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Political Connectedness and Firm Performance: Evidence from Germany
16 references·16 citing·35 second hopsampled
Political Connectedness and Firm Performance: Evidence from Germany (2009)Political Connectedness and Firm Performa…Do Politically Connected Boards Affect Firm Value? (2008)Do Politically Connected Boar…Political connections and preferential access to finance: The role of campaign contributions (2007)Political connections and pre…Politically Connected Firms (2006)Politically Connected FirmsPolitical Connections and Corporate Bailouts (2006)Political Connections and Cor…Do Lenders Favor Politically Connected Firms? Rent Provision in an Emerging Financial Market (2005)Do Lenders Favor Politically …Estimating the Value of Political Connections (2001)Estimating the Value of Polit…Alternative factor specifications, security characteristics, and the cross-section of expected stock returns1We are especially grateful to Eugene Fama (a referee), an anonymous referee and Bill Schwert (the editor) for insightful and constructive suggestions. We also thank Wayne Ferson, Ken French, Will Goetzmann, Craig Holden, Ravi Jagannathan, Bob Jennings, Bruce Lehmann, Josef Lakonishok, Richard Roll, participants at the 1997 Meetings of the Western Finance Association, the 1997 UCLA/USC/UC Irvine conference, the November 1997 Asset Pricing Meeting of the National Bureau of Economic Research, the Atlanta Forum, and seminars at Columbia, Indiana, Florida, New York, Tulane, and Yale Universities; Eugene Fama and Ken French for providing part of the data used in this study; and Christoph Schenzler for excellent programming assistance. The second author acknowledges support from the Dean's Fund for Research and the Financial Markets Research Center at Vanderbilt University. We are responsible for remaining errors. This paper was formerly titled `A Re-Examination of Security Return Anomalies'.1 (1998)Alternative factor specificat…Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency (1993)Returns to Buying Winners and…Management ownership and market valuation (1988)Management ownership and mark…Tobin's $q$ Ratio and Industrial Organization (1981)Tobin's $q$ Ratio and Industr…The relationship between return and market value of common stocks (1981)The relationship between retu…EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK* (1970)EFFICIENT CAPITAL MARKETS: A …Efficient Capital Markets: A Review of Theory and Empirical Work (1970)Efficient Capital Markets: A …A General Equilibrium Approach To Monetary Theory (1969)A General Equilibrium Approac…Mutual Fund Performance (1966)Mutual Fund PerformanceDividend Policy, Growth, and the Valuation of Shares (1961)Dividend Policy, Growth, and …Political ties and corporate performance: why efficiency matters? (2021)Political ties and corporate …The impact of political connection and risk committee on corporate financial performance: evidence from financial firms in Malaysia (2020)The impact of political conne…Politicians in the boardroom: Is it a convenient burden? (2018)Politicians in the boardroom:…Political connections, network centrality and firm innovation (2018)Political connections, networ…Do types of political connection affect firm performance differently? (2018)Do types of political connect…Corporate political connection and corporate social responsibility disclosures (2018)Corporate political connectio…Does financial resource slack drive sustainability expenditure in developing economy small and medium-sized enterprises? (2017)Does financial resource slack…Political connections and earnings quality (2016)Political connections and ear…Corporate lobbying, CEO political ideology and firm performance (2016)Corporate lobbying, CEO polit…Political power, economic freedom and Congress: Effects on bank performance (2015)Political power, economic fre…Do Political Connections Affect Firm Performance? Evidence from a Developing Country (2015)Do Political Connections Affe…The effects of ownership, board size and board composition on the performance of Italian water utilities (2014)The effects of ownership, boa…Political connections and operational performance of non-financial firms: New evidence from Poland (2014)Political connections and ope…Political and government connections on corporate boards in Australia: Good for business? (2014)Political and government conn…Moonlighting Politicians: A Survey and Research Agenda (2012)Moonlighting Politicians: A S…Board composition, political connections, and performance in state-owned enterprises (2011)Board composition, political …Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Agency Problems and the Theory of the Firm (1980)Separation of Ownership and Control (1983)A Survey of Corporate Governance (1997)Corporate Ownership Around the World (1999)Economic Development Through Bureaucratic Corruption (1964)Corruption and Growth (1995)The information content of stock markets: why do emerging markets have synchronous stock price movements? (2000)The Political Economy of the Rent-Seeking Society (2008)Capital Market Equilibrium with Restricted Borrowing (1972)Risk, Return, and Equilibrium: Empirical Tests (1973)A critique of the asset pricing theory's tests Part I: On past and potential testability of the theory (1977)Common risk factors in the returns on stocks and bonds (1993)DISTRIBUTION OF INCOMES OF CORPORATIONS AMONG DIVIDENDS, RETAINED EARNINGS AND TAXES (1956)The Cost of Capital, Corporation Finance and the Theory of Investment (1958)The Pricing of Options and Corporate Liabilities (1973)Determinants of corporate borrowing (1977)Does the Stock Market Overreact? (1985)The Cross-Section of Expected Stock Returns (1992)Multifactor Explanations of Asset Pricing Anomalies (1996)On Persistence in Mutual Fund Performance (1997)A five-factor asset pricing model (2014)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Behavior of Stock-Market Prices (1965)The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets (1965)ON THE PRICING OF CORPORATE DEBT: THE RISK STRUCTURE OF INTEREST RATES* (1974)Users of the world, unite! The challenges and opportunities of Social Media (2009)The Theory of Economic Regulation (1971)Law and Finance (1998)Politically connected CEOs, corporate governance, and Post-IPO performance of China's newly partially privatized firms☆ (2007)Time to Build and Aggregate Fluctuations (1982)Whom You Know Matters: Venture Capital Networks and Investment Performance (2007)Corporate social responsibility and access to finance (2013)THE PERFORMANCE OF MUTUAL FUNDS IN THE PERIOD 1945–1964 (1968)Efficient Capital Markets: II (1991)
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References

