计量经济分析 = Econometric analysis

Social Psychology of Organizations

While political connections have been widely discussed in the literature on corruption, little work has been done to assess the value of these connections. This paper uses the Jakarta Stock Exchange's reaction to news about former President Suharto's health to address this issue. By examining the difference in share price reactions of firms with varying degrees of political exposure, a market valuation of the proportion of a firm’s value derived from political connections is inferred. The implied value is very high, suggesting that as much as a quarter of a firm’s share price may be accounted for by political connections. (JEL D21, G14)

/pdf/estimating-the-value-of-political-connections-clb8n6ew5l.pdf

Estimating the Value of Political Connections

Earnings Management and Investor Protection: An International Comparison

This article uses Ajzen's theory of planned behavior to build an entrepreneurial intention questionnaire (EIQ) and analyzes its psychometric properties. The entrepreneurial intention model is then ...

https://papers.ssrn.com/sol3/Delivery.cfm/etap_318.pdf?abstractid=1396448&mirid=5

Development and Cross-Cultural Application of a Specific Instrument to Measure Entrepreneurial Intentions

Schumpeter’s canonical depiction of the entrepreneur as an agent of social and economic change implies that entrepreneurs are especially sensitive to the social environment. We use an organizing framework based on institutional economics, in combination with lessons from cross-cultural psychology, to consider the social dimensions of entrepreneurship. The level and modes of entrepreneurial activity are affected by the surrounding culture and by legal rules. Entrepreneurs may partially overcome institutional deficiencies by relying on social networks that facilitate reputational bonding as a means for resource-sharing.

https://papers.ssrn.com/sol3/Delivery.cfm?abstractid=824844

The Social Dimensions of Entrepreneurship

http://web.mit.edu/finlunch/Fall02/jsiegel.pdf

Can foreign firms bond themselves effectively by . . renting U.S. securities laws

Though prior research has suggested that a company's ties to political networks have only a positive value or no value, this study examines whether political network ties can also be a significant 

Contingent Political Capital and International Alliances: Evidence from South Korea

This study identifies how country differences on a key cultural dimension - egalitarianism - influence the direction of different types of international investment flows. A society's cultural orientation towards egalitarianism is manifested by intolerance for abuses of market and political power and a desire for protecting the weak and less powerful actors. We show egalitarianism to be based on exogenous factors including social fractionalization, dominant religion circa 1900, and war experience from the 19th century era of state formation. Controlling for a large set of competing explanations, we find a robust influence of egalitarianism distance on cross-national investment flows of bond and equity issuances, syndicated loans, and mergers and acquisitions. An informal cultural institution largely determined a century or more ago, egalitarianism exercises its effect on international investment via an associated set of consistent contemporary policy choices. But even after controlling for these associated policy choices, egalitarianism continues to exercise a direct effect on cross-border investment flows, likely through its direct influence on managers’ daily business conduct.

https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID1705907_code43182.pdf?abstractid=899082&mirid=2

Egalitarianism and International Investment

We here bring forward strong evidence that political instability impedes financial development, with its variation a primary determinant of differences in financial development around the world. As such, it needs to be added to the short list of major determinants of financial development. First, structural conditions first postulated by Engerman and Sokoloff (2002) as generating long-term inequality are shown here empirically to be exogenous determinants of political instability. Second, that exogenously-determined political instability in turn holds back financial development, even when we control for factors prominent in the last decade’s cross-country studies of financial development. The findings indicate that inequality-perpetuating conditions that result in political instability are fundamental roadblocks for international organizations like the World Bank that seek to promote financial development. The evidence here includes country fixed effect regressions and an instrumental model inspired by Engerman and Sokoloff’s (2002) work, which to our knowledge has not yet been used in finance and which is consistent with current tests as valid instruments. Four conventional measures of national political instability - Alesina and Perotti’s (1996) well-known index of instability, a subsequent index derived from Banks’ (2005) work, and two indices of managerial perceptions of nation-by-nation political instability - persistently predict a wide range of national financial development outcomes for recent decades. Political instability’s significance is time consistent in cross-sectional regressions back to the 1960’s, the period when the key data becomes available, robust in both country fixed-effects and instrumental variable regressions, and consistent across multiple measures of instability and of financial development. Overall, the results indicate the existence of an important channel running from structural inequality to political instability, principally in nondemocratic settings, and then to financial backwardness. The robust significance of that channel extends existing work demonstrating the importance of political economy explanations for financial development and financial backwardness. It should help to better understand which policies will work for financial development, because political instability has causes, cures, and effects quite distinct from those of many of the key institutions most studied in the past decade as explaining financial backwardness.

Jordan I. Siegel

Papers

The Social Dimensions of Entrepreneurship

Can foreign firms bond themselves effectively by . . renting U.S. securities laws

Contingent Political Capital and International Alliances: Evidence from South Korea

Egalitarianism and International Investment

Political Instability: Its Effects on Financial Development, Its Roots in the Severity of Economic Inequality