In this study, we draw upon insights from agency theory to examine the impact of managerial political ties on cost of debt and also to explore whether corporate governance mediates this impact. We hypothesize that political ties reduce financial reporting quality, disclosure of non-financial information and board independence, and are therefore associated with higher interest rates. We also hypothesize that the negative effect of political ties on the cost of debt will be stronger if firms borrow from privately-owned banks versus government-owned banks. Using data from Ghana, we find support for our direct and moderation hypotheses; political ties are associated with high interest rates and poor corporate governance. However, we do not find evidence of mediation. Altogether, the findings reveal the dark side of political connections and highlight the cost of political embeddedness in emerging credit markets. 相似文献
The paper seeks to makes a contribution to a recent debate in the Journal about what a political economy of youth might look like. The paper will take up aspects of Sukarieh and Tannock’s [2016. ‘On the political economy of youth: a comment.’ Journal of Youth Studies 19 (9): 1281–1289] response to the initial contributions by Côté [2014. ‘Towards a New Political Economy of Youth.’ Journal of Youth Studies 17 (4): 527–543, 2016. ‘A New Political Economy of Youth Reprised: Rejoinder to France and Threadgold.’ Journal of Youth Studies.] And France and Threadgold [2015. ‘Youth and Political Economy: Towards a Bourdieusian Approach.’ Journal of Youth Studies], and will take the form of three ‘notes’: Capitalism: From the first industrial revolution to the third industrial revolution; Youth as an artefact of governmentalised expertise; The agency/structure problem in youth studies: Foucault’s dispositif and post-human exceptionalism.
These notes will suggest that twenty-first century capitalism is globalising, is largely neo-Liberal, and is being reconfigured in profound ways by the Anthropocene, bio-genetics, Artificial Intelligence (AI), and the Internet of Things (IoT). A political economy of twenty-first century capitalism, let alone a political economy of young people, must be able to account for a capitalism that in many ways looks like the capitalism of the First and Second Industrial Revolutions, but which is at the same time profoundly different as it enters what has often been described as the Third Industrial Revolution. It is these profound emergences that pose the greatest challenges for engaging with a political economy of youth. 相似文献