Revisiting Corporate Political Connections Using Social Networks and Prediction of Post-IPO Performance

References

• An, F., X. Gao, J. Guan, H. Li, and Q. Liu. 2016. An evolution analysis of executive-based listed company relationships using complex networks. Physica A: Statistical Mechanics and Its Applications 447:276–85. doi:10.1016/j.physa.2015.12.050.
   Web of Science ®Google Scholar
• Boardman, A. E., and A. R. Vining. 1989. Ownership and performance in competitive environments: A comparison of the performance of private, mixed, and state-owned enterprises. The Journal of Law and Economics 32 (1):1–33. doi:10.1086/467167.
   Web of Science ®Google Scholar
• Bonacich, P. 1972. Factoring and weighting approaches to status scores and clique identification. The Journal of Mathematical Sociology 2 (1):113–20. doi:10.1080/0022250X.1972.9989806.
   Web of Science ®Google Scholar
• Brandes, U. 2008. On variants of shortest-path betweenness centrality and their generic computation. Social Networks 30 (2):136–45. doi:10.1016/j.socnet.2007.11.001.
   Web of Science ®Google Scholar
• Chen, Y. 2014. Directors’ social networks and firm efficiency: A structural embeddedness perspective. China Journal of Accounting Studies 2 (1):53–73. doi:10.1080/21697221.2014.887415.
   Google Scholar
• Chuluun, T., A. Prevost, and A. Upadhyay. 2017. Firm network structure and innovation. Journal of Corporate Finance 44 (SupplementC):193–214. doi:10.1016/j.jcorpfin.2017.03.009.
   Google Scholar
• De Masi, G., and M. Gallegati. 2007. Debt-credit economic networks of banks and firms: The Italian case. In Econophysics of markets and business networks, ed. A. Chatterjee and B. K. Chakrabarti, 159–71. Milan: Springer Verlag.
   Google Scholar
• De Masi, G., Y. Fujiwara, M. Gallegati, B. Greenwald, and J. E. Stiglitz. 2011. An analysis of the japanese credit network. Evolutionary and Institutional Economics Review 7 (2):209–32. doi:10.14441/eier.7.209.
   Google Scholar
• El-Khatib, R., K. Fogel, and T. Jandik. 2015. CEO network centrality and merger performance. Journal of Financial Economics 116 (2):349–82. doi:10.1016/j.jfineco.2015.01.001.
   Web of Science ®Google Scholar
• Eom, Y.-H., and -H.-H. Jo. 2015. Tail-scope: Using friends to estimate heavy tails of degree distributions in large-scale complex networks. Scientific Reports 5. doi: 10.1038/srep09752.
   Web of Science ®Google Scholar
• Fan, J. P., T. J. Wong, and T. Zhang. 2007. Politically connected CEOs, corporate governance, and post-ipo performance of China’s newly partially privatized firms. Journal of Financial Economics 84 (2):330–57. doi:10.1016/j.jfineco.2006.03.008.
   Web of Science ®Google Scholar
• Feng, X., A. C. Johansson, and T. Zhang. 2014. Political participation and entrepreneurial initial public offerings in China. Journal of Comparative Economics 42 (2):269–85. doi:10.1016/j.jce.2014.03.005.
   Web of Science ®Google Scholar
• 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.
   Web of Science ®Google Scholar
• Freeman, L. C. 1977. A set of measures of centrality based on betweenness. Sociometry 40 (1):35–41. doi:10.2307/3033543.
   Google Scholar
• Freeman, L. C. 1978. Centrality in social networks conceptual clarification. Social Networks 1 (3):215–39. doi:10.1016/0378-8733(78)90021-7.
   Web of Science ®Google Scholar
• Ginesti, G., and C. D. Giuseppe Sannino. 2017. Board connections and management commentary readability: The role of information sharing in Italy. Corporate Governance: the International Journal of Business in Society 17 (1):30–47. doi:10.1108/CG-01-2016-0015.
   Web of Science ®Google Scholar
• Gu, F. F., K. Hung, and D. K. Tse. 2008. When does Guanxi matter? issues of capitalization and its dark sides. Journal of Marketing 72 (4):12–28. doi:10.1509/jmkg.72.4.12.
