Politically connected firms in Poland and their access to bank financing

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Title: Politically connected firms in Poland and their access to bank financing
Author: Hasan, Iftekhar ; Jackowicz, Krzysztof ; Kowalewski, Oskar ; Kozlowski, Lukasz
Series: Communist and Post-Communist Studies
Series volume: 50
Series number: 4
Year of publication: 2017
Publication date: 5.12.2017
Published in: Published in BOFIT DP 2/2014.
DOI: https://doi.org/10.1016/j.postcomstud.2017.10.003
Page range: 245–261
Keywords: yritykset; rahoitus; politiikka; suhteet; pankkitoiminta; luotot; Puola; rahoitusmarkkinat
Other keywords: Political connections; Bank financing; Global financial crisis
Abstract: This paper characterizes politically connected firms and their access to bank financing. We determine that the relationship between political connections and access to long-term bank loans is weaker in Poland than in other emerging economies. The most probable explanation for this result is related to the instability of the political climate in Poland. We find that only certain kinds of political connections, such as recent connections, positively influenced access to bank financing during the sample period from 2001 to 2011. Moreover, we obtain also some evidence that the value of political connections increased during the 2007 crisis period and onward.


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