The value of local political capital in transition China

被引：25
|
作者：
Sun, Pei [1 ]
Xu, Haoping [1 ]
Zhou, Jian [2 ]
机构：
[1] Fudan Univ, Sch Management, Shanghai 200433, Peoples R China
[2] SUNY Binghamton, Sch Management, Binghamton, NY 13901 USA
来源：
ECONOMICS LETTERS | 2011年 / 110卷 / 03期
关键词：
Political connections; Political capital; Transition; China; PRIVATIZED FIRMS; CONNECTIONS; PERFORMANCE; GOVERNANCE;
D O I：
10.1016/j.econlet.2010.11.016
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper documents stock market responses to the arrest of Shanghai's top leader by the Chinese central government in September 2006. The effects of personal-level and organizational-level connections to the local state are found to be negative and insignificant, respectively, on cumulative abnormal returns (CARs). Furthermore, companies having both personal and organizational political ties experienced the most adverse market reaction. (C) 2010 Elsevier B.V. All rights reserved.
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页码：189 / 192
页数：4
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