{"id":"https://openalex.org/W2074939358","doi":"https://doi.org/10.1162/asep_a_00236","title":"Corporate Ownership, Political Connections and M&A: Empirical Evidence from China","display_name":"Corporate Ownership, Political Connections and M&A: Empirical Evidence from China","publication_year":2013,"publication_date":"2013-10-01","ids":{"openalex":"https://openalex.org/W2074939358","doi":"https://doi.org/10.1162/asep_a_00236","mag":"2074939358"},"language":"en","primary_location":{"id":"doi:10.1162/asep_a_00236","doi":"https://doi.org/10.1162/asep_a_00236","is_oa":false,"landing_page_url":"https://doi.org/10.1162/asep_a_00236","pdf_url":null,"source":{"id":"https://openalex.org/S4210209722","display_name":"Asian Economic Papers","issn_l":"1535-3516","issn":["1535-3516","1536-0083"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-scientific","cwts-core","jufo-1","norway-1","poland-70","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310315718","host_organization_name":"The MIT Press","host_organization_lineage":["https://openalex.org/P4310315718","https://openalex.org/P4310316440"],"host_organization_lineage_names":["The MIT Press","Massachusetts Institute of Technology"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Asian Economic Papers","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5037221604","display_name":"Ningyue Liu","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I125839683","display_name":"Beijing Institute of Technology","ror":"https://ror.org/01skt4w74","country_code":"CN","type":"education","lineage":["https://openalex.org/I125839683","https://openalex.org/I890469752"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Ningyue Liu","raw_affiliation_strings":["School of Management and Economics Beijing Institute of Technology"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"School of Management and Economics Beijing Institute of Technology","institution_ids":["https://openalex.org/I125839683"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5100328737","display_name":"Liming Wang","orcid":"https://orcid.org/0000-0002-9329-4559","observed_orcids":["https://orcid.org/0000-0002-9329-4559"]},"institutions":[{"id":"https://openalex.org/I100930933","display_name":"University College Dublin","ror":"https://ror.org/05m7pjf47","country_code":"IE","type":"education","lineage":["https://openalex.org/I100930933"]},{"id":"https://openalex.org/I37796252","display_name":"Beijing University of Technology","ror":"https://ror.org/037b1pp87","country_code":"CN","type":"education","lineage":["https://openalex.org/I37796252"]}],"countries":["CN","IE"],"is_corresponding":false,"raw_author_name":"Liming Wang","raw_affiliation_strings":["School of Economics and Management Beijing University of Technology and Irish Institute for Chinese Studies University College Dublin"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"School of Economics and Management Beijing University of Technology and Irish Institute for Chinese Studies University College Dublin","institution_ids":["https://openalex.org/I100930933","https://openalex.org/I37796252"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5100402988","display_name":"Min Zhang","orcid":"https://orcid.org/0000-0003-2328-933X","observed_orcids":["https://orcid.org/0000-0003-2328-933X"]},"institutions":[{"id":"https://openalex.org/I78988378","display_name":"Renmin University of China","ror":"https://ror.org/041pakw92","country_code":"CN","type":"education","lineage":["https://openalex.org/I78988378"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Min Zhang","raw_affiliation_strings":["School of Business, Renmin University of China"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"School of Business, Renmin University of China","institution_ids":["https://openalex.org/I78988378"]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":4,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":4.1652,"has_fulltext":false,"cited_by_count":23,"citation_normalized_percentile":{"value":0.9449218,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":88,"max":98},"biblio":{"volume":"12","issue":"3","first_page":"41","last_page":"57"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T12225","display_name":"Political Influence and Corporate