Corporate political strategies and firm performance: Indications of firm-specific benefits from personal service in the US government

• 成果类型: Article
• 署名作者: Hillman, AJ; Zardkoohi, A; Bierman, L
• 署名单位: Michigan State University; Michigan State University's Broad College of Business; Texas A&M University System; Texas A&M University College Station
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/(SICI)1097-0266(199901)20:1<67::AID-SMJ22>3.3.CO;2-K
• 发表日期: 1999
• 页码: 67-81
• 关键词: political strategies; financial performance; event studies; government linkages

摘要

Firms employ a variety of political strategies (e.g., lobbying, contributions) in an attempt to gain influence or access to the public policy process. A variety of benefits may accrue to firms that are successful in creating a linkage with the government: information, access, influence, reduced uncertainty and transaction costs, etc. However, the direct benefits of such strategies are difficult to observe. One political strategy is studied here-personal service (having a firm representative serve in a political capacity). Event-study methodology results show that such linkages with the government positively affect firm value. These findings indicate that firm-specific benefits may result from political strategies. Copyright (C) 1999 John Wiley & Sons, Ltd.