Political uncertainty and corporate investment: Evidence from China
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- 作者：Heng Ana ; h_an@uncg.edu" class="auth_mail" title="E-mail the corresponding author ; Yanyan Chenb ; daisycyy5@hotmail.com" class="auth_mail" title="E-mail the corresponding author ; Danglun Luoc ; luodl@mail.sysu.edu.cn" class="auth_mail" title="E-mail the corresponding author ; Ting Zhangd ; tzhang1@udayton.edu" class="auth_mail" title="E-mail the corresponding author
- 关键词：Political turnover ; Corporate investment ; Local government officials ; Chinese market ; Transition economy
- 刊名：Journal of Corporate Finance
- 出版年：2016
- 出版时间：February 2016
- 年：2016
- 卷：36
- 期：Complete
- 页码：174-189
- 全文大小：392 K
文摘
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Political turnover leads firms to significantly reduce corporate investment.
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The reduction is more pronounced for state-owned enterprises, capital intensive firms, and firms deemed locally important.
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Outsider appointment has more significant impact on investment than local promotion.
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Volatility of corporate investment increases with political turnover.
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Investment decline due to political turnover hurts the profitability of private firms.