Mapping the landscape of political connections risk: A bibliometric analysis
DOI:
https://doi.org/10.18196/jai.v26i2.25103Keywords:
Bibliometric, Clustering, Political connections, Risk, MappingAbstract
Research aims: This research aims to explain current and future research trends on political connections risk by mapping political connections risk studies.
Design/Methodology/Approach: This paper is a meta-synthesis study of the risks of political connections over 25 years, from 2000 to 2024. The Scopus database was used to find relevant literature. Selected articles were scanned, cleaned, and adjusted before analysis. In this analysis, 178 documents were examined. By using biblioshiny, bibliometric analysis in this study gives special emphasis to research flows, trends, thematics, and field structures.
Research findings: The bibliometric research results provide essential information about publications on current and future political risks. It includes the most cited documents, prolific contributors, frequently used keywords, prolific countries, sources, network analysis data from co-occurrence networks, and theme mapping data for political relations risk studies. This study identified three main literature clusters: risk assessment, China, and financial crisis. Finally, it raises research questions for future studies.
Theoretical contribution/ Originality: This article offers a profound understanding of political connections and risk as a research topic, using bibliometric analysis to examine its academic development.
Practitioner/Policy implication: These findings help construct a cohesive idea, define the underlying context, and aid academic researchers and industry practitioners in comprehending the evolution of political connections research and risks.
Research limitation/Implication: The sub-themes about the formation and application of political connections and risks, where the number of topics has not been extensively examined, are also anticipated to be expanded by this study.
References
Ahmed, F., & Hussainey, K. (n.d.). A Bibliometric Analysis of Political Connections Literature.
Alam, A. W., Houston, R., & Farjana, A. (2023). Geopolitical risk and corporate investment: How do politically connected firms respond? Finance Research Letters, 53. https://doi.org/10.1016/j.frl.2023.103681
Aldhamari, R., Mohamad Nor, M. N., Boudiab, M., & Mas’ud, A. (2020). The impact of political connection and risk committee on corporate financial performance: evidence from financial firms in Malaysia. Corporate Governance (Bingley), 20(7), 1281–1305. https://doi.org/10.1108/CG-04-2020-0122
Alhadab, M., Abdullatif, M., Ahmed, A. H., Tahat, Y., & Mansour, I. (2021). Political connections, government ownership, and earnings management: Evidence from Jordan. International Journal of Accounting, Auditing and Performance Evaluation, 17(1–2), 93 – 126. https://doi.org/10.1504/IJAAPE.2021.117575
Aliyu, S., Hassan, M. K., Mohd Yusof, R., & Naiimi, N. (2017). Islamic banking sustainability: A review of literature and directions for future research. Emerging Markets Finance and Trade, 53(2), 440–470.
Alshirah, M. H., Alshira’h, A. F., & Lutfi, A. (2021). Political connection, family ownership and corporate risk disclosure: empirical evidence from Jordan. Meditari Accountancy Research. https://doi.org/10.1108/MEDAR-04-2020-0868
Aria, M., & Cuccurullo, C. (2017). bibliometrix: An R-tool for comprehensive science mapping analysis. Journal of Informetrics, 11(4), 959–975.
