Sheltering Corporate Assets from Political Extraction

We hypothesize that firms structure their asset holdings so as to shelter assets from extraction by politicians and bureaucrats. In countries where the threat of political extraction is higher, we hypothesize that firms hold a lower fraction of their assets in liquid form. Consistent with this conje...

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Bibliographic Details
Published in:Journal of law, economics, & organization economics, & organization, 2013-04, Vol.29 (2), p.332-354
Main Authors: Caprio, Lorenzo, Faccio, Mara, McConnell, John J.
Format: Article
Language:English
Subjects:
2002-2006
Asset management
Assets
Betriebliche Liquidität
Betriebliches Anlagevermögen
Business holdings
Business structures
Cash
Companies
Correlation analysis
Corruption
Corruption in government
Dividends
Economic development
Economic planning
Economic policy
Extraction
Financial investments
Investment analysis
Korruption
Linear regression
Liquid assets
Manycountries
Measures
Owners
Personal finance
Political corruption
Politicians
Politics
Politische Entscheidung
Shareholders
Studies
Taxes
Threats
Welt
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