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dc.contributor.authorNiessen, Alexandraen
dc.contributor.authorRuenzi, Stefanen
dc.date.accessioned2012-04-30-
dc.date.accessioned2012-05-02T15:45:33Z-
dc.date.available2012-05-02T15:45:33Z-
dc.date.issued2009-
dc.identifier.urihttp://hdl.handle.net/10419/57749-
dc.description.abstractThis paper investigates politically connected firms in Germany. With the introduction of a new transparency law in 2007, information on additional income sources for all members of the German parliament became publicly available. We find that members of the conservative party (CDU/CSU) and the liberal party (FDP) are more likely to work for firms than members of left-wing parties (SPD and The Left) or the green party (Alliance 90/The Greens). Politically connected firms are larger, less risky, and have lower market valuations than unconnected firms. They also have fewer growth opportunities, but slightly better accounting performance. On the stock market, connected firms significantly outperform unconnected firms in 2006, i.e. prior to the publication of the data on political connections. Differences in stock market performance are much smaller in 2007.en
dc.language.isoengen
dc.publisher|aUniversity of Cologne, Centre for Financial Research (CFR) |cCologneen
dc.relation.ispartofseries|aCFR Working Paper |x07-15en
dc.subject.jelG14en
dc.subject.jelG18en
dc.subject.jelG30en
dc.subject.jelG38en
dc.subject.jelH89en
dc.subject.jelK29en
dc.subject.jelL14en
dc.subject.ddc330en
dc.subject.keywordPolitical Connectednessen
dc.subject.keywordFirm Valueen
dc.subject.keywordFirm Performanceen
dc.titlePolitical connectedness and firm performance: Evidence from Germany-
dc.typeWorking Paperen
dc.identifier.ppn714985635en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:cfrwps:0715en

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