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Political Capital and CEO Entrenchment: Evidence from CEO Turnover in Chinese Non-SOEs

Cao, Xiaping; Pan, Xiaofei; Qian, Meijun; Tian, Gary

Description

Previous theoretical and empirical studies suggest that CEOs' political connections are valuable to firms. We examine whether such connections become entrenched if the expected political capital fails to materialize and the firm lacks other types of political power. Using a sample of listed non-SOEs in China, we show that politically connected CEOs have a lower probability of turnover and cause a weaker turnover-performance sensitivity than non-politically connected CEOs. Further analyses show...[Show more]

CollectionsANU Research Publications
Date published: 2017
Type: Journal article
URI: http://hdl.handle.net/1885/247312
Source: Journal of Corporate Finance
DOI: 10.1016/j.jcorpfin.2016.11.003

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