메뉴 건너뛰기




Volumn 18, Issue 4, 2012, Pages 695-729

Ownership and the Value of Political Connections: Evidence from China

Author keywords

China; Corporate governance; Firm value; Ownership; Political connection

Indexed keywords


EID: 84865436092     PISSN: 13547798     EISSN: 1468036X     Source Type: Journal    
DOI: 10.1111/j.1468-036X.2010.00547.x     Document Type: Article
Times cited : (235)

References (42)
  • 1
    • 33748917093 scopus 로고    scopus 로고
    • Public policy, political connections, and effective tax rates: longitudinal evidence from Malaysia
    • Adhikari, A., Derashid, C. and Zhang, H., 'Public policy, political connections, and effective tax rates: longitudinal evidence from Malaysia', Journal of Accounting and Public Policy, Vol. 25, 2006, pp. 574-95.
    • (2006) Journal of Accounting and Public Policy , vol.25 , pp. 574-595
    • Adhikari, A.1    Derashid, C.2    Zhang, H.3
  • 2
    • 0142219280 scopus 로고    scopus 로고
    • Founding-family ownership and firm performance: evidence from the S&P 500
    • Anderson, R. C. and Reeb, D. M., 'Founding-family ownership and firm performance: evidence from the S&P 500', Journal of Finance, Vol. 58, 2003, pp. 1301-28.
    • (2003) Journal of Finance , vol.58 , pp. 1301-1328
    • Anderson, R.C.1    Reeb, D.M.2
  • 3
    • 35548994171 scopus 로고    scopus 로고
    • The operating performance of newly privatised firms in Central European transition economies
    • Aussenegg, W. and Jelic, R., 'The operating performance of newly privatised firms in Central European transition economies', European Financial Management, Vol. 13, 2007, pp. 853-79.
    • (2007) European Financial Management , vol.13 , pp. 853-879
    • Aussenegg, W.1    Jelic, R.2
  • 4
    • 10344256238 scopus 로고    scopus 로고
    • Corporate governance and market valuation in China
    • Bai, C., Liu, Q., Lu, J., et al., 'Corporate governance and market valuation in China', Journal of Comparative Economics, Vol. 32, 2004, pp. 599-616.
    • (2004) Journal of Comparative Economics , vol.32 , pp. 599-616
    • Bai, C.1    Liu, Q.2    Lu, J.3
  • 5
    • 84865407031 scopus 로고    scopus 로고
    • Divergent interests between central and local governments: testing theories of public ownership', Working Paper (Tsinghua University and the University of Hong Kong
    • Bai, C., Lu, J. and Tao, Z., 'Divergent interests between central and local governments: testing theories of public ownership', Working Paper (Tsinghua University and the University of Hong Kong, 2006).
    • (2006)
    • Bai, C.1    Lu, J.2    Tao, Z.3
  • 6
    • 34247842936 scopus 로고    scopus 로고
    • The effect of family control on firm value and performance: evidence from continental Europe
    • Barontini, R. and Caprio L., 'The effect of family control on firm value and performance: evidence from continental Europe', European Financial Management, 12(5), 2006, pp. 689-723.
    • (2006) European Financial Management , vol.12 , Issue.5 , pp. 689-723
    • Barontini, R.1    Caprio, L.2
  • 7
    • 79952910035 scopus 로고    scopus 로고
    • Political connections and minority-shareholder protection: evidence from securities-market regulation in China
    • forthcoming).
    • Berkman, H., Cole, R. and Fu, J., 'Political connections and minority-shareholder protection: evidence from securities-market regulation in China', Journal of Financial and Quantitative Analysis, (forthcoming).
    • Journal of Financial and Quantitative Analysis
    • Berkman, H.1    Cole, R.2    Fu, J.3
  • 8
  • 9
    • 68349154427 scopus 로고    scopus 로고
    • Government control of privatized firms
    • Bortolotti, B. and Faccio, M., 'Government control of privatized firms', Review of Financial Studies, Vol. 22, 2009, pp. 2907-39.
    • (2009) Review of Financial Studies , vol.22 , pp. 2907-2939
    • Bortolotti, B.1    Faccio, M.2
  • 10
    • 0141908332 scopus 로고    scopus 로고
    • Bank discrimination in transition economies: ideology, information, or incentives?
