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Corporate Lobbying Revisited

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  • Kim, Jin-Hyuk

Abstract

Using a panel data of S&P 500 Index firms covering 1998-2004, this paper compares the determinants of lobbying expenditures and campaign contributions and estimates the returns to lobbying as assessed by the financial market. Lobbying depends more on managerial incentives and protection needs beyond industry structures than contributions do. Lobbying also has a positive effect on the firm's equity returns relative to the market and, to a lesser degree, relative to its industry.

Suggested Citation

  • Kim, Jin-Hyuk, 2008. "Corporate Lobbying Revisited," MPRA Paper 51396, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:51396
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    References listed on IDEAS

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    More about this item

    Keywords

    corporate lobbying; campaign contributions; stock returns;
    All these keywords.

    JEL classification:

    • L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance
    • M2 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics

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