Do strong corporate governance firms still require political connection, and vice versa?

Chung Hua Shen, Chih-Yung Lin*, Yu Chun Wang

*此作品的通信作者

研究成果: Article同行評審

46 引文 斯高帕斯(Scopus)

摘要

This study investigates whether a firm with strong corporate governance (CG) requires political connections (PCs), that is, we examine whether CG and PC substitute for or complement each other. Using 71,069 individual bank loan contracts from Taiwan, we examine how loan contracts are affected by CG, PC, or both. Our results show that firms with strong CG focus less on building PC. By contrast, politically connected firms are likely to demonstrate poor governance practices. In addition, favorable bank loan prices reduce when both PC and CG are simultaneously considered. All evidence supports the substitution effect.

原文English
頁(從 - 到)107-120
頁數14
期刊International Review of Economics and Finance
39
DOIs
出版狀態Published - 1 9月 2015

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