July 28, 2025 Thesis Open Access

SAMUEL DEMISSIE

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    <subfield code="a">Political connectedness, Access to finance, Firm growth, Ethiopia, Probit model</subfield>
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    <subfield code="a">POLITICAL CONNECTEDNESS, ACCESS TO FINANCE  AND FIRM PERFORMANCE: FIRM LEVEL EVIDENCE  FROM ETHIOPIA</subfield>
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    <subfield code="a">&lt;p&gt;Using a sample of 555 firms in Ethiopia, this paper examines; 1) the impact of political connectedness on firm&amp;rsquo;s access to finance; 2) the effect of access to finance on firm&amp;rsquo;s growth, and 3) the effect of connectedness on firm&amp;rsquo;s growth in Ethiopia. The study also aimed at showing the degree of access to external finance and extent of connectedness within the general business and government. The data was obtained from the WBES which is conducted in 2015 covering the period 2012 to 2014. The 2015 WBES is the latest available survey data. Quantitative research approach and explanatory research design was employed. The study also used a standard probit model to show the relationship between political connectedness and access to finance and OLS to investigate the impact of political connectedness and access to finance on firm&amp;rsquo;s growth. A step-wise regression was used in order to avoid the possible model shock due to using more than one indicators of political connectedness and indicators of access to finance simultaneously. Step-wise regression refers the inclusion of each independent variable in the model one-by-one. STATA version 13 was used to estimate the models. The following major results were obtained. First, firms that are political connected to the government have better access to external finance than those who do not have connection. However, connectedness through corruption does not bring better access to finance and growth to the firms. This result highlight formal mode of connectedness is economically important than informal mode of cooperation. Second, firms that has better access to finance exhibit superior growth than those who do not have access to finance. Third, the result suggests that politically connected firm show slightly higher growth as measured by employee growth. Fourthly, 48% of sampled firms have access to finance and 70 % of sampled firms encountered financial constraints during the survey period. Finally, on average, 35.5% and 26% of sampled firms was secured or attempted to secure government contract and made informal payments or gifts to public officials for the purpose of get things done from estimated annual sales during the last three years prior to the survey respectively. The policymakers should strength their relationship with business community and design and implement mechanisms that can improve firm&amp;rsquo;s access to finance which in turn, positively affect their growth potential.&lt;/p&gt;</subfield>
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