Political embeddedness and firms' growth

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2021-11-23 DOI:10.1111/kykl.12287

Zhi Wang, Miao Yu

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引用次数: 5

Abstract

This study examines whether and when political embeddedness affects firms' growth. Using a dataset of Chinese A-share firms from 2008 to 2017, we find that both organizational and individual political embeddedness in firms draws negative effects on corporate growth. Such effects mainly come from political embeddedness created by current and local political actors, compared with former and central ones. Moreover, the “grabbing effects” of political embeddedness vary contingent on focal firms' financial situation, political uncertainty, and regional economic and legal environment. That is, the “grabbing effects” are stronger for financially healthy firms than for financially distressed firms. Political uncertainty created by government official replacement refrains political actors from tunneling benefits from affiliated firms and mitigates the negative effects of political embeddedness. Both economic development and legal completeness are conducive to alleviating the “grabbing effects” of political embeddedness. Overall, our findings enrich and extend the “grabbing hand” theory.

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政治嵌入与企业成长

这项研究考察了政治嵌入是否以及何时影响企业的增长。使用2008年至2017年中国a股企业的数据集，我们发现企业的组织和个人政治嵌入都对企业增长产生了负面影响。这种影响主要来自现任和地方政治行为者与前任和中央政治行为者相比所产生的政治嵌入。此外，政治嵌入的“攫取效应”取决于焦点公司的财务状况、政治不确定性以及区域经济和法律环境。也就是说，对于财务健康的公司来说，“抢夺效应”比财务困难的公司更强。政府官员更替造成的政治不确定性抑制了政治行为者从附属公司获取利益，并减轻了政治嵌入的负面影响。经济发展和法律完整性都有利于缓解政治嵌入的“攫取效应”。总的来说，我们的发现丰富和扩展了“抓手”理论。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.