The value of political capital: Dictatorship collaborators as business elites

被引：7
作者：
Gonzalez, Felipe [1 ]
Prem, Mounu [2 ]
机构：
[1] Pontificia Univ Catolica Chile, Inst Econ, Santiago, Chile
[2] Univ Rosario, Dept Econ, Bogota, Colombia
来源：
JOURNAL OF ECONOMIC BEHAVIOR & ORGANIZATION | 2018年 / 155卷
关键词：
Political capital; Collaborators; Dictatorship; Armed forces; PRIVATE RETURNS; CONNECTIONS; RELATIVES; BOARDS;
D O I：
10.1016/j.jebo.2018.08.024
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
What is the value of political capital for individuals? Towards the end of the Pinochet dictatorship in Chile, military and civilian collaborators entered the business elite, controlling the largest and most important firms in the country. Using a novel panel dataset of board members in these firms, we document an appointment premium for those who had previously collaborated with Pinochet. After democratization, however, collaborators were removed from boards and their compensation premium disappeared. These results suggest that dictatorship collaborators earn a premium in the business world in dictatorship, but not in democracy. (C) 2018 Elsevier B.V. All rights reserved.
引用
收藏
页码：217 / 230
页数：14
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