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"In Indonesia prior to 1998, many firms reputedly benefited from their close connections with the government in power at that time. A recent study examined 79 Indonesian firms with varying degrees of connectedness with the Suharto family and studied how their share prices responded to news about then-President Suharto’s health. It found that the share prices of firms that relied more on connections with the Suharto family fell much more sharply than those of other firms in response to news that Suharto’s health—and so his influence—were waning (see figure below). Based on this result, the study concluded that as much as one-quarter of the value of politically connected firms was attributable to their connections."
--- World Bank, World Development Report 2002
