Loans, Link and Leadership: Political Change and Borrower Discouragement in Connected Firms

Jérémie Bertrand, Florian Léon and Caroline Perrin
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Jérémie Bertrand: IÉSEG School Of Management [Puteaux]
Florian Léon: FERDI - Fondation pour les Etudes et Recherches sur le Développement International
Caroline Perrin: University of Portsmouth

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Abstract: This paper examines how political leaders change moderates the impact of corporate political activity (CPA) on borrower discouragement, using a global dataset of 24,167 firms. While CPA generally reduces discouragement, its effectiveness is significantly diminished during political transitions, as the "know-who" channel becomes unreliable.

Keywords: banking; political connection; borrower discouragement (search for similar items in EconPapers)
Date: 2025-03-07
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