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JOURNAL OF ECONOMIC DEVELOPMENT
Volume 36, Number 2, June 201 1
FORMER OFFICIALS AND SUBSIDIES TO
STATE-OWNED ENTERPRISES
HEECHULMIN *
Hansung University
Former offtcials in business are often blamed for abusing their connections to the
government to distort public policy to their advantage. This paper examines the extent of
rents to former officials by analyzing subsidy allocation among state-owned enterprises in
Korea. Defining connected CEOs as former members of the National Assembly or
government offtcials, I have estimated the effects of connected CEOs on attracting
government subsidies. Substantial replacement of CEOs after the change of political
leadership, a unique feature of state-owned enterprises of Korea, helps cleaner identification
than other related studies relying only on cross-sectional variations. The empirical evidence
is consistent with a hypothesis that connected CEOs are more likely than others to attract
state subsidy. This relationship seems stronger in case of CEOs from the relevant offices and
weaker when the competing recipients have strong connections. Given the data limitation,
however, part of the estimated effects may come from expertise rather than connections
especially for former bureaucrats.
Keywords. State-owned Enterprise, Subsidies, Political Cotinection
JEL classification. D73, L32, H25
1. INTRODUCTION
Corruption and rent-seeking are widespread in the world, and there is a growing
consensus that they incur considerable economic costs (Ades and Di Telia, 1999;
Acemoglu and Verdier, 2000
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