Corporate lobbying and firm performance variability

被引：0

作者：

Girard, Alexandre ^{[1
]}

Gnabo, Jean-Yves ^{[2
]}

van Rutten, Rodrigo Londono ^{[1
,3
]}

机构：

[1] UCLouvain St Louis Brussels, Ctr Res Econ CEREC, 43 Blvd Jardin Bot, B-1000 Brussels, Belgium

[2] Univ Namur, Ctr Res Finance & Management CEREFIM, 8 Rempart Vierge, B-5000 Namur, Belgium

[3] Univ Los Andes, Fac Adm, Edificio SD,Cl-21 1-20, Bogota, Colombia

来源：

FINANCE RESEARCH LETTERS | 2023年 / 58卷

关键词：

Firm performance variability; Firm performance volatility; Lobbying; Moral hazard; COSTS;

D O I：

10.1016/j.frl.2023.104524

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper is the first to provide empirical evidence that higher lobbying expenditures are associated with higher operational performance variability. Using data from S&P1500 firms over the 2000-2020 period, our estimates indicate a positive relationship between lobbying expenditures and the variability of return on asset and return on equity. Addressing the endogeneity concerns by applying a control function approach, we find results consistent with the view that the management of lobbying firms takes riskier investment decisions.

引用

页数：7

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