   Web of Science ®Google Scholar
• He, F., and X. Chen. 2016. Credit networks and systemic risk of chinese local financing platforms: Too central or too big to fail?:–Based on different credit correlations using hierarchical methods. Physica A: Statistical Mechanics and Its Applications 461:158–70. doi:10.1016/j.physa.2016.05.032.
   Web of Science ®Google Scholar
• Hellman, J. S., G. Jones, and D. Kaufmann. 2003. Seize the state, seize the day: State capture, corruption, and influence in transition economies. Journal of Comparative Economics 31 (4):751–773. doi:10.1016/j.jce.2003.09.006.
   Google Scholar
• Hillman, A., A. Cannella, and R. Paetzold. 2000. The resource dependence role of corporate directors: Strategic adaptation of board composition in response to environmental change. Journal of Management Studies 37 (2):235–55. doi:10.1111/1467-6486.00179.
   Web of Science ®Google Scholar
• Horton, J., Y. Millo, and G. Serafeim. 2012. Resources or power? Implications of social networks on compensation and firm performance. Journal of Business Finance & Accounting 39 (3–4):399–426. doi:10.1111/j.1468-5957.2011.02276.x.
   Web of Science ®Google Scholar
• Hoskisson, R. E., L. Eden, C. M. Lau, and M. Wright. 2000. Strategy in emerging economies. Academy of Management Journal 43 (3):249–67.
   Web of Science ®Google Scholar
• Itagaki, T. 1979. Theory of the multinational firm: An analysis of effects of government policies. International Economic Review 20 (2):437–48. doi:10.2307/2526491.
   Web of Science ®Google Scholar
• Jordan, W. A. 1972. Producer protection, prior market structure and the effects of government regulation. The Journal of Law and Economics 15 (1):151–76. doi:10.1086/466732.
   Web of Science ®Google Scholar
• Kleindorfer, P., Y. Wind, and R. Gunther. 2009. The network challenge: Strategy, profit, and risk in an interlinked world. Upper Saddle River, New Jersey: Pearson Education.
   Google Scholar
• Larcker, D. F., E. C. So, and C. C. Wang. 2013. Boardroom centrality and firm performance. Journal of Accounting and Economics 55 (2):225–50. doi:10.1016/j.jacceco.2013.01.006.
   Web of Science ®Google Scholar
• Li, H., H. An, X. Gao, J. Huang, and Q. Xu. 2014. On the topological properties of the cross-shareholding networks of listed companies in china: Taking shareholders’ cross-shareholding relationships into account. Physica A: Statistical Mechanics and Its Applications 406:80–88. doi:10.1016/j.physa.2014.03.041.
   Web of Science ®Google Scholar
• Li, J., D. Ren, X. Feng, and Y. Zhang. 2016. Network of listed companies based on common shareholders and the prediction of market volatility. Physica A: Statistical Mechanics and Its Applications 462:508–21. doi:10.1016/j.physa.2016.06.105.
   Web of Science ®Google Scholar
• Liang, S., D. Chen, B. Fu, and K. Fang. 2017. Independent directors’ board networks and accounting conservatism. China Journal of Accounting Studies 5 (2):173–95. doi:10.1080/21697213.2017.1339430.
   Google Scholar
• Liu, J., K. Uchida, and R. Gao. 2012. Political connections and the long-term stock performance of Chinese IPOs. Journal of International Financial Markets, Institutions and Money 22 (4):814–33. doi:10.1016/j.intfin.2012.05.005.
   Web of Science ®Google Scholar
• Luo, Y. 2003. Industrial dynamics and managerial networking in an emerging market: The case of China. Strategic Management Journal 24 (13):1315–27. doi:10.1002/(ISSN)1097-0266.
   Web of Science ®Google Scholar
• Lux, T. 2016. A model of the topology of the bank–firm credit network and its role as channel of contagion. Journal of Economic Dynamics and Control 66:36–53. doi:10.1016/j.jedc.2016.03.002.
