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Political Connections, Family Ownership, and Firm Performance: An Emerging Economy

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  • Sabeeh Ullah
  • Sumaira Khan
  • Shahzad Hussain
  • Mehtab Alam
  • Muhammad Haroon

Abstract

Emerging economies are characterised by a high proportion of family-owned businesses, significant political corruption, and a weak legal system which creates a more favourable environment for politically-connected family firms. Hence, we investigate the effect of political connections on firm performance in family and non-family-owned firms through advanced panel estimation techniques. Our result is based on a sample of publicly listed 150 non-financial firms from Pakistan Stock Exchange (PSX) over the period 2013–2018. We demonstrate that politically connected family-owned firms perform better than non-family owned connected firms. These findings have important policy implications for countries such as Pakistan which have experienced recent increases in the number of family-owned firms.

Suggested Citation

  • Sabeeh Ullah & Sumaira Khan & Shahzad Hussain & Mehtab Alam & Muhammad Haroon, 2021. "Political Connections, Family Ownership, and Firm Performance: An Emerging Economy," International Journal of the Economics of Business, Taylor & Francis Journals, vol. 28(3), pages 471-487, September.
    • Handle: RePEc:taf:ijecbs:v:28:y:2021:i:3:p:471-487
    DOI: 10.1080/13571516.2021.1941715
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