The Impact of Political Contributions on the Performance of Construction Industry

• Main Authors: Chia-wei Chen, 陳家維
• Other Authors: none
• Format: Others
• Language: zh-TW
• Published: 2013
• Online Access: http://ndltd.ncl.edu.tw/handle/26025086275334952294

碩士 === 國立高雄第一科技大學 === 財務管理研究所 === 101 === This thesis researches the impact of political contributions on the performance of construction industry during the one-year period, two-year period and three-year period after presidential election year. The study considers the extraordinary profit and high leverage. The sample of this study is the public offering of construction industry in Taiwan. The political contributions companies of construction industry have better performance in two-year period and three-year period after presidential election year. In cumulative abnormal return, the companies connected to green and the companies connected to blue and green are positive significantly. In particular, companies connected to green more significant than others. In operating performance, the companies connected to green and the companies connected to blue are significant in two-year period without considering leverage. The p-value of green is positive. The companies connected to blue are significant to the indicators about leverage in three-year period. And the indicators are more significant that consider the extraordinary profit and leverage. The study finds the impact of political contributions on the construction industry. The impact of the cumulative abnormal return and the operating performance come from different political-connected. Construction companies have to consider the contributions and the political-connected for the company value.