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CEO characteristics, firm performance, and corporate political contributions
Review of Financial Economics Pub Date : 2019-10-14 , DOI: 10.1002/rfe.1082
Vijaya Subrahmanyam 1 , Manohar Singh 2 , Anita Pennathur 3
Affiliation  

We investigate if CEO characteristics and firm performance determine the choice of Political Action Committee (PAC) contributions by firms. Using a unique, hand-collected database, we also focus on the identity of the politicians receiving PAC contributions to examine the impact of the value-relevance of such contributions. Examining data on corporate contributions made to candidates seeking federal office during the 2002, 2004, and 2006 election cycles, we find that CEO dominance and interest alignment influence strategic choices of firms with regards to establishing PACs. Our analysis of value-relevant contributions shows that firms prefer to donate to politicians representing the state of a firm’s headquarters, validating the truth to the old adage that all politics is local. However, these targeted political contributions do not impact upon firm performance. JEL Classification: G 3, G34, K2

中文翻译:

CEO 特征、公司业绩和公司政治贡献

我们调查 CEO 特征和公司绩效是否决定了公司对政治行动委员会 (PAC) 贡献的选择。使用独特的手工收集数据库,我们还关注接受 PAC 捐款的政治家的身份,以检查此类捐款的价值相关性的影响。通过检查 2002、2004 和 2006 年选举周期中企业对联邦职位候选人的贡献数据,我们发现 CEO 主导地位和利益一致影响公司在建立 PAC 方面的战略选择。我们对与价值相关的贡献的分析表明,公司更愿意向代表公司总部所在州的政治家捐款,这证实了所有政治都是地方性的古老格言的真实性。然而,这些有针对性的政治捐款不会影响公司业绩。JEL 分类:G 3、G34、K2
更新日期:2019-10-14
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