کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
959976 929395 2013 16 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
The value of local political connections in a low-corruption environment
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری حسابداری
پیش نمایش صفحه اول مقاله
The value of local political connections in a low-corruption environment
چکیده انگلیسی

We use exogenous changes in Danish local municipality sizes to identify a large positive effect of political power on the profitability of firms related by family to local politicians. Our difference-in-differences estimate is consistent with a unitary elasticity of connected firms’ performance to political power (as measured by population per elected politician). Increasing power boosts firms’ operating returns, especially in industries relying heavily on public demand. Focusing on arguably the world's least corrupt country, we highlight the importance of corporate rent seeking at local governmental levels, which account for nearly half of total public expenditures.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Economics - Volume 110, Issue 2, November 2013, Pages 387–402
نویسندگان
, ,