    • Brandt, L. and Li, H., 'Bank discrimination in transition economies: ideology, information, or incentives? Journal of Comparative Economics, Vol. 31, 2003, pp. 387-413.
    • (2003) Journal of Comparative Economics , vol.31 , pp. 387-413
    • Brandt, L.1    Li, H.2
  • 11
    • 33244454517 scopus 로고    scopus 로고
    • Connected lending: Thailand before the financial crisis
    • Charumilind, C., Kali, R. and Wiwattanakantang, Y., 'Connected lending: Thailand before the financial crisis', Journal of Business, Vol. 79, 2006, pp. 181-218.
    • (2006) Journal of Business , vol.79 , pp. 181-218
    • Charumilind, C.1    Kali, R.2    Wiwattanakantang, Y.3
  • 12
    • 56249123643 scopus 로고    scopus 로고
    • Does the type of ownership control matter? Evidence from China's listed companies
    • Chen, G., Firth, M. and Xu, L., 'Does the type of ownership control matter? Evidence from China's listed companies', Journal of Banking and Finance, Vol. 33, 2009, pp. 171-81.
    • (2009) Journal of Banking and Finance , vol.33 , pp. 171-181
    • Chen, G.1    Firth, M.2    Xu, L.3
  • 13
    • 46049105914 scopus 로고    scopus 로고
    • Political connections and preferential access to finance: the role of campaign contributions
    • Claessens, S., Feijen, E. and Laeven, L., 'Political connections and preferential access to finance: the role of campaign contributions', Journal of Financial Economics, Vol. 88, 2008, pp. 554-80.
    • (2008) Journal of Financial Economics , vol.88 , pp. 554-580
    • Claessens, S.1    Feijen, E.2    Laeven, L.3
  • 14
    • 84935941592 scopus 로고
    • The structure of corporate ownership: causes and consequences
    • Demsetz, H. and Lehn, K., 'The structure of corporate ownership: causes and consequences', Journal of Political Economy, Vol. 93, 1985, pp. 1155-77.
    • (1985) Journal of Political Economy , vol.93 , pp. 1155-1177
    • Demsetz, H.1    Lehn, K.2
  • 15
    • 33645727687 scopus 로고    scopus 로고
    • Politically connected firms
    • Faccio, M., 'Politically connected firms', American Economic Review, Vol. 96, 2006, pp. 369-86.
    • (2006) American Economic Review , vol.96 , pp. 369-386
    • Faccio, M.1
  • 16
    • 33749245823 scopus 로고    scopus 로고
    • Political connections and corporate bailouts
    • Faccio, M., Masulis, R. and McConnell, J. J., 'Political connections and corporate bailouts', Journal of Finance, Vol. 61, 2006, pp. 2597-2635.
    • (2006) Journal of Finance , vol.61 , pp. 2597-2635
    • Faccio, M.1    Masulis, R.2    McConnell, J.J.3
  • 17
    • 50849093538 scopus 로고    scopus 로고
    • Public governance and corporate finance: evidence from corruption cases
    • Fan, J., Rui, O. M. and Zhao, M., 'Public governance and corporate finance: evidence from corruption cases', Journal of Comparative Economics, Vol. 36, 2008, pp. 343-64.
    • (2008) Journal of Comparative Economics , vol.36 , pp. 343-364
    • Fan, J.1    Rui, O.M.2    Zhao, M.3
  • 18
    • 84865426067 scopus 로고    scopus 로고
    • Institute Index of Marketization of China's Provinces 2006 Report (Beijing: Economic Science Press
    • Fan, G., Wang, X. and Zhu, H., National Economic Research Institute Index of Marketization of China's Provinces 2006 Report (Beijing: Economic Science Press, 2007).
    • (2007) National Economic Research
    • Fan, G.1    Wang, X.2    Zhu, H.3
  • 19
    • 34247262521 scopus 로고    scopus 로고
    • Politically connected CEOs, corporate governance and post-IPO performance of China's newly partially privatized firms
    • Fan, J., Wong, T. J. and Zhang, T., 'Politically connected CEOs, corporate governance and post-IPO performance of China's newly partially privatized firms', Journal of Financial Economics, Vol. 84, 2007, pp. 265-590.
    • (2007) Journal of Financial Economics , vol.84 , pp. 265-590
    • Fan, J.1    Wong, T.J.2    Zhang, T.3
  • 20
    • 33748789046 scopus 로고    scopus 로고
    • Firm performance, governance structure, and top management turnover in a transitional economy
