Political Connections, Family Ownership, and Firm Performance: An Emerging Economy

Sabeeh Ullah, Sumaira Khan, S. Hussain, Mehtab Alam, M. Haroon
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引用次数: 1

Abstract

Abstract Emerging economies are characterised by a high proportion of family-owned businesses, significant political corruption, and a weak legal system which creates a more favourable environment for politically-connected family firms. Hence, we investigate the effect of political connections on firm performance in family and non-family-owned firms through advanced panel estimation techniques. Our result is based on a sample of publicly listed 150 non-financial firms from Pakistan Stock Exchange (PSX) over the period 2013–2018. We demonstrate that politically connected family-owned firms perform better than non-family owned connected firms. These findings have important policy implications for countries such as Pakistan which have experienced recent increases in the number of family-owned firms.
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政治关系、家族所有权与企业绩效:一个新兴经济体
新兴经济体的特点是家族企业比例高,政治腐败严重,法律体系薄弱,为有政治关系的家族企业创造了更有利的环境。因此,我们通过先进的面板估计技术研究了家族企业和非家族企业中政治关系对企业绩效的影响。我们的结果基于2013-2018年期间巴基斯坦证券交易所(PSX)公开上市的150家非金融公司的样本。我们证明了政治关联的家族企业比非家族关联企业表现得更好。这些发现对巴基斯坦等最近家族企业数量增加的国家具有重要的政策意义。
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来源期刊
CiteScore
2.60
自引率
8.30%
发文量
9
期刊介绍: International Journal of the Economics of Business presents original, peer reviewed research in economics that is clearly applicable to business or related public policy problems or issues. The term "business" is used in its widest sense to encompass both public and private sector—governmental, private non-profit and cooperative organizations, as well as profit-seeking enterprises. International Journal of the Economics of Business carries papers relating to three main spheres: The organization—to analyse and aid decision making and the internal organization of the business; The industry—to analyse how businesses interact and evolve within and across industries.
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