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

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  • Amy J. Hillman
  • Asghar Zardkoohi
  • Leonard Bierman

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.

Suggested Citation

  • Amy J. Hillman & Asghar Zardkoohi & Leonard Bierman, 1999. "Corporate political strategies and firm performance: indications of firm‐specific benefits from personal service in the U.S. government," Strategic Management Journal, Wiley Blackwell, vol. 20(1), pages 67-81, January.
    • Handle: RePEc:bla:stratm:v:20:y:1999:i:1:p:67-81
    DOI: 10.1002/(SICI)1097-0266(199901)20:13.0.CO;2-T
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