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Market reactions to non-market strategy: Congressional testimony as an indicator of firm political influence

机译:市场对非市场战略的反应:国会作证是坚定的政治影响力的指标

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Research Summary We argue that because influence in the political arena can net benefits for firms, investors will respond favorably to indications of firm political influence. We focus on testimony before Congress because it is one of the most highly sought after and influential points of governmental access. Our findings indicate that firms reap positive abnormal returns surrounding Congressional testimony and that investors respond more favorably to aspects of testimony that indicate additional political influence (i.e., witness status, testimony length, and committee jurisdiction). Further, we find regulatory risk strengthens the effect of witness status and testimony length while Congressional negativity strengthens the effect of witness status. Taken together, our results suggest that investors respond favorably to indications that firms have influence in the political arena. Managerial Summary Our findings showcase that investors react positively to firm Congressional testimonies and their attributes, such as the status of a firm representative, the length of the testimony, and the committee industry jurisdiction. Further, we also find that investors will respond even more positively to these Congressional testimony attributes when a firm is facing high regulatory risk and when the Congressional representative's tone is negative. In general, our findings suggest that firms may gain market returns through obtaining public access to Congressional committees.
机译:研究摘要我们认为,由于在政治领域的影响力可以为公司带来净收益,因此投资者将对公司政治影响力的迹象做出积极响应。我们将重点放在国会面前的证词上,因为它是政府访问中最受追捧和最有影响力的点之一。我们的发现表明,公司在国会证词周围获得了积极的异常回报,并且投资者对表明其他政治影响力(例如证人身份,证词年限和委员会管辖权)的证词方面做出了更积极的回应。此外,我们发现监管风险增强了证人身份和证词长度的影响,而国会的消极情绪则增强了证人身份的影响。综上所述,我们的结果表明,投资者对企业在政治领域具有影响力的迹象反应良好。管理摘要我们的调查结果表明,投资者对公司的国会证词及其属性(例如,企业代表的身份,证词的长度以及委员会行业的管辖权)做出了积极的反应。此外,我们还发现,当公司面临高监管风险且国会代表的语气为负面时,投资者将对国会的这些证词属性做出更积极的回应。一般而言,我们的发现表明,企业可以通过获得国会委员会的公众参与来获得市场回报。

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