Politically Connected Firms
Top Cited Papers
- 1 February 2006
- journal article
- Published by American Economic Association in American Economic Review
- Vol. 96 (1) , 369-386
- https://doi.org/10.1257/000282806776157704
Abstract
Examination of firms in 47 countries shows a widespread overlap of controlling shareholders and top officers who are connected with national parliaments or governments, particularly in countries with higher levels of corruption, with barriers to foreign investment, and with more transparent systems. Connections are diminished when regulations set more limits on official behavior. Additionally, I show that the announcement of a new political connection results in a significant increase in value.Keywords
This publication has 26 references indexed in Scilit:
- The great reversals: the politics of financial development in the twentieth centuryPublished by Elsevier ,2003
- Who Must Pay Bribes and How Much? Evidence from a Cross Section of FirmsThe Quarterly Journal of Economics, 2003
- Ferreting out Tunneling: An Application to Indian Business GroupsThe Quarterly Journal of Economics, 2002
- The quality of governmentJournal of Law, Economics, and Organization, 1999
- CorruptionThe Quarterly Journal of Economics, 1993
- A Dead Senator Tells No Lies: Seniority and the Distribution of Federal BenefitsAmerican Journal of Political Science, 1990
- Using daily stock returnsJournal of Financial Economics, 1985
- Tobit models: A surveyJournal of Econometrics, 1984
- A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for HeteroskedasticityEconometrica, 1980
- The Theory of Economic RegulationThe Bell Journal of Economics and Management Science, 1971