حقوق صاحبان سهام در ارتباط سیاسی و اشتغال
Politically Connected Private Equity and Employment
THE JOURNAL OF FINANCE • VOL. LXXII, NO. 2 • APRIL 2017
MARA FACCIO and HUNG-CHIA HSU
We investigate the employment consequences of private equity buyouts.
We find evidence of higher job creation, on average,
at the establishments operated by targets of politically connected private equity firms than
at those operated by targets of nonconnected private equity firms.
Consistent with an exchange of favors story, establishments operated by targets of politically
connected private equity firms increase employment more during election years and in states
with high levels of corruption. In additional analyses,
we provide evidence of specific benefits experienced by target firms from their political connections.
Our results are robust to tests designed to mitigate selection concerns.
حقوق صاحبان سهام و اشتغال