Rent Seeking and Corporate Finance - CUHK Business School ...

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Figure 2Debt Maturity and CorruptionFigure 2.1 Mean Long Term Debt/Total Debt(The event firms and the non-event firms)0.350.3Non-event Firms0.25Event Firms0.20.150.10.050-3 -2 -1 0 1 2 3Year around eventFigure 2.2 Mean Long Term Debt/Total Debt(The connected firms and the non-event firms)0.450.40.350.3Non-event Firms0.250.20.15Connected Firms0.10.050-3 -2 -1 0 1 2 3Year around event42
Figure 3Long-term leverage and CorruptionFigure 3.1 Mean Long Term Debt/Assets(The event firms and the non-event firms)0.120.10.08Non-event Firms0.060.04Event Firms0.020-3 -2 -1 0 1 2 3Year around eventFigure 3.2 Mean Long Term Debt/Assets(The connected firms and the non-event firms)0.120.10.08Non-event Firms0.060.04Connected Firms0.020-3 -2 -1 0 1 2 3Year around event43
Page 1 and 2: Rent Seeking and Corporate Finance:
Page 3 and 4: politically connected or bribing fi
Page 5: Twite (2005) report that corporate
Page 8: three policy banks 4 , ten national
Page 11 and 12: company’s senior managers, direct
Page 13: cases, we identify a matching firm
Page 17 and 18: events (Figure 3.2). 15Overall, the
Page 19 and 20: and 8), while significantly positiv
Page 22 and 23: 4.1. The event studyTo examine whet
Page 24: the Corrupt dummy as defined before
Page 27 and 28: non-event firms. 21If the event fir
Page 29 and 30: 6. ConclusionsWe have examined the
Page 31 and 32: References:Acemoglu, D., and Johnso
Page 33 and 34: MacKay, P., and Phillips, G.M., 200
Page 35 and 36: Appendix 2Summary of the corruption
Page 37 and 38: imprisonment in 1998.Source: Commun
Page 39 and 40: Appendix 3Additional Robustness Tes
Page 41: Figure 1Leverage and CorruptionFigu
Page 45 and 46: Table 2Capital Structure, Debt Matu
Page 47 and 48: Table 3Differences in the Change in
Page 49 and 50: Table 4Fixed-Effect Regression Resu
Page 51 and 52: Table 5Fixed-effect Regression Resu
Page 53 and 54: Table 6Changes in Leverage and Stoc
Page 55 and 56: Table 7 (Continued)Panel B. Sub-sam

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