메뉴 건너뛰기




Volumn 105, Issue 2, 2012, Pages 367-392

Individual political contributions and firm performance

Author keywords

Firm performance; Firm value; Political contributions

Indexed keywords


EID: 84861933426     PISSN: 0304405X     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jfineco.2012.03.007     Document Type: Article
Times cited : (110)

References (59)
  • 1
    • 84861958337 scopus 로고    scopus 로고
    • Corporate political contributions: Investment or agency? Unpublished working paper. University of Minnesota and University of Kansas.
    • Aggarwal, R.K., Meschke, F., Wang, T.Y., 2009. Corporate political contributions: Investment or agency? Unpublished working paper. University of Minnesota and University of Kansas.
    • (2009)
    • Aggarwal, R.K.1    Meschke, F.2    Wang, T.Y.3
  • 4
    • 33644910149 scopus 로고    scopus 로고
    • Campaign finance and voter welfare with entrenched incumbents
    • Ashworth S. Campaign finance and voter welfare with entrenched incumbents. American Political Science Review 2006, 100:55-68.
    • (2006) American Political Science Review , vol.100 , pp. 55-68
    • Ashworth, S.1
  • 7
    • 79955076189 scopus 로고    scopus 로고
    • Votes or money? Theory and evidence from the US Congress
    • Bombardini M., Trebbi F. Votes or money? Theory and evidence from the US Congress. Journal of Public Economics 2011, 95:587-611.
    • (2011) Journal of Public Economics , vol.95 , pp. 587-611
    • Bombardini, M.1    Trebbi, F.2
  • 8
    • 79955022770 scopus 로고    scopus 로고
    • Redistribution in a model of voting and campaign contributions
    • Campante F.R. Redistribution in a model of voting and campaign contributions. Journal of Public Economics 2011, 95:646-656.
    • (2011) Journal of Public Economics , vol.95 , pp. 646-656
    • Campante, F.R.1
  • 9
    • 4043099728 scopus 로고    scopus 로고
    • Pareto-improving campaign finance policy
    • Coate S. Pareto-improving campaign finance policy. American Economic Review 2004, 94:628-655.
    • (2004) American Economic Review , vol.94 , pp. 628-655
    • Coate, S.1
  • 10
    • 81055156941 scopus 로고    scopus 로고
    • Structural models and endogeneity in corporate finance: the link between managerial ownership and corporate performance
    • Coles J.L., Lemmon M.L., Meschke J.F. Structural models and endogeneity in corporate finance: the link between managerial ownership and corporate performance. Journal of Financial Economics 2012, 103:149-168.
    • (2012) Journal of Financial Economics , vol.103 , pp. 149-168
    • Coles, J.L.1    Lemmon, M.L.2    Meschke, J.F.3
  • 12
    • 84861930723 scopus 로고    scopus 로고
    • The value of committee assignments in Congress since 1994. Unpublished working paper. Massachusetts Institute of Technology.
    • Edwards, K., Stewart III, C., 2006. The value of committee assignments in Congress since 1994. Unpublished working paper. Massachusetts Institute of Technology.
    • (2006)
    • Edwards, K.1    Stewart III, C.2
  • 13
    • 2642543908 scopus 로고    scopus 로고
    • Regional clusters: what we know and what we should know
    • Springer, Berlin, J. Brocker, D. Dohse, R. Soltwedel (Eds.)
    • Enright M.J. Regional clusters: what we know and what we should know. Innovation Clusters and Interregional Competition 2003, 94-129. Springer, Berlin. J. Brocker, D. Dohse, R. Soltwedel (Eds.).
    • (2003) Innovation Clusters and Interregional Competition , pp. 94-129
    • Enright, M.J.1
  • 14
    • 33645727687 scopus 로고    scopus 로고
    • Politically connected firms
    • Faccio M. Politically connected firms. American Economic Review 2006, 96:369-386.
    • (2006) American Economic Review , vol.96 , pp. 369-386
    • Faccio, M.1
  • 16
    • 0003164748 scopus 로고    scopus 로고
    • Disappearing dividends: changing firm characteristics or lower propensity to pay?
    • Fama E.F., French K.R. Disappearing dividends: changing firm characteristics or lower propensity to pay?. Journal of Financial Economics 2001, 60:3-43.
    • (2001) Journal of Financial Economics , vol.60 , pp. 3-43
    • Fama, E.F.1    French, K.R.2
  • 17
    • 0036116031 scopus 로고    scopus 로고
    • Testing trade-off and pecking order predictions about dividends and debt
    • Fama E.F., French K.R. Testing trade-off and pecking order predictions about dividends and debt. Review of Financial Studies 2002, 15:1-33.
