期刊
REVIEW OF DEVELOPMENT FINANCE
卷 7, 期 2, 页码 85-94出版社
ELSEVIER SCIENCE BV
DOI: 10.1016/j.rdf.2017.06.001
关键词
Government official turnovers; Political uncertainty; Firm risk; China
The political uncertainty surrounded by the turnover of government officials has a major impact on local economies and local firms. This paper investigates the relationship between the turnover of prefecture-city officials and the inherent risk faced by local firms in China. Using data from 1999 to 2012, we find that prefecture-city official turnovers significantly increased firm risk. Our results show that the political risk was mitigated when new prefecture-city officials were well connected with their provincial leaders. In addition, the impact of political uncertainty was more pronounced for regulated firms and firms residing in provinces with low market openness. (C) 2017 Africagrowth Institute. Production and hosting by Elsevier
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