Do political connections enhance or impede corporate innovation?

被引：71
|
作者：
Su, Zhong-qin [1 ]
Xiao, Zuoping [1 ]
Yu, Lin [2 ]
机构：
[1] Hangzhou Dianzi Univ, Sch Accounting, 1158 2 St, Hangzhou 310018, Zhejiang, Peoples R China
[2] Zhejiang Univ Finance & Econ, Sch Accounting, 18 Xueyuan Rd, Hangzhou 310018, Zhejiang, Peoples R China
来源：
INTERNATIONAL REVIEW OF ECONOMICS & FINANCE | 2019年 / 63卷
基金：
中国国家自然科学基金;
关键词：
Political connection; Innovation; Subsidies; SOEs; High-tech industries; RESEARCH-AND-DEVELOPMENT; FINANCIAL CONSTRAINTS; DEVELOPMENT SUBSIDIES; GOVERNMENT SUBSIDIES; FIRM PERFORMANCE; CHINA; ACCESS; SPILLOVERS; POLICY; PROFITABILITY;
D O I：
10.1016/j.iref.2018.08.012
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We establish a comprehensive political connection index based on manually collected personal profiles of top firm managers or board members to examine the contribution of political connections to corporate innovation and the channels of this relation. Our results indicate that politically connected firms tend to have more innovation than non-connected firms, and government subsidies mediate this relation. Moreover, the innovation-enhancing value of political connections is especially important for firms that receive less government support, such as non-SOEs and low-tech companies.
引用
收藏
页码：94 / 110
页数：17
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