    • (2002) Review of Financial Studies , vol.15 , pp. 1-33
    • Fama, E.F.1    French, K.R.2
  • 18
    • 0000928969 scopus 로고
    • Risk, return, and equilibrium: empirical tests
    • Fama E.F., MacBeth J. Risk, return, and equilibrium: empirical tests. Journal of Political Economy 1973, 81:607-636.
    • (1973) Journal of Political Economy , vol.81 , pp. 607-636
    • Fama, E.F.1    MacBeth, J.2
  • 19
    • 0142219286 scopus 로고    scopus 로고
    • Too busy to mind the business? Monitoring by directors with multiple board appointments
    • Ferris S.P., Jagannathan M., Pritchard A.C. Too busy to mind the business? Monitoring by directors with multiple board appointments. Journal of Finance 2003, 58:1087-1112.
    • (2003) Journal of Finance , vol.58 , pp. 1087-1112
    • Ferris, S.P.1    Jagannathan, M.2    Pritchard, A.C.3
  • 20
    • 0001609111 scopus 로고    scopus 로고
    • Estimating the value of political connections
    • Fisman R. Estimating the value of political connections. American Economic Review 2001, 91:1095-1102.
    • (2001) American Economic Review , vol.91 , pp. 1095-1102
    • Fisman, R.1
  • 22
    • 84861930725 scopus 로고    scopus 로고
    • Geography and CEO pay. Unpublished working paper.
    • Francis, B., Hasan, I., John, K., Waismann, M., 2007. Geography and CEO pay. Unpublished working paper.
    • (2007)
    • Francis, B.1    Hasan, I.2    John, K.3    Waismann, M.4
  • 23
    • 33847320533 scopus 로고    scopus 로고
    • Local ownership as private information: evidence on the monitoring-liquidity trade-off
    • Gaspar J., Massa M. Local ownership as private information: evidence on the monitoring-liquidity trade-off. Journal of Financial Economics 2007, 83:751-792.
    • (2007) Journal of Financial Economics , vol.83 , pp. 751-792
    • Gaspar, J.1    Massa, M.2
  • 24
    • 33745727135 scopus 로고    scopus 로고
    • The political geography of campaign contributions in American politics
    • Gimpel J.G., Lee F.E., Kaminski J. The political geography of campaign contributions in American politics. Journal of Politics 2006, 68:626-639.
    • (2006) Journal of Politics , vol.68 , pp. 626-639
    • Gimpel, J.G.1    Lee, F.E.2    Kaminski, J.3
  • 26
    • 0031418604 scopus 로고    scopus 로고
    • Geographic concentration in U.S. manufacturing industries: a dartboard approach
    • Glenn E., Glaeser E.L. Geographic concentration in U.S. manufacturing industries: a dartboard approach. Journal of Political Economy 1997, 105:889-927.
    • (1997) Journal of Political Economy , vol.105 , pp. 889-927
    • Glenn, E.1    Glaeser, E.L.2
  • 27
    • 67649565535 scopus 로고    scopus 로고
    • Do politically connected boards affect firm value?
    • Goldman E., Rocholl J., So J. Do politically connected boards affect firm value?. Review of Financial Studies 2009, 22:2331-2360.
    • (2009) Review of Financial Studies , vol.22 , pp. 2331-2360
    • Goldman, E.1    Rocholl, J.2    So, J.3
  • 28
    • 84977346678 scopus 로고
    • Committee assignments, constituent preferences, and campaign contributions
    • Grier K.B., Munger M.C. Committee assignments, constituent preferences, and campaign contributions. Economic Inquiry 1991, 29:24-43.
    • (1991) Economic Inquiry , vol.29 , pp. 24-43
    • Grier, K.B.1    Munger, M.C.2
  • 30
    • 68749100630 scopus 로고    scopus 로고
    • Does religion matter in corporate decision making in America?
    • Hilary G., Hui K.W. Does religion matter in corporate decision making in America?. Journal of Financial Economics 2009, 93:455-473.
    • (2009) Journal of Financial Economics , vol.93 , pp. 455-473
    • Hilary, G.1    Hui, K.W.2
  • 31
    • 44749091724 scopus 로고    scopus 로고
    • Selling favors in the lab: experiments on campaign finance reform
    • Houser D., Stratmann T. Selling favors in the lab: experiments on campaign finance reform. Public Choice 2008, 136:215-239.
    • (2008) Public Choice , vol.136 , pp. 215-239
    • Houser, D.1    Stratmann, T.2
  • 32
    • 12344320638 scopus 로고    scopus 로고
    • Local does as local is: information content of the geography of individual investors' common stock movements
    • Ivkovic Z., Wesibenner S. Local does as local is: information content of the geography of individual investors' common stock movements. Journal of Finance 2005, 60:267-306.
    • (2005) Journal of Finance , vol.60 , pp. 267-306
