Political Relationships, Global Financing and Corporate Transparency

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1、FinancialPoliticalRelationships,GlobalInstitutionsFinancingandCorporateTransparencyCenterbyChristianLeuzFelixOberholzer-Gee03-16TheWhartonFinancialInstitutionsCenterTheWhartonFinancialInstitutionsCenterprovidesamulti-disciplinaryresearchapproachtotheproblemsandopportunitiesfacingthefi

2、nancialservicesindustryinitssearchforcompetitiveexcellence.TheCenter'sresearchfocusesontheissuesrelatedtomanagingriskatthefirmlevelaswellaswaystoimproveproductivityandperformance.TheCenterfostersthedevelopmentofacommunityoffaculty,visitingscholarsandPh.D.candidateswhoseresearchinteres

3、tscomplementandsupportthemissionoftheCenter.TheCenterworkscloselywithindustryexecutivesandpractitionerstoensurethatitsresearchisinformedbytheoperatingrealitiesandcompetitivedemandsfacingindustryparticipantsastheypursuecompetitiveexcellence.Copiesoftheworkingpaperssummarizedhereareavai

4、lablefromtheCenter.IfyouwouldliketolearnmoreabouttheCenterorbecomeamemberofourresearchcommunity,pleaseletusknowofyourinterest.FranklinAllenRichardJ.HerringCo-DirectorCo-DirectorTheWorkingPaperSeriesismadepossiblebyagenerousgrantfromtheAlfredP.SloanFoundationPoliticalRelationships,Glob

5、alFinancingandCorporateTransparencyChristianLeuzandFelixOberholzer-GeeTheWhartonSchoolUniversityofPennsylvaniaMay2003AbstractThisstudyexaminesthefinancingchoicesoffirmsoperatinginaweakinstitutionalenvironment.Wearguethatinrelationship-basedsystems,globalfinancingandstrongpoliticalconn

6、ectionsarealternativemeanstocreatefirmvalue.Well-connectedfirmsmightbelessinclinedtoaccessglobalcapitalmarketsbecause(state-owned)domesticbanksprovidecapitalatlowcost.Moreover,theexpandeddisclosuresandadditionalscrutinythatcomewithissuingforeignsecuritiesmightbeatoddswithclosepolitica

7、ltiesathomebecausethesetiescanbestbeexploitedwhenlittleisdisclosedaboutthefirm.UsingdatafromIndonesia,weprovidestrongsupportforthehypothesisthatglobalfinancingandpoliticalconnectionsaresubstitutes:FirmswithclosepoliticaltiestoformerPresidentSoehartoaresignificantlylesslikelythannon-co

8、nnect