Postmodern psychologies, societal practice, and political life

First published in 2000. Routledge is an imprint of Taylor & Francis, an informa company.

A critique of the political theology of Slavoj Zizek

This chapter critiques the political theology of Slavoj Zizek as beset by social theoretical and strategic political problems. Political theology here is a privileged intellectual terrain on which to simultaneously resolve questions about liberating forms of social cohesion in a post-revolutionary political community and about cultural strategy in the radical program. In connection with the Marxist critique of religious ideology, Zizek’s work represents an important contribution to the research program that emerged from the Althusserian approaches to social theory. But although Zizek has the conceptual resources to generate a dialectical theory of the connection between religious ideology and political strategy, he instead opts for a theory of radical rupture with existing forms of life. Detoured through the encounter with Carl Schmitt, Zizek’s doctrine of radical rupture quickly becomes an inverted Schmittianism, freighted with the problems of the militarisation of politics and the arbitrary designation of enemies that he diagnoses in Schmitt, but does not transcend in his own response. Zizek’s figure of the “religious suspension of the ethical” brings the politics of rupture to its most problematic (and baroque) formulations, revealing the fundamental problem of the ideological representation of political structures.

Corporate political connections and the 2008 Malaysian election

We examine whether the relationship between political connections and firm value is moderated by the length of time firms have been politically connected. We find that compared to firms with political connections for a short period, firms with political connections for a long period have a smaller magnitude of negative stock price reaction to the 2008 General Election loss of the supermajority by the ruling party in Malaysia. We also find that the smaller magnitude of negative stock price reaction is, in part, attributable to improvements in board of director characteristics. Furthermore, we find that while the performance subsequent to the General Election of politically connected firms is worse than that of non-politically connected firms, firms with political connections for a long period exhibit better performance than those connected for short periods. Collectively, the evidence shows that the length of political connections is an important factor that moderates economic value.

The political economy of markets and development: a case study of health care consumption in the State of Kerala, India

Marketing theory has largely ignored the issue of power in influencing exchanges. Most of the studies either disregard the role of power, or resource power is the only dimension taken into account. In this study, we expand the existing understanding by centrally situating the role of socio-political power in the consumption process. We examine the health care system in the Indian state of Kerala and highlight that socio-political power is a crucial determinant of consumption levels. In the process, we argue that in a resource—constrained Third World society socio-political empowerment is critical to the development process.

Political connection and leverage: Some Malaysian evidence

This paper extends prior work on the linkage between politically connected (PCON) firms and capital structure in developing countries. Specifically, this paper focuses on the association between Malaysian PCON firms and leverage, and is motivated by the results of Fraser et al. (2006) who report a positive association between leverage and political patronage. Controlling for a potential misspecification in that paper, this study documents that a significant proportion (almost 12%) of the Malaysian PCON firms have negative equity, and builds on the previous paper by providing fresh evidence that market to book ratio is positively associated with leverage, and that borrowing PCON firms have significantly lower ROA compared to non-PCON firms. © 2012.

Political connection and cost of debt: Some Malaysian evidence

This paper investigates the association between Malaysian politically connected (PCON) firms and the cost of debt. We extend previous research that finds Malaysian PCON firms are perceived as being of higher risk by the market, and by audit firms, by providing evidence that lenders also perceive these firms as being of higher risk. We also find that PCON firms have a significantly (1) higher extent of leverage, (2) higher likelihood of reporting a loss, (3) higher likelihood of having negative equity, and (4) higher likelihood of being audited by a big audit firm. We suggest that PCON firms are charged higher interest rates by lenders as a result of efficient contracting given their higher inherent risks. Additionally, we find that CEO duality present in PCON firms is perceived by lenders as being more risky, and that a higher proportion of independent directors on the audit committee mitigate this perceived risk. © 2012.