Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/20004
Title: Corporate political connections and the 2008 Malaysian election
Authors: Fung, SYK 
Gul, FA
Radhakrishnan, S
Issue Date: 2015
Publisher: Elsevier Ltd
Source: Accounting, organizations and society, 2015, v. 43, p. 67-86 How to cite?
Journal: Accounting, Organizations and Society 
Abstract: We examine whether the relationship between political connections and firm value is moderated by the length of time firms have been politically connected. We find that compared to firms with political connections for a short period, firms with political connections for a long period have a smaller magnitude of negative stock price reaction to the 2008 General Election loss of the supermajority by the ruling party in Malaysia. We also find that the smaller magnitude of negative stock price reaction is, in part, attributable to improvements in board of director characteristics. Furthermore, we find that while the performance subsequent to the General Election of politically connected firms is worse than that of non-politically connected firms, firms with political connections for a long period exhibit better performance than those connected for short periods. Collectively, the evidence shows that the length of political connections is an important factor that moderates economic value.
URI: http://hdl.handle.net/10397/20004
ISSN: 0361-3682
DOI: 10.1016/j.aos.2015.04.001
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