The Benefits of Political Connection: Evidence from Individual Bank-Loan Contracts

Yan Shing Chen, Chung Hua Shen, Chih-Yung Lin*

*此作品的通信作者

研究成果: Article同行評審

70 引文 斯高帕斯(Scopus)

摘要

This paper investigates whether political connections improve the access of firms to financing. We propose three hypotheses to prove that political benefits exist. First, do politically connected firms obtain preferential treatment for bank loans? Second, if these firms do obtain preferential treatment, do they benefit from government-owned banks (GOBs) more than from privately owned banks? Third, is the preferential treatment from GOBs enhanced during presidential election years? We examine these three questions by using detailed data on political connections and 69,332 individual bank-loan contracts for listed firms in Taiwan from 1991 to 2008. The empirical results generally support our hypotheses.

原文English
頁(從 - 到)287-305
頁數19
期刊Journal of Financial Services Research
45
發行號3
DOIs
出版狀態Published - 1 1月 2014

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