CGN: Politics & the Political Process (Topic)最新文献

{"title":"It's a Sweetheart of a Deal: Political Connections and Corporate-Federal Contracting","authors":"Stephen P. Ferris, R. Houston, David Javakhadze","doi":"10.2139/ssrn.2869878","DOIUrl":"https://doi.org/10.2139/ssrn.2869878","url":null,"abstract":"We examine whether political connections measured by political contributions influence the choice of terms included in government contracts awarded to firms. We construct an index of four “sweetheart” contract terms and find that firms making larger political contributions more frequently have these favorable terms included in their contracts. We also find that political contributions have explanatory power for contract design after controlling for lobbying, negotiation power, and the employment of former government employees. These results are robust to alternative model specifications, different estimation techniques, various variable measurements, and adjustments for possible endogeneity.","PeriodicalId":182450,"journal":{"name":"CGN: Politics & the Political Process (Topic)","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-08-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127354263","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Impact of Corporate Accountability & Transparency on the Performance of Manufacturing Firms Listed on KSE","authors":"Z. Ullah, Alam Rehman, A. Waheed","doi":"10.2139/ssrn.2756977","DOIUrl":"https://doi.org/10.2139/ssrn.2756977","url":null,"abstract":"Economic success of a country, if described in few words, is the success of big corporations of that country and vice versa. Corporate governance is thus economic governance in general. Some of the major corporate scandals that stunned global economies and businesses followed by falling down of corporate giants like Enron, BCCI, Coloroll, Polly Pech, Barings, HIH Insurance and Parmalat resulted in tight regulations, codes, and principles of corporate governance. These scandals erupted due to nonexistent of accountability and transparency principles of corporate governance within these companies as the management concealed important facts from the shareholders and that they were also not accountable for their actions.This empirical research study intends to examine different characteristics of Corporate Governance and their impact on firm performance. These characteristics include Transparency and Accountability. Analyses were based on primary data which will be collected through questionnaire from 200 respondents. Correlation and Regression analysis were used to get results of the study. Results of the study revealed positive relationship between accountability and transparency with firm performance. The results showed that accountability and transperancy has positive significant impact on the firm performance.","PeriodicalId":182450,"journal":{"name":"CGN: Politics & the Political Process (Topic)","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121935812","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Political Connections and Access to IPO Markets in China","authors":"Guoping Li, Hong Zhou","doi":"10.2139/ssrn.2666153","DOIUrl":"https://doi.org/10.2139/ssrn.2666153","url":null,"abstract":"Using hand-collected data on IPOs by private-owned enterprises, this article examines the regulatory benefits of political connections in China's state-controlled going public process, a subject that has rarely been investigated in existing literature. This article makes the following findings: first, political connections have significant positive impact on enterprises' chances of being approved for IPOs; second, enterprises with political connections are significantly more likely to receive preferential treatments (e.g., higher offering price-to-earning ratio) from regulatory authorities; third, enterprises with political connections are significantly less likely to be selected for pre-IPO on-site auditing by regulatory authorities. The findings of this article may provide answer to the question why China has been so reluctant to adopt disclosure-based regulatory regime as well as insights into the puzzle of the consistent poor performance of China's stock markets.","PeriodicalId":182450,"journal":{"name":"CGN: Politics & the Political Process (Topic)","volume":"71 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125284737","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Political Connection in Corporate Governance and Bank Performance in Vietnam","authors":"B. Dao","doi":"10.2139/ssrn.2524221","DOIUrl":"https://doi.org/10.2139/ssrn.2524221","url":null,"abstract":"The presence of political connection among firms has been popular in the world because of its potential benefits to performance of these firms. Noticeably, in the backward financial system and highly corrupted countries, the relationship-based firms become more common and better recognized phenomenon since political linkage may help firms reduce significantly external uncertainty as well as increase their competitive advantages in an intensively integrated environment like these days. This paper aimed at finding the relationship between political connection in corporate governance and performance of commercial banks in Vietnam with a view to filling literature gap and supporting policy makers as well as managers of banks. The paper shows that hard political connection has significantly positive relationship with bank performance. In addition, when political-connected and unconnected banks are compared, connected banks outperformed unconnected banks which were found to be less risky as a consequence.","PeriodicalId":182450,"journal":{"name":"CGN: Politics & the Political Process (Topic)","volume":"106 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-11-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115694988","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Trends in the Social [Ir]Responsibility of American Multinational Corporations: Increased Power, Diminished Accountability?","authors":"Cynthia A. Williams, J. Conley","doi":"10.2139/SSRN.2275557","DOIUrl":"https://doi.org/10.2139/SSRN.2275557","url":null,"abstract":"The purpose of this invited essay is to assess the future of the CSR performance of American multinationals in light of several ongoing trends. These trends include companies’ voluntary CSR programs and the global self-regulatory standards for responsible company activities that are developing in almost every industry. Moreover, the decade-long project at the United Nations to identify multinational companies’ responsibilities with respect to international human rights, ultimately spearheaded by Special Representative John Ruggie, has for the first time established global expectations of responsible corporate activity. At the same time, however, legal developments in the United States may be trending in the opposite direction, toward increased power and diminished accountability for corporations. Two legal developments that highlight this counter-trend will frame this discussion. The first, the Supreme Court’s decision in Citizens United v. Federal Election Commission, 558 U.S. 310 (2010) recognizes a constitutional right for corporations to give financial support to a wide range of electioneering activities, including by using corporate