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  • 标题:Market reactions to financial distress announcements: Do political connections matter?
  • 本地全文:下载
  • 作者:Abd Halim Ahmad ; Nur Adiana Hiau Abdullah ; Kamarun Nisham Taufil Mohd
  • 期刊名称:Cogent Economics & Finance
  • 电子版ISSN:2332-2039
  • 出版年度:2018
  • 卷号:6
  • 期号:1
  • 页码:1-8
  • DOI:10.1080/23322039.2018.1483304
  • 语种:English
  • 出版社:Taylor and Francis Ltd
  • 摘要:Abstract We examined market reactions to the financial distress announcements of listed firms in Malaysia. We investigated whether the market differentiates between the politically connected and non-politically connected vis-a-vis the outcomes at the time of the announcements. There is evidence of differing reactions to announcements by politically connected and non-connected firms. Investors react more negatively to the non-politically connected firms as compared to the politically connected ones. In addition, in the event of emergence from financial distress, the losses of politically connected firms were lower than for the non-politically connected firms.
  • 关键词:financial distress ; event study ; political connections
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