Hu,Yi,Wang,Changyun,Xiao,Gang,Zeng,Jianyu;汪昌云——PACIFIC-BASIN FINANCE JOURNAL:The value of political connections in opaque firms: Evidence from China's ...
时间:2019-06-01
We examine the value of political connections in opaque firms under the setting of China's File 18. The Chinese central government has enforced File 18 since 2013 and exogenously constrained firms' political connections through independent boards. We find that the value of firms with politically-connected independent directors has significantly declined after the enforcement of File 18 only for firms with relatively higher degrees of information asymmetry. The value decline is greater among opaq