The Value of Political Capital: Dictatorship Collaborators as Business Elites

Publicado en

  • Journal of Economic Behavior & Organization

Resumen

  • What is the value of political capital for individuals? Towards the end of the Pinochet dictatorship in Chile, military and civilian collaborators entered the business elite, controlling the largest and most important firms in the country. Using a novel panel dataset of board members in these firms, we document an appointment premium for those who had previously collaborated with Pinochet. After democratization, however, collaborators were removed from boards and their compensation premium disappeared. These results suggest that dictatorship collaborators earn a premium in the business world in dictatorship, but not in democracy.

fecha de publicación

  • 2018

Líneas de investigación

  • Armed Forces
  • Collaborators
  • Dictatorship
  • Political Capital

Página inicial

  • 217

Última página

  • 230

Volumen

  • 155

Issue

  • C