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Essays on Microeconomic Applications...

Cheng, Lei.

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Essays on Microeconomic Applications in Political Economy and Business Strategy.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Essays on Microeconomic Applications in Political Economy and Business Strategy./
作者:	Cheng, Lei.
出版者:	Ann Arbor : ProQuest Dissertations & Theses, : 2016,
面頁冊數:	112 p.
附註:	Source: Dissertation Abstracts International, Volume: 78-03(E), Section: A.
Contained By:	Dissertation Abstracts International78-03A(E).
標題:	Agricultural economics. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10150792
ISBN:	9781369055573

Essays on Microeconomic Applications in Political Economy and Business Strategy.
Cheng, Lei.

Essays on Microeconomic Applications in Political Economy and Business Strategy. - Ann Arbor : ProQuest Dissertations & Theses, 2016 - 112 p.

Source: Dissertation Abstracts International, Volume: 78-03(E), Section: A.

Thesis (Ph.D.)--University of California, Berkeley, 2016.

This paper uses the sudden deaths of retired government officials who were acting as independent directors of private firms to study the effects of losing political connections on the firm's economic performance. Employing an event study, we find that, if a private firm loses political connections because of the sudden death of an independent director who was previously a government official, its stock price drops 1.47% on average within ten trading days. Moreover, after the sudden loss of political connections, there is a reduction in the economic benefits (e.g., bank loans, tax preference, and government subsidies) that a private firm can get from the government or banks, which provides a reasonable explanation for the negative stock price reaction. This paper also finds that, when a politically connected private firm unexpectedly loses its political connection, it increases investments in physical capital in order to regain its competitive advantage, which suggests that physical capital serves as a substitute for political capital.

ISBN: 9781369055573Subjects--Topical Terms:

3172150
Agricultural economics.

Essays on Microeconomic Applications in Political Economy and Business Strategy.
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520 $a This paper uses the sudden deaths of retired government officials who were acting as independent directors of private firms to study the effects of losing political connections on the firm's economic performance. Employing an event study, we find that, if a private firm loses political connections because of the sudden death of an independent director who was previously a government official, its stock price drops 1.47% on average within ten trading days. Moreover, after the sudden loss of political connections, there is a reduction in the economic benefits (e.g., bank loans, tax preference, and government subsidies) that a private firm can get from the government or banks, which provides a reasonable explanation for the negative stock price reaction. This paper also finds that, when a politically connected private firm unexpectedly loses its political connection, it increases investments in physical capital in order to regain its competitive advantage, which suggests that physical capital serves as a substitute for political capital.
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