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Property rights, political connections, and corporate investment

Author

Listed:
  • Meng Miao
  • Dragon Yongjun Tang
  • Lixin Colin Xu
  • Xiao Yan

Abstract

We study the impact of an urban land titling program on firm investment in Shenzhen, China. We find that this program increased the investment rate for titling firms, but this positive effect only holds for politically connected firms. Further analysis suggests that the titling effect is more pronounced for those titling firms associated with greater expropriation risk. During program implementation, the connected titling firms increased their investment perhaps because, as observed, they experienced fewer disputes than non-connected titling firms.

Suggested Citation

  • Meng Miao & Dragon Yongjun Tang & Lixin Colin Xu & Xiao Yan, 2024. "Property rights, political connections, and corporate investment," Review of Finance, European Finance Association, vol. 28(2), pages 593-619.
    • Handle: RePEc:oup:revfin:v:28:y:2024:i:2:p:593-619.
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    File URL: http://hdl.handle.net/10.1093/rof/rfad029
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    Cited by:

    1. He, Ye & Hu, Weiping & Li, Kunwang & Zhang, Xiao, 2022. "Can real options explain the impact of uncertainty on Chinese corporate investment?," Economic Modelling, Elsevier, vol. 115(C).

    More about this item

    Keywords

    property rights; political connections; investment;
    All these keywords.

    JEL classification:

    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • P14 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Property Rights
    • P26 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Property Rights
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity

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