• 主题
高级搜索  >
历史搜索 清空历史
首页> 外文期刊>International Journal of Managerial Finance >Market response towards different types of politically connected firms during political events: evidence from Malaysia
【24h】

Market response towards different types of politically connected firms during political events: evidence from Malaysia

机译：在政治事件期间对不同类型的政治连接公司的市场反应：来自马来西亚的证据

获取原文
获取原文并翻译 | 示例
           
页面导航
  • 摘要
  • 著录项
  • 相似文献
  • 相关主题

摘要

Purpose - This paper investigates the market responses towards four types of politically connected (PCON) firms during two political events - general election and change of leader in Malaysia. Design/methodology/approach - The authors capture the market response using cumulative abnormal return and further test it using regression analysis. The authors use a sample of 376 politically connected (PCON) and non-politically connected (non-PCON) firms from 2002 to 2013. Findings - The market reacted negatively towards government-linked companies (GLC) during both events, showing that GLCs are negatively perceived by the market during political instability. On the other hand, the reaction of the market towards firms connected by businessmen does not differ from other firms. When compared to the findings of past literature, it shows the decreasing influence that businessmen have over the government leader. In further analysis, this study finds firms that are connected to the incoming government leader recorded a higher CAR as compared to firms connected to the outgoing government leader. Practical implications - The authors' study offers several practical implications. Knowing how the market responds to the different types of political connections might prove beneficial to investors. With this information, investors can recognize stocks with potential returns before the event date and may consider buying or selling them to capture a short-term profit. The authors' findings may also have important implications for the management of PCON firms in terms of implementing an effective risk management and asset allocation plan to safeguard their value during political events that may disrupt the stability of their firms. Originality/value - This paper provides an insight on how the markets have a different perception towards different types of politically connected firms during short-run political events. Past studies usually categorize political connection into a single category. With this separation, the authors are able to see how their individual CAR differs from other types of PCON.
机译：目的 - 本文调查了在两种政治事件中为四种政治连接（PCON）公司的市场反应 - 马来西亚领导者的大选和变更。设计/方法/方法 - 作者使用累积异常返回捕获市场响应，并使用回归分析进一步测试它。作者使用2002年至2013年的政治连接（PCON）和非政治连接（非PCON）公司的样本。调查结果 - 市场在两个事件中对政府联系的公司（GLC）负面反应，表明GLC是在政治不稳定期间市场受到负面影响。另一方面，市场对商人连接的公司的反应与其他公司没有差异。与过去文学的结果相比，它表明了商人对政府领导者的影响降低。在进一步分析中，本研究发现与传入政府领导人相关的公司，与联系到外向政府领导者的公司相比，录制了更高的汽车。实际意义 - 作者的研究提供了几种实际影响。了解市场如何应对不同类型的政治联系，可能会对投资者有益。通过这些信息，投资者可以在活动日期之前识别潜在回报的股票，并可考虑购买或销售他们以捕获短期利润。根据实施有效的风险管理和资产分配计划，提交人员的调查结果也可能对PCON公司的管理有重要影响，以便在可能破坏其公司稳定的政治事件中维护其价值。原创性/价值 - 本文介绍了在短期政治事件中对市场对不同类型的政治连接公司不同看法的洞察力。过去的研究通常将政治联系分类为单一类别。通过这种分离，作者能够了解他们的单个汽车如何与其他类型的PCON不同。

著录项

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱：kefu@zhangqiaokeyan.com

京公网安备：11010802029741号 ICP备案号：京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有

  • 客服微信

  • 服务号