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Corporate political connections and the 2008 Malaysian election

Fung, Simon Y.K., Gul, Ferdinand A. and Radhakrishnan, Suresh 2015, Corporate political connections and the 2008 Malaysian election, Accounting, organizations and society, vol. 43, pp. 67-86, doi: 10.1016/j.aos.2015.04.001.

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Title Corporate political connections and the 2008 Malaysian election
Author(s) Fung, Simon Y.K.
Gul, Ferdinand A.
Radhakrishnan, Suresh
Journal name Accounting, organizations and society
Volume number 43
Start page 67
End page 86
Total pages 20
Publisher Elsevier
Place of publication Amsterdam, The Netherlands
Publication date 2015-05
ISSN 0361-3682
Summary We examine whether the relationship between political connections and firm value is moderated by the length of time firms have been politically connected. We find that compared to firms with political connections for a short period, firms with political connections for a long period have a smaller magnitude of negative stock price reaction to the 2008 General Election loss of the supermajority by the ruling party in Malaysia. We also find that the smaller magnitude of negative stock price reaction is, in part, attributable to improvements in board of director characteristics. Furthermore, we find that while the performance subsequent to the General Election of politically connected firms is worse than that of non-politically connected firms, firms with political connections for a long period exhibit better performance than those connected for short periods. Collectively, the evidence shows that the length of political connections is an important factor that moderates economic value.
Language eng
DOI 10.1016/j.aos.2015.04.001
Field of Research 150103 Financial Accounting
Socio Economic Objective 970115 Expanding Knowledge in Commerce, Management, Tourism and Services
HERDC Research category C1.1 Refereed article in a scholarly journal
ERA Research output type C Journal article
Copyright notice ©2015, Elsevier
Persistent URL http://hdl.handle.net/10536/DRO/DU:30079815

Document type: Journal Article
Collection: Department of Accounting
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