Political connections and corporate performance: evidence from Pakistan

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dc.contributor.authorSaeed, Abubakr
dc.contributor.authorBelghitar, Yacine
dc.contributor.authorClark, Ephraim
dc.date.accessioned2020-04-16T15:22:40Z
dc.date.available2020-04-16T15:22:40Z
dc.date.issued2019-03-24
dc.description.abstractThis study seeks to understand how political connections affect firm performance. Using a hand‐collected dataset of Pakistani firms from 2008–2014, our firm fixed effects and Heckman two‐stage regression results show that connected firms outperform those without political ties. Moreover, we show channels through which political benefits are realized in terms of greater access to debt, lower financing costs and lower tax rates. These benefits are found to be particularly large when firms are connected to politicians who held political positions most recently and firms connected through their owners. Finally, we do not find evidence for differences in political favours across regulated and unregulated industriesen_UK
dc.identifier.citationSaeed A, Belghitar Y, Clark E (2019) Political connections and corporate performance: evidence from Pakistan. Economics of Transition and Institutional Change, Volume 27, Issue 4, March 2019, pp. 863-889en_UK
dc.identifier.issn2577-6975
dc.identifier.urihttps://doi.org/10.1111/ecot.12213
dc.identifier.urihttp://dspace.lib.cranfield.ac.uk/handle/1826/15397
dc.language.isoenen_UK
dc.publisherWileyen_UK
dc.rightsAttribution-NonCommercial 4.0 International*
dc.rights.urihttp://creativecommons.org/licenses/by-nc/4.0/*
dc.subjectPolitical Connectionsen_UK
dc.subjectPerformanceen_UK
dc.subjectPolitical Environmenten_UK
dc.subjectAccess to credit marketen_UK
dc.subjectEffective Tax rateen_UK
dc.subjectPolitical Strengthen_UK
dc.titlePolitical connections and corporate performance: evidence from Pakistanen_UK
dc.typeArticleen_UK

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