کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5093291 | 1478438 | 2016 | 59 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Corporate lobbying, CEO political ideology and firm performance
ترجمه فارسی عنوان
لابی شرکتی، ایدئولوژی سیاسی مدیر عامل و عملکرد شرکت
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
مدیریت، کسب و کار و حسابداری
کسب و کار و مدیریت بین المللی
چکیده انگلیسی
In this paper, we investigate the influence of CEO political orientation on corporate lobbying efforts. Specifically, we study whether CEO political ideology, in terms of manager-level campaign donations, determines the choice and amount of firm lobbying involvement and the impact of lobbying on firm value. We find a generous engagement in lobbying efforts by firms with Republican leaning-managers, which lobby a larger number of bills and have higher lobbying expenditures. However, the cost of lobbying offsets the benefit for firms with Republican CEOs. We report higher agency costs of free cash flow, lower Tobin's Q, and smaller increases in buy and hold abnormal returns following lobbying activities for firms with Republican managers, compared to Democratic and Apolitical rivals. Overall, our results suggest that the effects of lobbying on firm performance vary across firms with different managerial political orientations.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Corporate Finance - Volume 38, June 2016, Pages 126-149
Journal: Journal of Corporate Finance - Volume 38, June 2016, Pages 126-149
نویسندگان
Omer Unsal, M. Kabir Hassan, Duygu Zirek,