ABSTRACT

This paper constructs a three-stage model of corporate turnaround, beginning with political connections’ affects declining companies’ implementation of turnaround strategies. The model also explores political connections’ role in corporate turnaround in the context of the most recent global financial crisis. This study discovered that political connections exhibited a weaker ability to allocate resources in the financial crisis. And the government would impede the implementations of turnaround strategies as an important stakeholder. Therefore, political connections significantly and negatively impact corporate turnaround. Through group testing, this paper further demonstrates that companies more dependent on political connections experience more significant, negative impacts.

摘要

本文构建了企业扭亏为盈的三阶段模型，从政治关系对衰落企业转型战略实施的影响入手。该模型还探讨了在最近的全球金融危机背景下，政治关系在企业转型中的作用。这项研究发现，政治关系在金融危机中表现出较弱的资源配置能力。政府将作为重要的利益相关者阻碍转型战略的实施。因此，政治关系对企业转型产生重大负面影响。通过群体测试，本文进一步表明，更依赖政治关系的公司会受到更显着的负面影响。