Property rights, political connections, and corporate investment-Reference-Cited by-同舟云学术

Property rights, political connections, and corporate investment

Published:2023-10-06 Issue: Volume: Page:
ISSN:1572-3097
Container-title:Review of Finance
language:en
Short-container-title:

Author:

Miao Meng¹,Tang Dragon Yongjun²,Xu Lixin Colin³,Yan Xiao¹

Affiliation:

1. The School of Finance, Renmin University of China , 59 Zhongguncun Street , China

2. Faculty of Business and Economics, The University of Hong Kong , Pokfulam Road , China

3. Cheung Kong Graduate School of Business , China

Abstract

Abstract We study the impact of an urban land titling program on firm investment in Shenzhen, China. We find that this program increased the investment rate for titling firms, but this positive effect only holds for politically connected firms. Further analysis suggests that the titling effect is more pronounced for those titling firms associated with greater expropriation risk. During program implementation, the connected titling firms increased their investment perhaps because, as observed, they experienced fewer disputes than non-connected titling firms.

Publisher

Oxford University Press (OUP)

Subject

Finance,Economics and Econometrics,Accounting

Link

https://academic.oup.com/rof/advance-article-pdf/doi/10.1093/rof/rfad029/51950969/rfad029.pdf

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