Political Ties of Listed Chinese Companies, Performance Effects, and Moderating Institutional Factors
基于858家中国上市公司数据，研究发现政治关联（尤其是与中央政府的关联）对企业绩效有正面影响，但在经济发达地区这种价值减弱，而市场发展水平不调节地方政府或中央政府关联的效应。
ABSTRACT Although development in China is quite heterogeneous across regions, little research has explored how the value of Chinese firms’ political ties is contingent on the institutional and economic development of firms’ regional environment. This article explores some of the factors that moderate the benefit of political ties, differentiating between ties to central and local government. The study investigates how benefits of ties to central and local government are moderated by regional market and economic development, respectively. The study is based on a quantitative analysis of 858 listed Chinese firms. The results suggest that firms enjoy a positive effect of political ties but mainly ties to central government. The analysis, furthermore, finds these ties to be less valuable in economically well-developed regions. Market development, on the other hand, does not moderate the effects of local or central government ties.