Bahoo, S. (2020). Corruption in banks: A bibliometric review and agenda. Finance Research Letters, 35. https://doi.org/10.1016/j.frl.2020.101499
Barros, A. N. F., dos Santos, M. R. L., Melo, I. A., dos Santos, M. P. D., & da Silva, S. M. (2022). Are politically connected firms in Brazil worried about anti-corruption disclosure? Journal of Accounting in Emerging Economies, 12(2), 300–317. https://doi.org/10.1108/JAEE-05-2020-0118
Bashir, U. (2023). Shadow banking, political connections and financial stability of Chinese banks: an empirical investigation. Applied Economics Letters, 30(10), 1333–1337. https://doi.org/10.1080/13504851.2022.2053049
Beal Partyka, R., Lana, J., & Marcon, R. (2023). Money pills: corporate political activity effect on mergers and acquisitions. Management Research Review, 46(10), 1364–1387. https://doi.org/10.1108/MRR-11-2021-0834
Betz, T., & Pond, A. (2022). Politically Connected Owners. Comparative Political Studies, 56(4), 561–595. https://doi.org/10.1177/00104140221109428
Borghesi, R., Houston, J. F., & Naranjo, A. (2014). Corporate socially responsible investments: CEO altruism, reputation, and shareholder interests. Journal of Corporate Finance, 26, 164–181. https://doi.org/10.1016/j.jcorpfin.2014.03.008
Boubakri, N., Mansi, S. A., & Saffar, W. (2013). Political institutions, connectedness, and corporate risk-taking. Journal of International Business Studies, 44(3), 195–215. https://doi.org/10.1057/jibs.2013.2
Braham, R., de Peretti, C., & Belkacem, L. (2020). The role of political patronage in the risk-taking behaviour of banks in the Middle East and North Africa. Research in International Business and Finance, 53. https://doi.org/10.1016/j.ribaf.2020.101184
Carley, K. (1990). Content analysis. The encyclopedia of language and linguistics. Edinburgh: Pergamon Press.
Chen, J., Liu, X., Ou, F., Lu, M., & Wang, P. (2023). Green lending and stock price crash risk: Evidence from the green credit reform in China. Journal of International Money and Finance, 130. https://doi.org/10.1016/j.jimonfin.2022.102770
Chen, R., Yu, J., Jin, C., Chen, X., Yang, L., & Zhang, S. (2024). Political connection and credit risk of real estate enterprises: evidence from stock market. Humanities and Social Sciences Communications, 11(1). https://doi.org/10.1057/s41599-023-02522-z
Chen, W. (2021a). Tax risks control and sustainable development: evidence from China. Meditari Accountancy Research, 29(6), 1381–1400.
Chen, W. (2021b). Tax risks control and sustainable development: evidence from China. Meditari Accountancy Research, 29(6), 1381–1400. https://doi.org/10.1108/MEDAR-05-2020-0884
Chi, H. Y., Weng, T. C., Chen, G. Z., & Chen, S. P. (2019). Do political connections affect the conservative financial reporting of family firms? Sustainability (Switzerland), 11(20). https://doi.org/10.3390/su11205563
Christensen, D. M., Jin, H., Sridharan, S. A., & Wellman, L. A. (2022). Hedging on the Hill: Does Political Hedging Reduce Firm Risk? Management Science, 68(6), 4356–4379. https://doi.org/10.1287/mnsc.2021.4050
Chunpei, L., Xiaoyan, Z., Zhisheng, Z., & Chuanpeng, Y. (2024). A new explanation and verification of the paradox of government subsidies’ influence on enterprise R&D investment from the perspective of dual-institutional elements. Journal of Industrial Engineering and Engineering Management, 38(3), 108–121. https://doi.org/10.13587/j.cnki.jieem.2024.03.008
Claessens, S., Feijen, E., & Laeven, L. (2008). Political connections and preferential access to finance: The role of campaign contributions. Journal of Financial Economics, 88(3), 554–580. https://doi.org/10.1016/j.jfineco.2006.11.003
Cuny, C., Kim, J., & Mehta, M. N. (2020). Politically Connected Governments. Journal of Accounting Research, 58(4), 915–952. https://doi.org/10.1111/1475-679X.12325
De Bellis, N. (2009). Bibliometrics and citation analysis: from the science citation index to cybermetrics. scarecrow press.
Duchin, R., & Sosyura, D. (2014). Safer ratios, riskier portfolios: Banks’ response to government aid. Journal of Financial Economics, 113(1), 1–28. https://doi.org/10.1016/j.jfineco.2014.03.005
Duong, K. D., Vu, D. N., Le, K. D., & Nguyen, D. V. (2022). Do Political Connections and Bank Funding Diversity Increase Non-Performing Loans: New Evidence from the Bayesian Approach. Montenegrin Journal of Economics, 18(4), 81–94. https://doi.org/10.14254/1800-5845/2022.18-4.8
Egghe, L., & Rousseau, R. (2008). An h-index weighted by citation impact. Information Processing & Management, 44(2), 770–780.
