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- W2062014315 abstract "This paper investigates the effect of political patronage on firms' capital structure. The evidence is from Malaysia, a country characterised by relationship-capitalism, and covers 1988 to 2009. Using a system GMM estimator we find firms set leverage targets and adjust towards them following deviations at the rate of 28% per annum. Next, we construct a natural experiment and use a difference-in-differences model to investigate if the strategic financing decisions of politically patronised firms differ from non-connected firms after an exogenous shock caused by the 1997 Asian crisis. Our results unambiguously demonstrate a significant difference in the capital structure of patronised firms relative to non-connected firms following the exogenous shock but only for the crisis period 1998–2001. After 2002 the capital structures of patronised and non-connected firms are statistically equivalent." @default.
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- W2062014315 date "2014-01-01" @default.
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- W2062014315 title "Dynamic capital structure and political patronage: The case of Malaysia" @default.
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- W2062014315 doi "https://doi.org/10.1016/j.irfa.2013.11.004" @default.
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