
  86. Li, Panni & Lin, Zhongguo & Peng, Binbin & Du, Huibin, 2023. "Do CEOs’ social networks affect carbon emissions in China? The moderating role of CEO reputation," International Review of Economics & Finance, Elsevier, vol. 88(C), pages 1122-1137.
  87. Zengji Song & Abraham Nahm & Zongyi Zhang, 2015. "The value of partial state ownership in publicly listed private sector enterprises: evidence from China," Post-Communist Economies, Taylor & Francis Journals, vol. 27(3), pages 336-353, September.
  88. López-Iturriaga, Félix J. & Santana Martín, Domingo Javier, 2019. "The payout policy of politically connected firms: Tunnelling or reputation?," The North American Journal of Economics and Finance, Elsevier, vol. 50(C).
  89. Suchard, Jo-Ann & Humphery-Jenner, Mark & Cao, Xiaping, 2021. "Government ownership and Venture Capital in China," Journal of Banking & Finance, Elsevier, vol. 129(C).
  90. repec:zbw:bofitp:2022_010 is not listed on IDEAS
  91. Tkachenko, Andrey, 2022. "State-business relations and access to external financing," BOFIT Discussion Papers 10/2022, Bank of Finland Institute for Emerging Economies (BOFIT).
  92. Dong, Yan & Liu, Zhentao & Shen, Zhe & Sun, Qian, 2016. "Does State Ownership Really Matter in Determining Access to Bank Loans? Evidence from China's Partial Privatization," Pacific-Basin Finance Journal, Elsevier, vol. 40(PA), pages 73-85.
  93. Andrey Tkachenko & Daniil Esaulov, 2018. "The Role Of Governors In Public Procurement," HSE Working papers WP BRP 19/PSP/2018, National Research University Higher School of Economics.
  94. Zhi Wang & Miao Yu, 2022. "Political embeddedness and firms' growth," Kyklos, Wiley Blackwell, vol. 75(1), pages 127-153, February.
  95. Deng, Ziliang & Yan, Jiayan & van Essen, Marc, 2018. "Heterogeneity of political connections and outward foreign direct investment," International Business Review, Elsevier, vol. 27(4), pages 893-903.
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