    • Ivkovic, Z.1    Wesibenner, S.2
  • 34
    • 0002004582 scopus 로고
    • Money and votes reconsidered: Congressional elections 1972-1982
    • Jacobson G. Money and votes reconsidered: Congressional elections 1972-1982. Public Choice 1985, 47:7-62.
    • (1985) Public Choice , vol.47 , pp. 7-62
    • Jacobson, G.1
  • 35
    • 79960391101 scopus 로고    scopus 로고
    • Does geography matter? Firm location and corporate payout policy
    • John K., Knyazeva A., Knyazeva Does geography matter? Firm location and corporate payout policy. Journal of Financial Economics 2011, 101:533-551.
    • (2011) Journal of Financial Economics , vol.101 , pp. 533-551
    • John, K.1    Knyazeva, A.2    Knyazeva3
  • 37
    • 84861942402 scopus 로고    scopus 로고
    • Political geography and stock returns: the value implications of proximity to political power. Unpublished working paper.
    • Kim, C., Pantzalis, C., Park, J.C., 2011. Political geography and stock returns: the value implications of proximity to political power. Unpublished working paper.
    • (2011)
    • Kim, C.1    Pantzalis, C.2    Park, J.C.3
  • 38
    • 0001645347 scopus 로고    scopus 로고
    • Interest-group competition and the organization of Congress: theory and evidence from financial services' political action committees
    • Kroszner R.S., Stratmann T. Interest-group competition and the organization of Congress: theory and evidence from financial services' political action committees. American Economic Review 1998, 88:1163-1187.
    • (1998) American Economic Review , vol.88 , pp. 1163-1187
    • Kroszner, R.S.1    Stratmann, T.2
  • 39
    • 20744442131 scopus 로고    scopus 로고
    • Corporate campaign contributions, repeat giving, and the rewards to legislator reputation
    • Kroszner R.S., Stratmann T. Corporate campaign contributions, repeat giving, and the rewards to legislator reputation. Journal of Law & Economics 2005, 48:41-71.
    • (2005) Journal of Law & Economics , vol.48 , pp. 41-71
    • Kroszner, R.S.1    Stratmann, T.2
  • 41
    • 84935800250 scopus 로고
    • Determinants of PAC participation among large corporations
    • Masters M.F., Keim G.D. Determinants of PAC participation among large corporations. Journal of Politics 1985, 47:1158-1173.
    • (1985) Journal of Politics , vol.47 , pp. 1158-1173
    • Masters, M.F.1    Keim, G.D.2
  • 42
    • 0011088442 scopus 로고
    • Additional evidence on equity ownership and corporate value
    • McConnell J.J., Servaes H. Additional evidence on equity ownership and corporate value. Journal of Financial Economics 1990, 27:595-612.
    • (1990) Journal of Financial Economics , vol.27 , pp. 595-612
    • McConnell, J.J.1    Servaes, H.2
  • 43
    • 0031498338 scopus 로고    scopus 로고
    • Electoral and financial effects of changes in committee power: the Gramm-Rudman-Hollings Budget Reform, The Tax Reform Act of 1986, and the money committees in the House
    • Milyo J. Electoral and financial effects of changes in committee power: the Gramm-Rudman-Hollings Budget Reform, The Tax Reform Act of 1986, and the money committees in the House. Journal of Law and Economics 1997, 40:93-112.
    • (1997) Journal of Law and Economics , vol.40 , pp. 93-112
    • Milyo, J.1
  • 44
    • 84892702170 scopus 로고    scopus 로고
    • Estimating standard errors in finance panel data sets: comparing approaches
    • Petersen M. Estimating standard errors in finance panel data sets: comparing approaches. Review of Financial Studies 2009, 22:435-480.
    • (2009) Review of Financial Studies , vol.22 , pp. 435-480
    • Petersen, M.1
  • 45
    • 33746853919 scopus 로고    scopus 로고
    • Does corporate headquarters location matter for stock returns?
    • Pirinsky C., Wang Q. Does corporate headquarters location matter for stock returns?. Journal of Finance 2006, 61:1991-2015.
    • (2006) Journal of Finance , vol.61 , pp. 1991-2015
    • Pirinsky, C.1    Wang, Q.2
  • 46
    • 0000187886 scopus 로고    scopus 로고
    • Locations, clusters, and company strategy
    • Oxford University Press, New York, G. Clark, M. Feldman, M. Gertler (Eds.)
    • Porter M. Locations, clusters, and company strategy. The Oxford Handbook of Economic Geography 2000, 253-274. Oxford University Press, New York. G. Clark, M. Feldman, M. Gertler (Eds.).
    • (2000) The Oxford Handbook of Economic Geography , pp. 253-274
    • Porter, M.1
  • 47
