151
Views
2
CrossRef citations to date
0
Altmetric
Articles

The role of political capital on private equity placement acquisition for Chinese publicly listed private sector enterprises

, &

References

  • Allen, F., J. Qian, and M. Qian. 2005. “Law, Finance, and Economic Growth in China.” Journal of Financial Economics 77 (1): 57–116. doi:10.1016/j.jfineco.2004.06.010.
  • Bai, C. E., J. Lu, and Z. Tao. 2006. “Property Rights Protection and Access to Bank Loans.” The Economics of Transition 14 (4): 611–909. doi:10.1111/j.1468-0351.2006.00269.x.
  • Boubakri, N., O. Guedhami, D. Mishra, and W. Saffar. 2012. “Political Connections and the Cost of Equity Capital.” Journal of Corporate Finance 18 (3): 541–559. doi:10.1016/j.jcorpfin.2012.02.005.
  • Cai, S., and Z. Yang. 2014. “The Role of the Guanxi, Institution in Skill Acquisition between Firms: A Study of Chinese Firms.” Journal of Supply Chain Management 50 (4): 3–23. doi:10.1111/jscm.12035.
  • Chen, C. J. P., Z. Li, X. Su, and Z. Sun. 2011. “Rent-Seeking Incentives, Corporate Political Connections, and the Control Structure of Private Firms: Chinese Evidence.” Journal of Corporate Finance 17 (2): 229–243. doi:10.1016/j.jcorpfin.2010.09.009.
  • Chen, Y. S., C. H. Shen, and C. Y. Lin. 2014. “The Benefits of Political Connection: Evidence from Individual Bank-Loan Contracts.” Journal of Financial Services Research 45 (3): 287–305. doi:10.1007/s10693-013-0167-1.
  • Ding, S., C. Jia, C. Wilson, and Z. Wu. 2015. “Political Connections and Agency Conflicts: The Roles of Owner and Manager Political Influence on Executive Compensation.” Review of Quantitative Finance and Accounting 45 (2): 407–428. doi:10.1007/s11156-014-0441-9.
  • Faccio, M., R. W. Masulis, and J. J. McConnell. 2006. “Political Connections and Corporate Bailouts.” The Journal of Finance 61 (6): 2597–2635. doi:10.1111/j.1540-6261.2006.01000.x.
  • Fan, J. P. H., O. M. Rui, and M. Zhao. 2008. “Public Governance and Corporate Finance: Evidence from Corruption Cases.” Journal of Comparative Economics 36 (3): 343–364. doi:10.1016/j.jce.2008.05.001.
  • Fonseka, M. M., X. Yang, G. L. Tian, and S. R. N. Colombage. 2015. “Political Connections, Ownership Structure and Private-Equity Placement Decision: Evidence from Chinese Listed Firms.” Applied Economics 47 (52): 5648–5619. doi:10.1080/00036846.2015.1054073.
  • Francis, B. B., I. Hasan, and X. Sun. 2009. “Political Connections and the Process of Going Public: Evidence from China.” Journal of International Money and Finance 28 (4): 696–719. doi:10.1016/j.jimonfin.2009.01.002.
  • Giannetti, M., and S. Yu. 2007. “Favoritism and Markets in Capital Allocation.” EFA 2007 Ljubljana Meetings Paper. 10.2139/ssrn.965525.
  • Glaeser, E. L., D. Laibson, and B. Sacerdote. 2002. “An Economic Approach to Social Capital.” The Economic Journal 112 (483): F437–F458. doi:10.1111/1468-0297.00078.
  • Li, E. Y., Y. Chen, D. Luo, and W. Li. 2014. “Political Connections, Entry Barriers, and Firm Performance.” Chinese Management Studies 8 (3): 473–486. doi:10.1108/CMS-08-2013-0148.
  • Li, H., L. Meng, Q. Wang, and L. A. Zhou. 2008. “Political Connections, Financing and Firm Performance: Evidence from Chinese Private Firms.” Journal of Development Economics 87 (2): 283–299. doi:10.1016/j.jdeveco.2007.03.001.
  • Li, S., W. Schulze, and Z. Li. 2009. “Plunging into the Sea, Again? A Study of Serial Entrepreneurship in China.” Asia Pacific Journal of Management 26 (4): 667–680. doi:10.1007/s10490-008-9102-7.
  • Lu, Y. 2011. “Political Connections and Trade Expansion: Evidence from Chinese Private Firms.” Economics of Transition 19 (2): 231–254.
  • Luo, D., and Q. Ying. 2014. “Political Connections and Bank Lines of Credit.” Emerging Markets Finance and Trade 50 (3): 5–21. doi:10.2753/REE1540-496X5003S301.
  • Khwaja, A. I., and A. Mian. 2008. “Tracing the Impact of Bank Liquidity Shocks.” American Economic Review 98 (4): 1413–1442. doi:10.1257/aer.98.4.1413.
  • Poncet, S., W. Steingress, and H. Vandenbussche. 2010. “Financial Constraints in China: Firm-Level Evidence.” China Economic Review 21 (3): 411–422.
  • Song, Z., A. Y. Nahm, and Z. Zhang. 2015. “Partial State Ownership, Political Connection, and Financing: Evidence from Chinese Publicly Listed Private Sector Enterprises.” Emerging Markets Finance & Trade 53 (3): 611–628. 10.1080/1540496X.2015.1097920.
  • Su, Z. Q., H. G. Fung, D. S. Huang, and C. H. Shen. 2014. “Cash Dividends, Expropriation, and Political Connections: Evidence from China.” International Review of Economics & Finance 29 (1): 260–272. doi:10.1016/j.iref.2013.05.017.
  • Warner, M. 2013. Understanding Management in China: Past, Present and Future. London: Routledge.
  • Wong, M. 2010. “Guanxi Management in Lean Production System—An Empirical Study of Taiwan-Japanese Firms.” American Journal of Economics and Sociology 69 (3): 1079–1106. doi:10.1111/j.1536-7150.2010.00733.x.
  • Wu, W., C. Wu, C. Zhou, and J. Wu. 2012. “Political Connections, Tax Benefits and Firm Performance: Evidence from China.” Journal of Accounting and Public Policy 31 (3): 277–300. doi:10.1016/j.jaccpubpol.2011.10.005.
  • Xu, H., and J. Zhou. 2008. “The Value of Political Connections: Chinese Evidence.” Available at SSRN 10.2139/ssrn.1267472.
  • Xu, N., X. Xu, and Q. Yuan. 2013. “Political Connections, Financing Friction, and Corporate Investment: Evidence from Chinese Listed Family Firms.” European Financial Management 19 (4): 675–702.
  • Yang, Z., L. Feng, and Z. Song. 2014. “The Political Connection Effect between the Institutional Environment and State-Ownership: Empirical Study on China’s Listed Companies in the Private Sector.” Review of Investment Studies 33 (7): 144–157.
  • Yen, D. A., B. R. Barnes, and C. L. Wang. 2011. “The Measurement of Guanxi: Introducing the GRX Scale.” Industrial Marketing Management 40 (1): 97–108. doi:10.1016/j.indmarman.2010.09.014.
  • Yu, H., A. Y. Nahm, and Z. Song. 2016. “Guanxi, Political Connections and Resource Acquisition in Chinese Publicly Listed Private Sector Firms.” Asia Pacific Business Review 23 (3): 336–353. doi:10.1080/13602381.2016.1161889.
  • Zhang, Q., and H. Fung. 2006. “China’s Social Capital and Financial Performance of Private Enterprises.” Journal of Small Business and Enterprise Development 13 (2): 198–207. doi:10.1108/14626000610665908.

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.