Strategies","score":0.9634000062942505,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T12225","display_name":"Political Influence and Corporate Strategies","score":0.9634000062942505,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.035100001841783524,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10415","display_name":"International Business and FDI","score":0.0003000000142492354,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/political-connections","display_name":"political connections","score":0.9490000009536743},{"id":"https://openalex.org/keywords/mergers-and-acquisitions","display_name":"mergers and acquisitions","score":0.9850000143051147},{"id":"https://openalex.org/keywords/corporate-ownership","display_name":"corporate ownership","score":0.9120000004768372},{"id":"https://openalex.org/keywords/state-owned-enterprises","display_name":"state-owned enterprises","score":0.9710000157356262},{"id":"https://openalex.org/keywords/government-intervention","display_name":"state intervention","score":0.9480000138282776},{"id":"https://openalex.org/keywords/m-a-performance","display_name":"M&A performance","score":0.9649999737739563},{"id":"https://openalex.org/keywords/chinese-listed-companies","display_name":"Chinese listed companies","score":0.8479999899864197},{"id":"https://openalex.org/keywords/corporate-governance","display_name":"corporate governance","score":0.36800000071525574}],"concepts":[{"id":"https://openalex.org/C94625758","wikidata":"https://www.wikidata.org/wiki/Q7163","display_name":"Politics","level":2,"score":0.8137310743331909},{"id":"https://openalex.org/C191935318","wikidata":"https://www.wikidata.org/wiki/Q148","display_name":"China","level":2,"score":0.6767321228981018},{"id":"https://openalex.org/C199728807","wikidata":"https://www.wikidata.org/wiki/Q2578557","display_name":"Equity (law)","level":2,"score":0.640749990940094},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.561895489692688},{"id":"https://openalex.org/C172886114","wikidata":"https://www.wikidata.org/wiki/Q597339","display_name":"Economic interventionism","level":3,"score":0.5205158591270447},{"id":"https://openalex.org/C2777506082","wikidata":"https://www.wikidata.org/wiki/Q2396633","display_name":"State ownership","level":3,"score":0.5017683506011963},{"id":"https://openalex.org/C166052673","wikidata":"https://www.wikidata.org/wiki/Q83021","display_name":"Empirical evidence","level":2,"score":0.49648815393447876},{"id":"https://openalex.org/C2780665704","wikidata":"https://www.wikidata.org/wiki/Q959298","display_name":"Intervention (counseling)","level":2,"score":0.49457213282585144},{"id":"https://openalex.org/C548217281","wikidata":"https://www.wikidata.org/wiki/Q731112","display_name":"Mergers and acquisitions","level":2,"score":0.4399341344833374},{"id":"https://openalex.org/C2778137410","wikidata":"https://www.wikidata.org/wiki/Q2732820","display_name":"Government (linguistics)","level":2,"score":0.4127647876739502},{"id":"https://openalex.org/C34447519","wikidata":"https://www.wikidata.org/wiki/Q179522","display_name":"Market economy","level":1,"score":0.369059681892395},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.34470880031585693},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.3014206886291504},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.24470797181129456},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.17861658334732056},{"id":"https://openalex.org/C121087249","wikidata":"https://www.wikidata.org/wiki/Q546395","display_name":"Emerging markets","level":2,"score":0.16968399286270142},{"id":"https://openalex.org/C111472728","wikidata":"https://www.wikidata.org/wiki/Q9471","display_name":"Epistemology","level":1,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C138885662","wikidata":"https://www.wikidata.org/wiki/Q5891","display_name":"Philosophy","level":0,"score":0.0},{"id":"https://openalex.org/C15744967","wikidata":"https://www.wikidata.org/wiki/Q9418","display_name":"Psychology","level":0,"score":0.0},{"id":"https://openalex.org/C41895202","wikidata":"https://www.wikidata.org/wiki/Q8162","display_name":"Linguistics","level":1,"score":0.0},{"id":"https://openalex.org/C118552586","wikidata":"https://www.wikidata.org/wiki/Q7867","display_name":"Psychiatry","level":1,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.1162/asep_a_00236","doi":"https://doi.org/10.1162/asep_a_00236","is_oa":false,"landing_page_url":"https://doi.org/10.1162/asep_a_00236","pdf_url":null,"source":{"id":"https://openalex.org/S4210209722","display_name":"Asian