This study aims to investigate the value of political connections during the democratic era in Indonesia. We consider that a substantial change in political and economic framework matters in shedding light the value of political connections. Employing a sample of 356 non-financial institution listed firms in Indonesia for the period 2000 – 2011, we find that the value of political connections shrinks in the democratic era (that is, after 2004) as the performance of firms with politically connected board members is lower than their performance during the pre-democratic era. This outcome suggests that having politically connected board members is less important during a democratic regime. In addition, we also find that affiliated firms which do not have a connected board member, gain benefits from their membership in a big politically connected business group. Overall, our findings suggest that democracy is a moderating factor that drives to be more transparent and fair in managing business transactions.