Policy Uncertainty and the Dual Role of Corporate Political Strategies
研究发现企业通过雇佣前政客、政治捐款和游说等策略，既能对冲立法活动带来的系统性风险，又能提升增长机会，尤其在不确定性高的行业中效果更明显。
Abstract Firms use active political strategies not only to mitigate uncertainty emanating from legislative activity, but also to enhance their growth opportunities. We find that a firm's systematic risk (beta) can be hedged away by employing various political strategies involving the presence of former politicians on corporate boards of directors, contributions to political campaigns, and corporate lobbying activities. The hedging effect is greater when firms operate in more uncertain industries. In addition, active political strategies are associated with greater firm heterogeneity and make real options more value relevant as potential drivers of competitive advantages in uncertain environments.