    • Firth, M., Fung, P. M. Y. and Rui, O. M., 'Firm performance, governance structure, and top management turnover in a transitional economy', Journal of Management Studies, Vol. 43, 2006, pp. 1289-1330.
    • (2006) Journal of Management Studies , vol.43 , pp. 1289-1330
    • Firth, M.1    Fung, P.M.Y.2    Rui, O.M.3
  • 21
    • 0001609111 scopus 로고    scopus 로고
    • Estimating the value of political connections
    • Fisman, R., 'Estimating the value of political connections', American Economic Review, Vol. 91, 2001, pp. 1095-1102.
    • (2001) American Economic Review , vol.91 , pp. 1095-1102
    • Fisman, R.1
  • 22
    • 64749097052 scopus 로고    scopus 로고
    • Political connections and the process of going public: evidence from China
    • Francis, B. B., Hasan, I. and Sun, X., 'Political connections and the process of going public: evidence from China', Journal of International Money and Finance, Vol. 28, 2009, pp. 696-719.
    • (2009) Journal of International Money and Finance , vol.28 , pp. 696-719
    • Francis, B.B.1    Hasan, I.2    Sun, X.3
  • 23
    • 67649565535 scopus 로고    scopus 로고
    • Do politically connected boards affect firm value?
    • Goldman, E., Rocholl, J. and So, J., 'Do politically connected boards affect firm value? Review of Financial Studies, Vol. 22, 2009, pp. 2331-60.
    • (2009) Review of Financial Studies , vol.22 , pp. 2331-2360
    • Goldman, E.1    Rocholl, J.2    So, J.3
  • 24
    • 0004296209 scopus 로고    scopus 로고
    • 5th ed. (New Jersey: Prentice Hall
    • Greene, W. H., Econometric Analysis, 5th ed. (New Jersey: Prentice Hall, 2003).
    • (2003) Econometric Analysis
    • Greene, W.H.1
  • 25
    • 49849101632 scopus 로고    scopus 로고
    • The evolution of corporate governance and firm performance in transition economies: the case of Sellier and Bellot in the Czech Republic
    • Jandik, T. and Rennie, C. G., 'The evolution of corporate governance and firm performance in transition economies: the case of Sellier and Bellot in the Czech Republic', European Financial Management, Vol. 14, 2008, pp. 747-91.
    • (2008) European Financial Management , vol.14 , pp. 747-791
    • Jandik, T.1    Rennie, C.G.2
  • 26
    • 23244445989 scopus 로고    scopus 로고
    • Regional decentralization and fiscal incentives: federalism Chinese style
    • Jin, H., Qian, Y. and Weingast, B. R., 'Regional decentralization and fiscal incentives: federalism Chinese style', Journal of Public Economics, Vol. 89, 2005, pp. 1719-42.
    • (2005) Journal of Public Economics , vol.89 , pp. 1719-1742
    • Jin, H.1    Qian, Y.2    Weingast, B.R.3
  • 27
    • 0037292733 scopus 로고    scopus 로고
    • Cronyism and capital controls: evidence from Malaysia
    • Johnson, S. and Mitton, T., 'Cronyism and capital controls: evidence from Malaysia', Journal of Financial Economics, Vol. 67, 2003, pp. 351-82.
    • (2003) Journal of Financial Economics , vol.67 , pp. 351-382
    • Johnson, S.1    Mitton, T.2
  • 28
    • 84985841612 scopus 로고
    • Corporate governance and incentives in German companies: evidence from top executive turnover and firm performance
    • Kaplan, S. N., 'Corporate governance and incentives in German companies: evidence from top executive turnover and firm performance', European Financial Management, Vol. 1(1), 1995, pp. 23-36.
    • (1995) European Financial Management , vol.1 , Issue.1 , pp. 23-36
    • Kaplan, S.N.1
  • 29
    • 33744518582 scopus 로고    scopus 로고
    • Corporate governance provisions and firm ownership: firm-level evidence from Eastern Europe
    • Klapper, L., Laeven, L. and Love, I., 'Corporate governance provisions and firm ownership: firm-level evidence from Eastern Europe', Journal of International Money and Finance, Vol. 25(3), 2006, pp. 429-44.
    • (2006) Journal of International Money and Finance , vol.25 , Issue.3 , pp. 429-444
    • Klapper, L.1    Laeven, L.2    Love, I.3
  • 31
    • 48049119272 scopus 로고    scopus 로고
    • Political connections, financing and firm performance: evidence from Chinese private firms
