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- W3172829332 abstract "The 2013 depoliticization regulation (Rule 18) in China mandates government officials to resign from board positions in public firms, terminating firms' political connections established through these directors. Exploiting this regulation as a quasi-experiment, we document that politically connected firms increase their cash holdings 12.7% more than non-connected firms because of these resignations. This pattern is more pronounced among firms that rely more heavily on the government for external resources. Among state-owned firms, the pattern is more evident in firms that are more deeply privatized. In addition, firms that lose political ties experience a significant decline in obtaining bank loans and government subsidies, and they are also slower to adjust their cash holdings toward the optimal level. These findings underscore the role of corporate political linkages in facilitating firms' access to resources that “soften” firms' budget constraints. • We exploit the depoliticization regulation (Rule 18) as an exogenous shock to the termination of political connections. • Politically connected firms increase cash holding in response to Rule 18. • Cash holding increases significantly in non-SOEs. • Within SOEs, cash holding increases significantly with deep privatization efforts." @default.
- W3172829332 created "2021-06-22" @default.
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- W3172829332 date "2021-08-01" @default.
- W3172829332 modified "2023-09-29" @default.
- W3172829332 title "Depoliticization and corporate cash holdings: Evidence from the mandated resignation of directors in China" @default.
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- W3172829332 doi "https://doi.org/10.1016/j.jcorpfin.2021.102004" @default.
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