Corporate Political Activity and Firm Performance: The Moderating Effects of International and Product Diversification
结合代理理论和资源基础观，研究了国内游说（企业政治活动的一种关键形式）与企业绩效的关系，发现国际和产品多元化能增强游说的正面效果，而纯国内和未多元化的企业游说反而有损绩效。
Prior research has found that corporate political activity (CPA) can both positively and negatively impact firm performance. Combining agency theory with the resource-based view, we examine the relationship between domestic lobbying (a key form of CPA) and firm performance by explicating the moderating effects of international and product diversification. We argue that expansion into international and product markets increases a firm's resources and reduces agency costs in domestic lobbying. Our results, based on a sample of 737 firms, show that lobbying is positively associated with performance for firms that are diversified in both international markets and along product-lines; whereas lobbying is counter-productive for purely domestic and undiversified firms. Our results contribute to the literature on the firm performance implications of corporate political activity by highlighting the roles of international and product diversification.