Logo
Munich Personal RePEc Archive

Corporate Lobbying and Financial Performance

Chen, Hui and Parsley, David and Yang, Ya-wen (2010): Corporate Lobbying and Financial Performance.

[thumbnail of MPRA_paper_21114.pdf]
Preview
PDF
MPRA_paper_21114.pdf

Download (244kB) | Preview

Abstract

Corporate lobbying activities are designed to influence legislators and thus to further company goals by encouraging favorable policies and/or outcomes. Using data made available by the Lobbying Disclosure Act of 1995, this study examines corporate lobbying activities from a financial perspective. We find that on average, lobbying is positively related to accounting and market measures of financial performance. These results are robust across a number of empirical specifications and continue to hold when we account for potential sample selection. We also report market performance evidence using a portfolio approach. We find that portfolios of firms with the highest lobbying intensities significantly outperform their benchmarks in the three years following portfolio formation.

Atom RSS 1.0 RSS 2.0

Contact us: mpra@ub.uni-muenchen.de

This repository has been built using EPrints software.

MPRA is a RePEc service hosted by Logo of the University Library LMU Munich.