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This research examines the effects of executive political connections on corporate performance by comparing firms with mergers and acquisitions (MA however, well-connected executives harm firm performance through M&A activities. Our main results still hold after considering endogeneity issues, substituting relevant variables, comparing the effect of the global financial crisis, and controlling for market structure. Our study provides significant insight into the energy sector, which can help practitioners and policymakers who want to make advancements in firms’ competitiveness through better implementation of policies related to M&A.