Foreign political connections
Foreign political connections
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DOI：
10.1057/s41267-016-0059-3
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发表时间：
2017-01
影响因子：
11.6
通讯作者：
Elvira Sojli;W. Tham
中科院分区：
文献类型：
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作者：
Elvira Sojli;W. Tham
涉外责任，即企业在国外市场经营的社会和经济成本，是跨国公司和试图进入新市场的企业关注的一个主要问题。为了减少外国性的责任，企业可以通过外国政治关系参与战略性的国际政治管理，从而降低进入壁垒。Faccio（Am Econ Rev 96（1）：369-386，2006）认为，政治联系可以通过拥有大股东来建立，这些大股东是政治家或有政治联系。本文探讨了这种外国政治关系对上市公司的价值。我们发现，外国政治联系创造了巨大的公司价值，并改善了进入外国市场的机会。创造价值的主要渠道之一是政府将合同授予与外国有直接政治联系的公司。我们的研究结果提供了证据的有效性，有大的和积极的外国政治联系的股东作为一个公司的国际政治公司战略的一部分。
Liability of foreignness, a firm’s social and economic costs of operating in a foreign market, is a major concern for multinational corporations and firms trying to enter new markets. To reduce the liability of foreignness, a firm may engage in strategic international political management via foreign political connections and thus lower barriers to entry. Faccio (Am Econ Rev 96(1):369–386, 2006) suggests that political connections can be established by having large shareholders, who are politicians or are politically connected. This paper investigates the value of suchforeignpolitical connections for publicly listed firms. We find that foreign political connections create large firm value and improve access to foreign markets. One of the main channels of value creation is government contracts awarded to firms with direct foreign political connections. Our findings provide evidence of the effectiveness of having large and active foreign politically connected shareholders as part of a firm’s international political corporate strategy.