  • 1970EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK*23,066 cited
  • 1970Efficient Capital Markets: A Review of Theory and Empirical Work13,616 cited
  • 1993Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency11,575 cited
  • 1988Management ownership and market valuation6,910 cited
  • 1961Dividend Policy, Growth, and the Valuation of Shares6,554 cited
  • 1981The relationship between return and market value of common stocks5,928 cited
  • 1969A General Equilibrium Approach To Monetary Theory5,340 cited
  • 2006Politically Connected Firms4,073 cited
  • 1966Mutual Fund Performance3,935 cited
  • 2001Estimating the Value of Political Connections2,988 cited
  • 2006Political Connections and Corporate Bailouts2,576 cited
  • 2005Do Lenders Favor Politically Connected Firms? Rent Provision in an Emerging Financial Market2,402 cited
  • 2007Political connections and preferential access to finance: The role of campaign contributions1,732 cited
  • 1981Tobin's $q$ Ratio and Industrial Organization1,382 cited
  • 2008Do Politically Connected Boards Affect Firm Value?1,297 cited

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1998
Alternative factor specifications, security characteristics, and the cross-section of expected stock returns1We are especially grateful to Eugene Fama (a referee), an anonymous referee and Bill Schwert (the editor) for insightful and constructive suggestions. We also thank Wayne Ferson, Ken French, Will Goetzmann, Craig Holden, Ravi Jagannathan, Bob Jennings, Bruce Lehmann, Josef Lakonishok, Richard Roll, participants at the 1997 Meetings of the Western Finance Association, the 1997 UCLA/USC/UC Irvine conference, the November 1997 Asset Pricing Meeting of the National Bureau of Economic Research, the Atlanta Forum, and seminars at Columbia, Indiana, Florida, New York, Tulane, and Yale Universities; Eugene Fama and Ken French for providing part of the data used in this study; and Christoph Schenzler for excellent programming assistance. The second author acknowledges support from the Dean's Fund for Research and the Financial Markets Research Center at Vanderbilt University. We are responsible for remaining errors. This paper was formerly titled `A Re-Examination of Security Return Anomalies'.1
1,297 cited

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  • 2016Corporate lobbying, CEO political ideology and firm performance168 cited
  • 2018Do types of political connection affect firm performance differently?167 cited
  • 2018Corporate political connection and corporate social responsibility disclosures144 cited
  • 2011Board composition, political connections, and performance in state-owned enterprises142 cited
  • 2017Does financial resource slack drive sustainability expenditure in developing economy small and medium-sized enterprises?136 cited
  • 2018Political connections, network centrality and firm innovation112 cited
  • 2016Political connections and earnings quality101 cited
  • 2015Do Political Connections Affect Firm Performance? Evidence from a Developing Country84 cited
  • 2014Political connections and operational performance of non-financial firms: New evidence from Poland83 cited
  • 2012Moonlighting Politicians: A Survey and Research Agenda78 cited
  • 2014The effects of ownership, board size and board composition on the performance of Italian water utilities67 cited
  • 2021Political ties and corporate performance: why efficiency matters?65 cited
  • 2020The impact of political connection and risk committee on corporate financial performance: evidence from financial firms in Malaysia64 cited
  • 2015Political power, economic freedom and Congress: Effects on bank performance62 cited
  • 2014Political and government connections on corporate boards in Australia: Good for business?59 cited
  • 2018Politicians in the boardroom: Is it a convenient burden?56 cited