Corporate political strategies and firm performance: indications of firm‐specific benefits from personal service in the U.S. government

Amy J. Hillman, Asghar Zardkoohi and Leonard Bierman

Strategic Management Journal, 1999, vol. 20, issue 1, 67-81

Abstract: Firms employ a variety of political strategies (e.g., lobbying, contributions) in an attempt to gain influence or access to the public policy process. A variety of benefits may accrue to firms that are successful in creating a linkage with the government: information, access, influence, reduced uncertainty and transaction costs, etc. However, the direct benefits of such strategies are difficult to observe. One political strategy is studied here—personal service (having a firm representative serve in a political capacity). Event‐study methodology results show that such linkages with the government positively affect firm value. These findings indicate that firm‐specific benefits may result from political strategies. Copyright © 1999 John Wiley & Sons, Ltd.

Date: 1999
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https://doi.org/10.1002/(SICI)1097-0266(199901)20:13.0.CO;2-T

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