   Web of Science ®Google Scholar
• Ma, Y. Y., X. T. Zhuang, and L. X. Li. 2011. Research on the relationships of the domestic mutual investment of China based on the cross-shareholding networks of the listed companies. Physica A: Statistical Mechanics and Its Applications 390 (4):749–59. doi:10.1016/j.physa.2010.10.042.
   Web of Science ®Google Scholar
• Newman, M. 2010. Networks: An introduction. New York, NY: Oxford University Press.
   Google Scholar
• Park, S. H., and Y. Luo. 2001. Guanxi and organizational dynamics: Organizational networking in Chinese firms. Strategic Management Journal 22 (5):455–77. doi:10.1002/(ISSN)1097-0266.
   Web of Science ®Google Scholar
• Peng, M. W., and Y. Luo. 2000. Managerial ties and firm performance in a transition economy: The nature of a micro-macro link. Academy of Management Journal 43 (3):486–501.
   Web of Science ®Google Scholar
• Pfeffer, J., and G. R. Salancik. 1978. The external control of organizations: A resource dependence perspective. New York: Harper & Row.
   Google Scholar
• Piotroski, J. D., and T. Zhang. 2014. Politicians and the IPO decision: The impact of impending political promotions on IPO activity in China. Journal of Financial Economics 111 (1):111–36. doi:10.1016/j.jfineco.2013.10.012.
   Web of Science ®Google Scholar
• Renneboog, L., and Y. Zhao. 2014. Director networks and takeovers. Journal of Corporate Finance 28:218–34. doi:10.1016/j.jcorpfin.2013.11.012.
   Web of Science ®Google Scholar
• Saramäki, J., M. Kivelä, J.-P. Onnela, K. Kaski, and J. Kertesz. 2007. Generalizations of the clustering coefficient to weighted complex networks. Physical Review E 75 (2):027105. doi:10.1103/PhysRevE.75.027105.
   Web of Science ®Google Scholar
• Shi, Y., and M. Cheng. 2016. Impact of political, Guanxi ties on corporate value: Evidence from the technology-intensive firms in China. Chinese Management Studies 10:242–55. doi:10.1108/CMS-07-2015-0153.
   Web of Science ®Google Scholar
• Shleifer, A., and R. W. Vishny. 1994. Politicians and firms. The Quarterly Journal of Economics 109 (4):995–1025. doi:10.2307/2118354.
   Web of Science ®Google Scholar
• Shleifer, A., and R. W. Vishny. 2002. The grabbing hand: Government pathologies and their cures. Cambridge, England: Harvard University Press.
   Google Scholar
• Souma, W., Y. Fujiwara, and H. Aoyama. 2006. Change of ownership networks in Japan. In Practical Fruits of Econophysics, ed. H. Takayasu, 307–311. Tokyo: Springer.
   Google Scholar
• Travers, J., and S. Milgram. 1967. The small world problem. Phychology Today 1:61–67.
   Google Scholar
• Tsai, K. S. 2007. Capitalism without democracy: The private sector in contemporary China. New York, NY: Cornell University Press.
   Google Scholar
• Tsai, L.-C., R. Zhang, and C. Zhao. 2019. Political connections, network centrality and firm innovation. Finance Research Letters 28 (1544-1623):180–184. doi:10.1016/j.frl.2018.04.016
   Google Scholar
• Watts, D. J., and S. H. Strogatz. 1998. Collective dynamics of’small-world’networks. nature 393 (6684):440. doi:10.1038/30918.
   PubMed Web of Science ®Google Scholar
• Wu, J., S. Li, and Z. Li. 2013. The contingent value of CEO political connections: A study on IPO performance in China. Asia Pacific Journal of Management 30 (4):1087–114. doi:10.1007/s10490-012-9300-1.
   Web of Science ®Google Scholar
• Z.-q, S., and H.-G. Fung. 2013. Political connections and firm performance in Chinese companies. Pacific Economic Review 18 (3):283–317. doi:10.1111/1468-0106.12025.
   Web of Science ®Google Scholar
• Zheng, Q., and D. Skillicorn. 2017. Social networks with rich edge semantics. Boca Raton, Florida: CRC Press.
   Google Scholar