    • Li, H., Meng, L., Wang, Q. and Zhou, L., 'Political connections, financing and firm performance: evidence from Chinese private firms', Journal of Development Economics, Vol. 87, 2008, pp. 283-99.
    • (2008) Journal of Development Economics , vol.87 , pp. 283-299
    • Li, H.1    Meng, L.2    Wang, Q.3    Zhou, L.4
  • 32
    • 23244435901 scopus 로고    scopus 로고
    • Political turnover and economic performance: the incentive role of personnel control in China
    • Li, H. and Zhou, L., 'Political turnover and economic performance: the incentive role of personnel control in China', Journal of Public Economics, Vol. 89, 2005, pp. 1743-62.
    • (2005) Journal of Public Economics , vol.89 , pp. 1743-1762
    • Li, H.1    Zhou, L.2
  • 33
    • 60649105018 scopus 로고    scopus 로고
    • Policy burdens, firm performance, and management turnover
    • Liao, G., Chen, X., Jing, X. and Sun, J., 'Policy burdens, firm performance, and management turnover', China Economic Review, Vol. 20, 2009, pp. 15-28.
    • (2009) China Economic Review , vol.20 , pp. 15-28
    • Liao, G.1    Chen, X.2    Jing, X.3    Sun, J.4
  • 34
    • 34247854967 scopus 로고    scopus 로고
    • Corporate performance, corporate governance and top executive turnover in Finland
    • Maury, B., 'Corporate performance, corporate governance and top executive turnover in Finland', European Financial Management, Vol. 12(2), 2006, pp. 221-48.
    • (2006) European Financial Management , vol.12 , Issue.2 , pp. 221-248
    • Maury, B.1
  • 37
    • 84892702170 scopus 로고    scopus 로고
    • Estimating standard errors in finance panel data sets: comparing approaches
    • 22
    • Petersen, M. A., 'Estimating standard errors in finance panel data sets: comparing approaches', Review of Financial Studies, Vol. 22, 2009, pp. 435-80.
    • (2009) Review of Financial Studies , pp. 435-480
    • Petersen, M.A.1
  • 38
    • 84865428568 scopus 로고    scopus 로고
    • State-owned Assets Supervision and Administration Commission of China., On the adjustment of state-owned capital and corporate restructuring guidance', No. 97 SCS
    • State-owned Assets Supervision and Administration Commission of China., 'On the adjustment of state-owned capital and corporate restructuring guidance', No. 97 SCS, 2006.
    • (2006)
  • 39
    • 0142056036 scopus 로고    scopus 로고
    • China share issue privatization: the extent of its success
    • Sun, Q. and Tong, W. H. S., 'China share issue privatization: the extent of its success', Journal of Financial Economics, Vol. 70, 2003, pp. 183-222.
    • (2003) Journal of Financial Economics , vol.70 , pp. 183-222
    • Sun, Q.1    Tong, W.H.S.2
  • 40
    • 33646477423 scopus 로고    scopus 로고
    • How do family ownership, management and control affect firm value?
    • Villalonga, B. and Amit, R., 'How do family ownership, management and control affect firm value? Journal of Financial Economics, Vol. 80, 2006, pp. 385-417.
    • (2006) Journal of Financial Economics , vol.80 , pp. 385-417
    • Villalonga, B.1    Amit, R.2
  • 41
    • 56349084078 scopus 로고    scopus 로고
    • State ownership, the institutional environment, and auditor choice: evidence from China
    • Wang, Q., Wong, T. J. and Xia, L., 'State ownership, the institutional environment, and auditor choice: evidence from China', Journal of Accounting and Economics, Vol. 46, 2008, pp. 112-34.
    • (2008) Journal of Accounting and Economics , vol.46 , pp. 112-134
    • Wang, Q.1    Wong, T.J.2    Xia, L.3
  • 42
    • 84865406076 scopus 로고    scopus 로고
    • Public governance, political connectedness and CEO turnover: evidence from Chinese state-owned enterprises', Working Paper (Chinese University of Hong Kong, Hong Kong
    • Yuan, Q. B., 'Public governance, political connectedness and CEO turnover: evidence from Chinese state-owned enterprises', Working Paper (Chinese University of Hong Kong, Hong Kong, 2008).
    • (2008)
    • Yuan, Q.B.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.