Skip navigation
Skip navigation

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

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


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
Source: Journal of Corporate Finance
DOI: 10.1016/j.jcorpfin.2016.11.003


File Description SizeFormat Image
01_Cao_Political_Capital_and_CEO_2017.pdf279.15 kBAdobe PDF    Request a copy

Items in Open Research are protected by copyright, with all rights reserved, unless otherwise indicated.

Updated:  19 May 2020/ Responsible Officer:  University Librarian/ Page Contact:  Library Systems & Web Coordinator