Do political connections matter for bank efficiency in times of crisis?
研究了中东和北非地区上市银行在金融和政治危机期间，政治关联如何影响银行效率，发现政治关联是导致银行低效率的主要因素，且最无效的银行与政治关联关系最强。
Abstract Do political connections affect bank efficiency during crises? This study addresses this question by adopting a two‐stage approach that performs a quantile regression analysis on a unique dataset of listed banks in a region that has witnessed both financial and political crises, namely the Middle East and North Africa. Our results show that political connections are a driving force behind bank inefficiency. We find that the least efficient banks have the most significant association with political connections, thus supporting bailout theory. We also find that political connections influenced the efficiency of banks during the financial crisis, but not during the regional political crisis. Our results provide new evidence on the applicability of established political connection theories during political turmoil.