政治更替与商业决策:印尼上市公司研究

Dzakiyyah Saniyyah Rahmah, Yulianti Abbas
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引用次数: 0

摘要

研究目的:本研究旨在探讨政治更替(地方政府首脑的更迭)是否以及在多大程度上与企业的商业决策(如避税和企业投资)相关。设计/方法/方法:作者以2012-2021年在印度尼西亚证券交易所上市的公司为样本,使用Driscoll Kraay标准误差的面板数据回归来衡量地方政府领导人的变化与商业决策之间的关系。作者手工收集了印尼183个城市的地方政府领导人变动的数据,以衡量政治更替,并将这些数据与从Eikon数据库收集的金融变量合并。研究发现:本研究发现,公司总部所在地区的地方政治变动与避税决策呈负相关。本研究还发现,在正常/非危机时期,地方政治变动对企业投资决策产生负向影响。本研究结果与资源依赖理论一致,表明企业将与地方政府的关系视为一种重要资源。因此,政治更替造成了资源可持续性的不确定性,导致企业调整其业务决策。理论贡献/独创性:本研究提供了对印度尼西亚政治条件变化如何改变商业战略决策的理解。此外,这一研究领域在印尼还处于研究不足的阶段。研究局限:由于本研究关注的是政治变动带来的不确定性,因此本研究没有对企业的政治关系进行测量。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Political turnover and business decision: A study of Indonesian public companies
Research aims: This study aims to explore whether and to what extent political turnover (a change of local government head) is associated with a firm’s business decisions, such as tax avoidance and corporate investment.Design/Methodology/Approach: Using a sample of companies listed in the Indonesia Stock Exchange from 2012-2021, the authors measured the association between changes in local government leaders and business decisions using panel data regression with Driscoll Kraay’s Standard Error. The authors hand-collected data on changes in local government leaders in 183 Indonesian cities to measure political turnover and merged the data with financial variables collected from the Eikon database.Research findings: This study uncovered that local political turnover in the region of companies' headquarters was negatively associated with tax avoidance decisions. This study also found that local political turnover negatively affected corporate investment decisions during normal/non-crisis periods. Consistent with the Resource Dependence Theory, the results of this study suggest that firms treat relationships with local government as an important resource. Political turnover thus creates uncertainty on the sustainability of the resources, causing firms to adjust their business decisions.Theoretical contribution/Originality: This study provides an understanding of how changes in political conditions in Indonesia change business strategy decisions. Besides, this research area is still under-studied in Indonesia.Research limitation: Since this study focused on the uncertainty caused by political turnover, this study did not measure firms’ political connections.
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