Effect of Euromaidan in 2013-2014 on the Role of Political Connections in the Enrichment of Ukrainian Economic Elites

This study examines the role of Euromaidan on the enrichment of politically connected economic elites in Ukraine. Even though politically connected elites use political preferential treatment and benefits to increase their wealth in Ukraine, the role of political turnovers in this process is not identified. Based on the ratings of the top-100 richest people of Ukraine of journal “Focus” and data on the economic performance of their firms in 2010-2018, we have identified the impact of Euromaidan on the performance of politically connected economic elites. The role of political connections on assets of top-100 decreased during the revolution, but remained positive and increased in the post-revolutionary period. The data on firm performance showed that during the post-Euromaidan period between 2015-2018 the role of political connections on revenues, gross profit, and EBIT of firms increased.