El-Chaarani, H., & Abraham, R. (2022a). The Impact of Corporate Governance and Political Connectedness on the Financial Performance of Lebanese Banks during the Financial Crisis of 2019–2021. Journal of Risk and Financial Management, 15(5). https://doi.org/10.3390/jrfm15050203
El-Chaarani, H., & Abraham, R. (2022b). The Impact of Corporate Governance and Political Connectedness on the Financial Performance of Lebanese Banks during the Financial Crisis of 2019–2021. Journal of Risk and Financial Management, 15(5). https://doi.org/10.3390/jrfm15050203
Faccio, M. (2006). Politically connected firms. American Economic Review, 96(1), 369–386.
Faccio, M., Masulis, R. W., & McConnell, J. J. (2006). Political connections and corporate bailouts. The Journal of Finance, 61(6), 2597–2635.
Fang, F., Duan, T., & Li, K. (2022). Political Connections, Ownership and Within-Firm Pay Gap. Sustainability, 14(14), 8763.
Gallivan, M., & Tao, Y. (2014). The value of co-citation analysis for understanding a field’s intellectual structure: An application to Healthcare Information Technology (HIT) research.
Garfield, E., Pudovkin, A. I., & Paris, S. W. (2010). A bibliometric and historiographic analysis of the work of Tony van Raan: a tribute to a scientometrics pioneer and gatekeeper. Research Evaluation, 19(3), 161–172.
Han, X., Feng, Y., & Li, J. (2023). Shadow banking activities of non-financial companies and the information content of stock prices. Journal of Asian Economics, 85. https://doi.org/10.1016/j.asieco.2023.101594
Hu, Y., Jin, S., Gu, Q., & Tang, Z. (2022). Can a not-for-profit minority institutional shareholder impede stock price crash risk: Evidence from China. Finance Research Letters, 47. https://doi.org/10.1016/j.frl.2022.102961
Hussain, M. A., & Tyagi, M. (2024). Politically connected firms and access to credit: Evidence from India. Structural Change and Economic Dynamics, 69, 527–542. https://doi.org/10.1016/j.strueco.2024.03.006
Jiménez, A., & Bjorvatn, T. (2018). The building blocks of political risk research: A bibliometric co-citation analysis. International Journal of Emerging Markets, 13(4), 631–652.
Khalifah, M. H., Savaşan, F., Khan, N. U., & Khan, S. (2023). The metamorphosis of the Islamic political economy publications (1980-2021) – a bibliometric analysis. Qualitative Research in Financial Markets. https://doi.org/10.1108/QRFM-08-2022-0126
Khan, A., Hassan, M. K., Paltrinieri, A., Dreassi, A., & Bahoo, S. (2020). A bibliometric review of takaful literature. International Review of Economics & Finance, 69, 389–405.
Kopyrina, O., Wu, K., & Ying, Z. (2023). Greening through central inspection: The role of legitimacy pressure and risk-taking. Pacific Basin Finance Journal, 77. https://doi.org/10.1016/j.pacfin.2022.101894
Kostovetsky, L. (2015). Political capital and moral hazard. Journal of Financial Economics, 116(1), 144–159. https://doi.org/10.1016/j.jfineco.2014.12.003
Lam, H. K. S., & Zhan, Y. (2021a). The impacts of supply chain finance initiatives on firm risk: evidence from service providers listed in the US. International Journal of Operations and Production Management, 41(4), 383–409. https://doi.org/10.1108/IJOPM-07-2020-0462
Lam, H. K. S., & Zhan, Y. (2021b). The impacts of supply chain finance initiatives on firm risk: evidence from service providers listed in the US. International Journal of Operations and Production Management, 41(4), 383–409. https://doi.org/10.1108/IJOPM-07-2020-0462
Leung, X. Y., & Jiang, L. (2018). How do destination Facebook pages work? An extended TPB model of fans’ visit intention. Journal of Hospitality and Tourism Technology, 9(3), 397–416. https://doi.org/10.1108/JHTT-09-2017-0088
Li, X., & Lei, L. (2021). A bibliometric analysis of topic modelling studies (2000–2017). Journal of Information Science, 47(2), 161–175.
