Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/313578 
Year of Publication: 
2017
Citation: 
[Journal:] Review of Development Finance [ISSN:] 2959-0930 [Volume:] 7 [Issue:] 2 [Year:] 2017 [Pages:] 85-94
Publisher: 
Elsevier, Amsterdam
Abstract: 
The political uncertainty surrounded by the turnover of government officials has a major impact on local economies and local firms. This paper investigates the relationship between the turnover of prefecture-city officials and the inherent risk faced by local firms in China. Using data from 1999 to 2012, we find that prefecture-city official turnovers significantly increased firm risk. Our results show that the political risk was mitigated when new prefecture-city officials were well connected with their provincial leaders. In addition, the impact of political uncertainty was more pronounced for regulated firms and firms residing in provinces with low market openness.
Subjects: 
Government official turnovers
Political uncertainty
Firm risk
China
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by-nc-nd Logo
Document Type: 
Article

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