Political connections and operational performance of non-financial firms: New evidence from Poland

被引：57
|
作者：
Jackowicz, Krzysztof [1 ]
Kozlowski, Lukasz [2 ]
Mielcarz, Pawel [3 ]
机构：
[1] Kozminski Univ, Dept Banking & Insurance, PL-03301 Warsaw, Poland
[2] BGZ SA, PL-01211 Warsaw, Poland
[3] Kozminski Univ, Dept Finance, PL-03301 Warsaw, Poland
来源：
EMERGING MARKETS REVIEW | 2014年 / 20卷
关键词：
Political connections; Operational performance; Listed firms; Emerging economies; MANAGERIAL TIES; STOCK; GOVERNMENT; DIRECTORS; BENEFITS; IMPACT; MARKET; COST; SOES; RED;
D O I：
10.1016/j.ememar.2014.06.005
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study analyses the impact of political connections on the operational performance of non-financial firms in Poland. Using a data set covering the 2001-2011 period, we find that political connections lower firm profitability, as measured on the level of income from sales. The negative impact is the strongest when a firm possesses multiple connections, has politically connected members on its supervisory board, or employs ex-politicians with central government experience. Therefore, our findings do not support claims based on resource dependence theory. The Polish market's specificity is most likely related to the instability of the political scene. (C) 2014 Elsevier B.V. All rights reserved.
引用
收藏
页码：109 / 135
页数：27
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