Ling, L. C., Jaffar, N., Sallehhuddin, A., & Faizal, S. M. (2023). Risk management committee, political connection and audit pricing: Evidence from Malaysia. Asian Economic and Financial Review, 13(9), 635–650. https://doi.org/10.55493/5002.v13i9.4826
Linh, D. T. (2023a). The effects of political connections on entrepreneurial venture operations, employee productivity and investment decisions. Journal of Small Business and Enterprise Development, 30(4), 786–803.
Linh, D. T. (2023b). The effects of political connections on entrepreneurial venture operations, employee productivity and investment decisions. Journal of Small Business and Enterprise Development, 30(4), 786–803.
Liu, C., & Zhang, Y. (2021). Religiosity and Political Connections of Private Firms in China. Emerging Markets Finance and Trade, 57(2), 541–561. https://doi.org/10.1080/1540496X.2019.1598366
Luo, J.-H., Huang, Z., Li, X., & Lin, X. (2018). Are Women CEOs Valuable in Terms of Bank Loan Costs? Evidence from China. Journal of Business Ethics, 153(2), 337–355. https://doi.org/10.1007/s10551-016-3369-2
Maury, B., & Liljeblom, E. (2009). Oligarchs, political regime changes, and firm valuation. Economics of Transition, 17(3), 411–438. https://doi.org/10.1111/j.1468-0351.2009.00359.x
Otchere, I., Senbet, L. W., & Zhu, P. (2020). Does political connection distort competition and encourage corporate risk taking? International evidence. Journal of Empirical Finance, 55, 21–42. https://doi.org/10.1016/j.jempfin.2019.10.006
Pang, C., & Wang, Y. (2021). Political connections, legal environments and firm performance around the world. International Journal of Finance and Economics, 26(3), 4393–4409. https://doi.org/10.1002/ijfe.2021
Perannagari, K. T., & Chakrabarti, S. (2020). Analysis of the literature on political marketing using a bibliometric approach. Journal of Public Affairs, 20(1), e2019.
Pham, A. V. (2019). Political risk and cost of equity: The mediating role of political connections. Journal of Corporate Finance, 56, 64–87. https://doi.org/10.1016/j.jcorpfin.2019.01.001
Purda, L. D. (2008). Risk perception and the financial system. Journal of International Business Studies, 39(7), 1178–1196. https://doi.org/10.1057/palgrave.jibs.8400411
Riahi, S., & Loukil, N. (2022). Analysis of performance and risk during a period of political instability: do political connections matter? International Journal of Business Performance Management, 23(4), 373–398. https://doi.org/10.1504/ijbpm.2022.126214
Shah, S. H. H., Lei, S., Ali, M., Doronin, D., & Hussain, S. T. (2020). Prosumption: bibliometric analysis using HistCite and VOSviewer. Kybernetes, 49(3), 1020–1045.
Shaheen, R., Luo, Q., & Bala, H. (2023). Untying the role of board gender diversity in dividend policy of politically embedded Chinese firms. Journal of Applied Accounting Research, 24(1), 170 – 198. https://doi.org/10.1108/JAAR-11-2021-0301
Small, H. (1973). Co‐citation in the scientific literature: A new measure of the relationship between two documents. Journal of the American Society for Information Science, 24(4), 265–269.
