期刊
JOURNAL OF BUSINESS RESEARCH
卷 86, 期 -, 页码 83-95出版社
ELSEVIER SCIENCE INC
DOI: 10.1016/j.jbusres.2018.01.046
关键词
Perk; Political connection; Emerging economies; Corporate performance
类别
资金
- Hong Kong Polytechnic University's Research Grants (Project A/C: G-YBNW)
- Hong Kong Polytechnic University's Research Grants (Project G-UA4S)
- Open University of Hong Kong [R2056]
This study examines the performance implications of guanxi-related perk expenditures among listed Chinese firms. Specifically, it investigates how these expenditures influence long-term market-based corporate performance (Tobin's Q and market share) as compared with marketing expenditures. It also examines if political connections moderate this influence. Overall, the findings suggest that guanxi-related perks play an essential marketing role in enhancing long-term corporate success. Furthermore, although marketing expenditures exert much stronger influence on Tobin's Q than guanxi-related perks do, they exert no significant influence on market share. In summary, despite firms' much heavier investments in traditional marketing activities than guanxirelated perk activities, the findings highlight the significant performance contribution that guanxi-related perks can still make to a firm. Moreover, this study reveals that political connections weaken the positive impact of guanxi-related perks on both performance measures, thus reminding executives of the dampening effect of these connections on the effective use of perk spending.
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