Pollitical Connections And Corporate Bailouts  

Oleh:

Faccio, Mara ; Masulis, Ronald W.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 61 no. 6 (Des. 2006), page 2597-2636.
Topik: pollitical; studies; bailouts; political behaviours; many countries; government aid
Fulltext: p 2597.pdf (271.8KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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We analyze the likelihood of government bailouts of 450 politically connected firms from 35 countries during 1997 - 2002. Pollitically connected firms are significantly more likely to be bailed out than similar nonconnected firms. Additionally, politically connected firms are disproportionately more likely to be bailed out when the international monetary fund or the world bank provides financial assistance to the firm's home government. Further among bailed out firms, those that are politically connected exhibit significantly worse financial performance than their nonconnected peers at the time of and following the bailout. This evidence suggests that, at least in some countries, political connections influence the allocation of capital through the mechanism of financial assistance when connected companies confront economic distress.

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