Abstract

http://ssrn.com/abstract=1420224
 
 

References (40)



 
 

Citations (11)



 


 



Determinants and Effects of Corporate Lobbying


Matthew D. Hill


University of Southern Mississippi

G. W. Kelly


University of Southern Mississippi; Mississippi State University - Department of Finance and Economics

G. Brandon Lockhart


Clemson University - Department of Finance

Robert A. Van Ness


University of Mississippi - Department of Finance

June 28, 2013

Financial Management, Forthcoming

Abstract:     
We examine the determinants and value effects of corporate lobbying, controlling for corporate PAC campaign contributions. We find evidence that firms with greater potential payoffs from favorable policy and regulations lobby most actively, and that managers often utilize both lobbying and campaign contribution channels to influence the political climate affecting the firm. We also find that shareholders value the lobbying activities pursued by management on their behalf, particularly if the firm does not have a PAC that contributed to an election campaign. The results are robust to a number of tests designed to mitigate potential omitted-variable and self-selection bias.

Number of Pages in PDF File: 53

Keywords: Corporate Lobbying, Political Connections, Market Value

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Date posted: June 16, 2009 ; Last revised: July 30, 2013

Suggested Citation

Hill, Matthew D. and Kelly, G. W. and Lockhart, G. Brandon and Van Ness, Robert A., Determinants and Effects of Corporate Lobbying (June 28, 2013). Financial Management, Forthcoming. Available at SSRN: http://ssrn.com/abstract=1420224 or http://dx.doi.org/10.2139/ssrn.1420224

Contact Information

Matthew D. Hill (Contact Author)
University of Southern Mississippi ( email )
Hattiesburg, MS 39406
United States
Gary Wayne Kelly
University of Southern Mississippi ( email )
118 College Drive
#5076
Hattiesburg, MS 39406
United States
601 266 4959 (Phone)
601 266 6110 (Fax)
Mississippi State University - Department of Finance and Economics ( email )
Mississippi State, MS 39762
United States
G. Brandon Lockhart
Clemson University - Department of Finance ( email )
Clemson, SC 29634
United States
Robert A. Van Ness
University of Mississippi - Department of Finance ( email )
Oxford, MS 38677
United States
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