funds to pay for and broadcast advertisements for specific candidates for office. The effect is to allow American companies to further consolidate their already substantial political power. The second, the opinion by the U.S. Court of Appeals for the Second Circuit in Kiobel v. Royal Dutch Petroleum, 621 F.3d 111 (2d Cir. 2010), reh’g en banc denied, 642 F.3d 379 (2011), aff’d, 569 U.S. __ , 133 S. Ct.1659(Apr. 17, 2013), denied the possibility of corporate liability under the Alien Tort Statute for Royal Dutch Shell’s employees’ alleged violations of Nigerian community members’ international human rights. A 2-1 majority held instead that violations of international law could only be asserted against natural persons or nations. The Supreme Court granted certiorari and in a decision handed down on April 17, 2013, the Court unanimously affirmed the judgment of the Second Circuit. The five-Justice opinion of the Court held that the ATS cannot be used to redress violations of the law of nations that occur outside the territory of the United States, except in exceptional circumstances not found in Kiobel. Neither the majority opinion nor the concurrence addressed the corporate liability issue, which means that the Second Circuit’s ruling on that issue remains the law of the Second Circuit — an important outcome, given the significance of the Second Circuit as a venue for ATS cases. Taken together, the overall effect of the Second Circuit’s rejection of corporate liability for human rights violations and the Supreme Court’s rejection of exterritorial application of the ATS to any defendant, corporate or otherwise, is the substantial evisceration of companies’ legal accountability for international human rights violations under the ATS. On a theoretical level, these decisions send mixed messages about corporate personho","PeriodicalId":182450,"journal":{"name":"CGN: Politics & the Political Process (Topic)","volume":"83 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117250272","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Politically Connected Firms and Earnings Informativeness in the Controlling Versus Minority Shareholders Context","authors":"Carolina Bona-Sánchez, Jerónimo Pérez Alemán, D. J. Santana-Martín","doi":"10.2139/ssrn.2270087","DOIUrl":"https://doi.org/10.2139/ssrn.2270087","url":null,"abstract":"Research Question/Issue: Focusing on an environment where the principal agency conflict steams from the divergence of interests between dominant owners and minority shareholders, and where the legal system provides weak protection to external investors, we analyze the effect of firms’ political ties on earnings informativeness. We also address a question that has not been considered in previous research, namely, the impact of the level of divergence between the dominant owner’s voting and cash flow rights on earnings informativeness for politically connected firms.Research Findings/Insights: We find that the presence of politicians on the board negatively affects earnings informativeness. We also find a positive impact of the divergence between the dominant owner’s voting and cash flow rights on the informativeness of accounting earnings in politically connected firms.Theoretical/Academic Implications: We show that the relationship between political ties and earnings informativeness is explained by an information effect, whereby politicians and shareholders are interested in providing as little information to the market as possible. Additionally, we show that the positive relationship between divergence and earnings informativeness in politically connected firms is explained by an alignment effect, whereby the existence of political ties reduces the dominant owner’s incentive to expropriate minority shareholders’ wealth, thus increasing earnings informativeness.Practitioner/Policy Implications: The results of our study may be useful for regulators interested in increasing transparency in order to promote a more efficient allocation of resources. Similarly, the results may be useful to investors, financial analysts and auditors, as they provide evidence of the importance of considering specific features of the corporate governance system when assessing the credibility of accounting information.","PeriodicalId":182450,"journal":{"name":"CGN: Politics & the Political Process (Topic)","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-05-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128087787","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"'Reform or Revolution?' Polanyian Versus Marxian Perspectives on the Regulation of the Economic","authors":"G. Baars","doi":"10.53386/nilq.v62i4.428","DOIUrl":"https://doi.org/10.53386/nilq.v62i4.428","url":null,"abstract":"Rosa Luxembourg’s 1900 pamphlet “Reform or revolution,” which critiqued reformist political strategy, has relevance to, and finds echoes in today’s debates on the possibility and desirability of using law to protect society from the market’s negative effects. It also summed up the nineteenth-century “Polanyian” reformist and Marxist “revolutionary” perspectives. Polanyi argued that “the economic” must be “embedded” in the social by means of legal regulation, an argument he illustrates with the help of the “Speenhamland” example. Marx, while acknowledging the role of the legal struggle as part of class struggle, concludes that ultimately “right can never be higher than the economic structure of society”. Marxist legal theorist Pashukanis developed this position in his “commodity form theory of law” which points to the structural impossibility of law’s regulation of capitalism. While contemporary “Polanyist” Ruggie again asserts that legal and soft law “global governance” regimes can control capitalism’s main instrument, the corporation, Shamir contra Ruggie argues that the “moralisation of markets” through corporate social responsibility (CSR) leads to the “marketisation of morality” or a change in what we perceive law to be (and who has legitimate authority to regulate) rather than a “taming” of markets. Following Shamir, I add that this corporate-led global governance hastens the collapse of capitalism, and confirms the inevitability of revolution and the subsequent creation of a law-free society.","PeriodicalId":182450,"journal":{"name":"CGN: Politics & the Political Process (Topic)","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126407064","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Political Theory of the Firm","authors":"D. Hart","doi":"10.1093/OXFORDHB/9780199214273.003.0008","DOIUrl":"https://doi.org/10.1093/OXFORDHB/9780199214273.003.0008","url":null,"abstract":"The political theory of the firm provides the conceptual framework for understanding what firms are doing and what it means for the polities in which they operate. This essay proceeds by explicating each of the three theories – unitary rational actor, nexus of contracts, and behavioral. Within each of these sections I offer a brief assessment of the empirical findings and opportunities associated with the theory at hand and of its limits. I conclude with a synthesis.","PeriodicalId":182450,"journal":{"name":"CGN: Politics & the Political Process (Topic)","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125433029","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}