Tee, C. M., Teoh, T.-T. M., & Hooy, C. W. (2022). Political Connection Types and Corporate Tax Avoidance: Evidence from Malaysia. Malaysian Journal of Economic Studies, 59(2), 199–220.
Tsai, W. C., Wang, W. Y., Ho, P. H., & Lin, C. Y. (2016). Bank loan supply in the financial crisis: Evidence from the role of political connection. Emerging Markets Finance and Trade, 52(2), 487–497. https://doi.org/10.1080/1540496X.2016.1110466
Wang, D., Shi, Y., & Li, Q. (2024). The effect of digitalized tax administration on stock price crash risk: A natural experiment in China. Research in International Business and Finance, 69. https://doi.org/10.1016/j.ribaf.2024.102219
Wang, J., He, J., Cebula, R., Foley, M., & Peng, F. (2024). Mixed ownership reform, political connections, and overinvestment. American Journal of Economics and Sociology, 83(2), 407–425. https://doi.org/10.1111/ajes.12549
Wang, X. A., Wan, W. P., & Yiu, D. W. (2019). Product diversification strategy, business group affiliation, and IPO underpricing: A study of Chinese firms. Strategic Entrepreneurship Journal, 13(2), 179–198. https://doi.org/10.1002/sej.1297
Wei, C., Deng, X., Chang, T., Mahmoudi, A., & Ullah, S. (2021). Bibliometric evaluation of research on political risks in construction projects. Journal of Project Management, 6(4), 191–208.
Wei, C., Hu, S., & Chen, F. (2020). Do political connection disruptions increase labor costs in a government-dominated market? Evidence from publicly listed companies in China. Journal of Corporate Finance, 62. https://doi.org/10.1016/j.jcorpfin.2019.101554
Wei, Y., Liu, Q., & Luo, J. (2023). How does corporate social responsibility have influence on firms’ access to trade credit. Accounting and Finance, 63(S1), 1321–1349. https://doi.org/10.1111/acfi.13066
Wu, D., Cheng, H., Luo, C., & Han, L. (2022). Does government initiated corporate social responsibility lower the default risk? Evidence from the targeted poverty alleviation campaign in China. Pacific Basin Finance Journal, 76. https://doi.org/10.1016/j.pacfin.2022.101881
Yi, S., Wang, J., Wang, X., & Feng, H. (2022). CEO political connection and stock sentiment beta: Evidence from China. Pacific Basin Finance Journal, 74. https://doi.org/10.1016/j.pacfin.2022.101813
Yi, Y., Luo, J., & Wübbenhorst, M. (2020). Research on political instability, uncertainty and risk during 1953–2019: A scientometric review. Scientometrics, 123, 1051–1076.
Yu, H., Nahm, A., & Song, Z. (2023). State-owned enterprises’ political capital, city administrative rank and economic resources acquisition: Empirical evidence from Chinese capital markets. Managerial and Decision Economics, 44(1), 28–42. https://doi.org/10.1002/mde.3664
Zhang, J., Jiang, H., Wu, R., & Li, J. (2019). Reconciling the Dilemma of Knowledge Sharing: A Network Pluralism Framework of Firms’ R&D Alliance Network and Innovation Performance. Journal of Management, 45(7), 2635–2665. https://doi.org/10.1177/0149206318761575
Zhang, W., & Mauck, N. (2018). Government-affiliation, bilateral political relations and cross-border mergers: Evidence from China. Pacific Basin Finance Journal, 51, 220–250. https://doi.org/10.1016/j.pacfin.2018.07.003
Zupic, I., & Čater, T. (2015). Bibliometric methods in management and organization. Organizational Research Methods, 18(3), 429–472.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 Widaryanti Widaryanti, Wan Amalina Wan Abdullah, Riana Sitawati, Luhgiatno Luhgiatno, Nurohmi Ambar Tasriastuti
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
License
Journal of Accounting and Investment is licensed under Creative Commons Attribution Attribution-NonCommercial-NoDerivatives 4.0 International License.