Economic Papers","issn_l":"1535-3516","issn":["1535-3516","1536-0083"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-scientific","cwts-core","jufo-1","norway-1","poland-70","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310315718","host_organization_name":"The MIT Press","host_organization_lineage":["https://openalex.org/P4310315718","https://openalex.org/P4310316440"],"host_organization_lineage_names":["The MIT Press","Massachusetts Institute of Technology"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Asian Economic Papers","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:tpr:asiaec:v:12:y:2013:i:3:p:41-57","doi":null,"is_oa":false,"landing_page_url":"http://www.mitpressjournals.org/doi/pdf/10.1162/ASEP_a_00236","pdf_url":"http://www.mitpressjournals.org/doi/pdf/10.1162/ASEP_a_00236","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":null,"sustainable_development_goals":[{"id":"https://metadata.un.org/sdg/16","display_name":"Peace, justice, and strong institutions","score":0.5473999977111816}],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":24,"referenced_works":["https://openalex.org/W231002401","https://openalex.org/W1493352302","https://openalex.org/W1580191282","https://openalex.org/W2005401363","https://openalex.org/W2028407599","https://openalex.org/W2039409723","https://openalex.org/W2044228245","https://openalex.org/W2053827383","https://openalex.org/W2066449600","https://openalex.org/W2069015616","https://openalex.org/W2127983196","https://openalex.org/W2162516011","https://openalex.org/W2262187434","https://openalex.org/W2311495336","https://openalex.org/W2333214280","https://openalex.org/W3023160244","https://openalex.org/W3121131820","https://openalex.org/W3121235470","https://openalex.org/W3121335362","https://openalex.org/W3121850914","https://openalex.org/W3121860914","https://openalex.org/W3123085623","https://openalex.org/W4243246718","https://openalex.org/W4299846046"],"related_works":["https://openalex.org/W7113316939","https://openalex.org/W2808665491","https://openalex.org/W2761337396","https://openalex.org/W2262219304","https://openalex.org/W2767743684","https://openalex.org/W3138064885","https://openalex.org/W2002093537","https://openalex.org/W2944096859","https://openalex.org/W7098375519","https://openalex.org/W2417093983"],"abstract_inverted_index":{"This":[0],"paper":[1,73,106],"examines":[2],"the":[3,25,76,109],"impact":[4,55,77,88,97],"of":[5,43,56,78,104,112],"political":[6,37,57,79,110],"connections":[7,38,58,80,111],"on":[8,59,81,120],"corporate":[9,60],"mergers":[10],"and":[11,47,123],"acquisitions":[12],"(M&As)":[13],"behavior":[14],"using":[15],"data":[16],"from":[17],"companies":[18],"listed":[19,114],"in":[20,45,51,68],"Chinese":[21,113],"equity":[22],"markets":[23],"during":[24],"period":[26],"1998":[27],"to":[28,49],"2010.":[29],"Our":[30],"empirical":[31],"results":[32],"indicate":[33],"that":[34,108],"firms":[35,115],"with":[36],"have":[39,116],"a":[40,85,94,117],"greater":[41],"probability":[42],"engaging":[44],"M&As":[46,61],"tend":[48],"engage":[50],"larger-scale":[52],"M&As.":[53],"The":[54,72,102],"is":[62],"mainly":[63],"realized":[64],"via":[65],"government":[66],"intervention":[67],"state-owned":[69],"enterprises":[70],"(SOEs).":[71],"also":[74],"investigates":[75],"M&A":[82,121],"performance,":[83],"demonstrating":[84],"significantly":[86,95],"negative":[87],"when":[89,98],"SOEs":[90],"are":[91,100],"involved":[92],"but":[93],"positive":[96],"non-SOEs":[99],"involved.":[101],"findings":[103],"this":[105],"suggest":[107],"strong":[118],"influence":[119],"activities":[122],"performance.":[124]},"counts_by_year":[{"year":2026,"cited_by_count":1},{"year":2025,"cited_by_count":5},{"year":2023,"cited_by_count":1},{"year":2022,"cited_by_count":3},{"year":2021,"cited_by_count":3},{"year":2020,"cited_by_count":1},{"year":2019,"cited_by_count":1},{"year":2017,"cited_by_count":3},{"year":2016,"cited_by_count":3},{"year":2015,"cited_by_count":1},{"year":2014,"cited_by_count":1}],"updated_date":"2026-11-08T12:12:28.789561","created_date":"2016-06-24T00:00:00"}