A theory of political connections and financial outcomes

被引：8

作者：

Keefe, Michael O'Connor ^{[1
]}

机构：

[1] Victoria Univ Wellington, Sch Econ & Finance, POB 600, Wellington 6140, New Zealand

来源：

INTERNATIONAL REVIEW OF ECONOMICS & FINANCE | 2019年 / 61卷

关键词：

Political connections; Lending decisions; Social objectives; CORPORATE GOVERNANCE; GOVERNMENT OWNERSHIP; EXPROPRIATION; PERFORMANCE; FIRMS;

D O I：

10.1016/j.iref.2019.01.009

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

I model the effect of political connections through the channels of lender compensation, contract enforcement, and social objectives on financial outcomes such as interest rates, default rates, financial constraints, investment decisions, and the manager's decision about whether to be politically connected or unconnected. The model shows that the effect of political connections on financial outcomes depends upon the relative importance of each channel. By demonstrating the influence of each channel, the model helps explain many contradictory empirical findings about the relationship between political connections and financial outcomes.

引用

页码：108 / 127

页数：20

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