Government ownership and exposure to political uncertainty: Evidence from China

doi:10.1016/j.jbankfin.2017.08.001

CORC > 上海财经大学 > 上海财经大学

	Government ownership and exposure to political uncertainty: Evidence from China
	Zhou, Zhengyi
刊名	JOURNAL OF BANKING & FINANCE
	2017-11
卷号	84 页码:152-165
关键词	Anti-corruption campaign Government ownership Political uncertainty China A-share market
ISSN号	0378-4266
DOI	10.1016/j.jbankfin.2017.08.001
英文摘要	The government of China started its anti-corruption campaign in December 2012. Since then, more than 600 government officials have been investigated. We regard the investigations involving senior officials as signals of increased political uncertainty. Focusing on these events, we study how firms' exposure to political uncertainty varies with government ownership. It is found that the stock performance of private firms is worse on the event days than in normal times, whereas state-owned enterprises (SOEs) suffer less from the events. Moreover, the event-day effects are not quickly reversed in the post-event periods. Among SOEs, the negative impact of the events also decreases with government ownership. The evidence indicates that government ownership mitigates firms' exposure to political uncertainty. (C) 2017 Elsevier B.V. All rights reserved.
WOS研究方向	Business & Economics
语种	英语
出版者	ELSEVIER SCIENCE BV
WOS记录号	WOS:000416187900011
内容类型	期刊论文
源URL	[http://10.2.47.112/handle/2XS4QKH4/853]
专题	上海财经大学
通讯作者	Zhou, Zhengyi
作者单位	Shanghai Univ Finance & Econ, Sch Finance, 100 Wudong Rd, Shanghai 200433, Peoples R China
推荐引用方式 GB/T 7714	Zhou, Zhengyi. Government ownership and exposure to political uncertainty: Evidence from China[J]. JOURNAL OF BANKING & FINANCE,2017,84:152-165.
APA	Zhou, Zhengyi.(2017).Government ownership and exposure to political uncertainty: Evidence from China.JOURNAL OF BANKING & FINANCE,84,152-165.
MLA	Zhou, Zhengyi."Government ownership and exposure to political uncertainty: Evidence from China".JOURNAL OF BANKING & FINANCE 84(2017):152-165.