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Beyond the revolving door: Advocacy behavior and social distance to financial regulators†

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  • Young, Kevin L.
  • Marple, Tim
  • Heilman, James

Abstract

The financial system is governed not just by formal rules but also by social relationships that pervade the elite strata of society. Understanding such dynamics entails understanding complex relational ties between actors, a task that can be facilitated through the use of network analysis. We argue that a latent feature of interest to scholars of the political economy of finance is one of social distance, which is a measurable concept. Using new data from the financial sector, we measure the social distance between a range of financial firms and one key regulator, the U.S. Securities and Exchange Commission (SEC), over time to assess whether or not social distance is related to organizations’ advocacy behavior. We find a positive relationship between how close a given organization is to the SEC and how often it engages in advocacy. The result persists when we control for numerous factors related to organizational characteristics, firm size, and when we measure advocacy frequency in different ways.

Suggested Citation

  • Young, Kevin L. & Marple, Tim & Heilman, James, 2017. "Beyond the revolving door: Advocacy behavior and social distance to financial regulators†," Business and Politics, Cambridge University Press, vol. 19(2), pages 327-364, June.
    • Handle: RePEc:cup:buspol:v:19:y:2017:i:02:p:327-364_00
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    Cited by:

    1. Dimmelmeier, Andreas, 2021. "Sustainable Finance as a Contested Concept: Tracing the Evolution of Five Frames Between 1998 and 2018," SocArXiv 7jhgp, Center for Open Science.
    2. Adam William Chalmers & Robyn Klingler‐Vidra & Alfio Puglisi & Lisa Remke, 2022. "In and out of revolving doors in European Union financial regulatory authorities," Regulation & Governance, John Wiley & Sons, vol. 16(4), pages 1233-1249, October.
    3. Silano, Filippo, 2022. "Revolving doors in government debt management," ILE Working Paper Series 61, University of Hamburg, Institute of Law and Economics.
    4. Tim Marple, 2021. "The social management of complex uncertainty: Central Bank similarity and crisis liquidity swaps at the Federal Reserve," The Review of International Organizations, Springer, vol. 16(2), pages 377-401, April.
    5. Keren Borenstein-Nativ, 2021. "Financial governance in a neoliberal era: controlling the banks by controlling their managerial recruitment sources," Journal of Banking Regulation, Palgrave Macmillan, vol. 22(3), pages 232-249, September.
    6. Kevin L Young & Timothy Marple & James Heilman & Bruce A Desmarais, 2023. "A double-edged sword: The conditional properties of elite network ties in the financial sector," Environment and Planning A, , vol. 55(4), pages 997-1019, June.

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