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The Power of Political Connections: Evidence from Korean Chaebols and Government Procurement

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  • Eunyoung Cho

Abstract

This paper investigates the impact of political connections on the performance of Korean chaebol companies. We use two indicators to measure the ability and diversity of political connections and find that chaebol companies are more likely to establish political connections compared to non-chaebol firms, which gives them an advantageous position in government procurement bidding. Significantly, our findings indicate that political connections correlate positively with the monetary value of government contracts secured by chaebols, underscoring the direct economic benefits of these connections. Overall, our study sheds light on the motivation for the political networks of chaebol firms and contributes to a better understanding of the direct benefits of political connections.

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  • Eunyoung Cho, 2024. "The Power of Political Connections: Evidence from Korean Chaebols and Government Procurement," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 60(13), pages 3117-3134, October.
    • Handle: RePEc:mes:emfitr:v:60:y:2024:i:13:p:3117-3134
    DOI: 10.1080/1540496X.2024.2341749
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