The Dynamics of Political Embeddedness in China
成果类型：
Article
署名作者：
Haveman, Heather A.; Jia, Nan; Shi, Jing; Wang, Yongxiang
署名单位：
University of California System; University of California Berkeley; University of Southern California; Royal Melbourne Institute of Technology (RMIT); Jiangxi University of Finance & Economics; University of Southern California
刊物名称：
ADMINISTRATIVE SCIENCE QUARTERLY
ISSN/ISSBN：
0001-8392
DOI：
10.1177/0001839216657311
发表日期：
2017
页码：
67-104
关键词：
income inequality
SHAREHOLDER VALUE
firm performance
business groups
TRANSITION
MARKETS
TRANSFORMATION
OWNERSHIP
connections
capitalism
摘要：
Economic transitions in countries that move from state planning and redistribution to market exchange create business opportunities but also uncertainty, because many interdependent factorsmodes of exchange, types of products, and forms of organizationsare in flux. Uncertainty is even greater when the country's political institutions remain authoritarian because the rule of law is weak and state bureaucrats retain power over the economy. This study of listed firms in China, which has recently seen economic transition but persistent authoritarianism, shows that in such contexts, firms can reduce uncertainty by developing relationships with state bureaucrats, which help firms learn how state bureaucracies operate and engender trust between firms and bureaucrats. Together, knowledge and trust stabilize operations and help persuade bureaucrats to lighten regulatory burdens, grant firms access to state-controlled resources, and improve government oversight. Our results show that as economic transitions proceed and uncertainty increases, business-state ties increasingly improve firm performance. We also investigate two likely contingencies, industry and firm size, and two important causal mechanisms, access to bank loans and protection from related-party loans, and show that the value of business-state relations varies over time, depending on the trajectory of both economic and political institutions.