Tee Chwee-Ming, Wong Wai-Yan, Hooy Chee-Wooi
School of Management, Universiti Sains Malaysia, Penang, Malaysia.
Faculty of Economics and Management, Universiti Kebangsaan Malaysia, Selangor, Malaysia.
Financ Res Lett. 2022 Jun;47:102706. doi: 10.1016/j.frl.2022.102706. Epub 2022 Jan 31.
The value of political connection is driven by economic power, rather than the political power of the government per se. We examine this with Malaysia's Covid-19 economic lockdowns where the government gained unprecedented economic power. Changes of 3 governments over 2020-2021 allow us to verify whether changes in political power per se creates value. Our event study shows politically connected (PCON) firms outperform non-PCON firms during total economic lockdowns. However, after the easing of restrictions, investors reallocate their investments to non-PCON firms. Lastly, changes in government do not affect the value of PCON firms because there is no election mandate.
政治关联的价值是由经济实力驱动的，而非政府本身的政治权力。我们以马来西亚新冠疫情期间的经济封锁为例进行研究，在此期间政府获得了前所未有的经济权力。2020年至2021年期间三届政府的更迭使我们能够验证政治权力本身的变化是否创造价值。我们的事件研究表明，在全面经济封锁期间，政治关联企业的表现优于非政治关联企业。然而，在限制措施放宽后，投资者将投资重新分配给非政治关联企业。最后，政府的更迭并不影响政治关联企业的价值，因为不存在选举授权。
