Jurnal of Finance - Politically Connected Private Equity and Employment PDF (MARA FACCIO,HUNG-CHIA HSU )
ABSTRACT
We investigate the employment consequences of
private equity buyouts. We find evidence of higher job creation, on average, at
the establishments operated by targets of politically connected private equity
firms than at those operated by targets of nonconnected private equity firms.
Consistent with an exchange of favors story, establishments operated by targets
of politically connected private equity firms increase employment more during
election years and in states with high levels of corruption. In additional
analyses, we provide evidence of specific benefits experienced by target firms
from their political connections. Our results are robust to tests designed to
mitigate selection concerns.
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