All relationships are not created equal: the effects of inter-organizational relationships on subsidiary’s value at the onset of corporate crises
基于资源依赖理论，研究子公司如何利用与母公司的正式关系（所有权）和非正式关系（关系）在危机爆发时保护企业价值，发现正式关系是负担而非正式关系是缓冲，且母公司政治关联会调节这两种效应。
Abstract Drawing upon the resource dependence theory, we investigate how subsidiaries can leverage their relationships with a parent company and its resources to protect firm value at the onset of a corporate crisis. Analyzing 153 corporate crises befalling publicly listed mixed-ownership enterprises in China from 2008 to 2018, we discover that a formal (e.g., ownership) relationship is a burden, while an informal relationship (e.g., guanxi ) serves as buffer, in affecting a listed firm’s market value immediately after a crisis. Additionally, we find the burdening effect of a formal relationship is attenuated. In contrast, the buffering effect of an informal relationship is exacerbated by a parent company’s political ties to the central government. We discuss our contributions to resource dependence theory and practice.