    • 34248425448 scopus 로고
    • Patterns of political action committee contributions to the 1980 campaigns for the U.S. House of Representatives
    • Poole K., Romer T. Patterns of political action committee contributions to the 1980 campaigns for the U.S. House of Representatives. Public Choice 1985, 47:63-112.
    • (1985) Public Choice , vol.47 , pp. 63-112
    • Poole, K.1    Romer, T.2
  • 48
    • 0036774775 scopus 로고    scopus 로고
    • Campaign advertising and voter welfare
    • Prat A. Campaign advertising and voter welfare. Review of Economic Studies 2002, 69:999-1018.
    • (2002) Review of Economic Studies , vol.69 , pp. 999-1018
    • Prat, A.1
  • 49
    • 84937311838 scopus 로고
    • An empirical investigation of the dynamics of PAC contributions
    • Romer T., Snyder J. An empirical investigation of the dynamics of PAC contributions. American Journal of Political Science 1994, 38:745-769.
    • (1994) American Journal of Political Science , vol.38 , pp. 745-769
    • Romer, T.1    Snyder, J.2
  • 50
    • 77957127116 scopus 로고    scopus 로고
    • Individual investors and local bias
    • Seasholes M.S., Zhu N. Individual investors and local bias. Journal of Finance 2010, 65:1987-2010.
    • (2010) Journal of Finance , vol.65 , pp. 1987-2010
    • Seasholes, M.S.1    Zhu, N.2
  • 51
    • 84933495878 scopus 로고
    • Long-term investing in politicians: or, give early, give often
    • Snyder J. Long-term investing in politicians: or, give early, give often. Journal of Law and Economics 1992, 35:15-43.
    • (1992) Journal of Law and Economics , vol.35 , pp. 15-43
    • Snyder, J.1
  • 52
    • 0001367001 scopus 로고
    • What do campaign contributions buy? Deciphering causal effects of money and votes
    • Stratmann T. What do campaign contributions buy? Deciphering causal effects of money and votes. Southern Economic Journal 1991, 57:606-620.
    • (1991) Southern Economic Journal , vol.57 , pp. 606-620
    • Stratmann, T.1
  • 53
    • 84933492475 scopus 로고
    • Are contributors rational? Untangling strategies of Political Action Committees
    • Stratmann T. Are contributors rational? Untangling strategies of Political Action Committees. Journal of Political Economy 1992, 10:647-664.
    • (1992) Journal of Political Economy , vol.10 , pp. 647-664
    • Stratmann, T.1
  • 54
    • 0347806508 scopus 로고    scopus 로고
    • The market for congressional votes: is timing of contributions everything?
    • Stratmann T. The market for congressional votes: is timing of contributions everything?. Journal of Law and Economics 1998, 41:85-114.
    • (1998) Journal of Law and Economics , vol.41 , pp. 85-114
    • Stratmann, T.1
  • 55
    • 0041668182 scopus 로고    scopus 로고
    • Can special interests buy congressional votes? Evidence from financial services legislation
    • Stratmann T. Can special interests buy congressional votes? Evidence from financial services legislation. Journal of Law and Economics 2002, 45:345-374.
    • (2002) Journal of Law and Economics , vol.45 , pp. 345-374
    • Stratmann, T.1
  • 56
    • 24144483712 scopus 로고    scopus 로고
    • Some talk: money and politics. A (partial) review of the literature
    • Stratmann T. Some talk: money and politics. A (partial) review of the literature. Public Choice 2005, 124:135-156.
    • (2005) Public Choice , vol.124 , pp. 135-156
    • Stratmann, T.1
  • 57
    • 84965695236 scopus 로고
    • The determinants of individuals' campaign contributions to Congressional campaigns
    • Theilmann J., Wilhite A. The determinants of individuals' campaign contributions to Congressional campaigns. American Politics Research 1989, 17:312-331.
    • (1989) American Politics Research , vol.17 , pp. 312-331
    • Theilmann, J.1    Wilhite, A.2
  • 58
    • 0000725606 scopus 로고
    • Money and votes: a simultaneous equation model
    • Welch W.P. Money and votes: a simultaneous equation model. Public Choice 1981, 36:209-234.
    • (1981) Public Choice , vol.36 , pp. 209-234
    • Welch, W.P.1
  • 59
    • 0001066296 scopus 로고
    • On the political participation of the firm in the electoral process
    • Zardkoohi A. On the political participation of the firm in the electoral process. Southern Economic Journal 1985, 51:804-817.
    • (1985) Southern Economic Journal , vol.51 , pp. 804-817
    • Zardkoohi, A.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.