Forms of government and municipal financial performance

Hakyeon Lee, Jinsol Park, J. S. Butler

Research output: Contribution to journalArticlepeer-review

4 Scopus citations


The authors examined the impact of municipal government structures on the bond ratings of municipalities in the USA. While their initial analysis suggested that the mayor–council system has a negative impact on municipal bond ratings, the application of Nelson and Svara’s (2010) government typology demonstrated that the political influence of a mayor on the appointment of the chief administrative officer is a driving factor that negatively affects bond ratings, regardless of the government being a mayor–council or a council–manager form.

Original languageEnglish
Pages (from-to)311-320
Number of pages10
JournalPublic Money and Management
Issue number4
StatePublished - 2023

Bibliographical note

Publisher Copyright:
© 2021 Informa UK Limited, trading as Taylor & Francis Group.


  • Chief administrative officer (CAO)
  • forms of government
  • incentive structure
  • local government
  • municipal bond ratings

ASJC Scopus subject areas

  • General Business, Management and Accounting
  • Sociology and Political Science
  • Public Administration


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