Differences between Politically Connected and Nonconnected Firms: A Cross‐Country Analysis
基于47国企业数据，发现政治关联企业杠杆率和市场份额更高，但会计业绩更差；这种差异在政治联系更强、腐败程度更高或经济发展水平更低的国家更为显著。
Evidence from firms in 47 countries shows that companies with political connections have higher leverage and higher market shares, but they underperform compared to nonconnected companies on an accounting basis. Differences between connected and unconnected firms are more pronounced when political links are stronger. Differences also vary depending on the level of corruption and the degree of economic development in individual countries.