Property rights, political connections, and corporate investment

Meng Miao, Dragon Yongjun Tang, Lixin Xu and Xiao Yan

Review of Finance, 2024, vol. 28, issue 2, 593-619

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.

Keywords: property rights; political connections; investment (search for similar items in EconPapers)
JEL-codes: D23 E22 P14 P26 (search for similar items in EconPapers)
Date: 2024
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