Asset Specificity and Corporate Political Activity in Regulated Industries
研究了受监管行业中企业政治活动与内部化之间的替代关系，发现高资产专用性下企业通过政治活动降低交易成本，并分析了政策网络如何降低交易成本。
I examine corporate political activity in regulated industries, which is conceptualized in the literature as transactions in a political marketplace. I incorporate transaction costs in political markets and propose that under high asset specificity, corporate political activity and internalization are substitutes because favorable public policy also mitigates asset specificity. Firms choose corporate political activity when transaction costs are lower than internalization costs. I outline conditions that lower transaction costs and analyze how firms lower transaction costs by embedding political transactions in policy networks.