Caught in the Revolving Door: Firm-Government Employee Mobility as a Fleeting Regulatory Advantage
研究了企业与监管机构间员工流动（旋转门）如何影响企业监管结果，发现企业仅在监管者转任内部游说职位前获得更快的审批，且优势短暂，转任后无额外好处。
How does the exchange of employees between regulatory agencies and regulated firms (i.e., the firm-government revolving door) affect firm regulatory outcomes? Existing work has mostly found a positive impact of revolving door hiring on firm outcomes, but it has overlooked potential limitations of this corporate political activity (CPA) tactic. We argue that the advantages firms can gain from hiring former regulators are bound by the timing of revolving door employment relative to the regulatory process. Within the context of agribiotechnology and its main regulator, the U.S. Department of Agriculture, we study regulators who move to in-house and contract lobbying positions (i.e., exit revolving door). We find that firms receive better regulatory outcomes (i.e., faster regulatory approval for new crops) only prior to the regulators’ move to in-house lobbying, consistent with the regulatory capture perspective. Moreover, this revolving door was only valuable in the time period immediately before the mobility event. Additionally, contrary to the belief that former regulators provide firms with expertise and social capital as lobbyists, we find that firms did not gain any advantage after regulators became lobbyists. Taken together, our results suggest that revolving doors can be an effective business political mobilization strategy, albeit one that has limited success in shaping firm government outcomes, much like other types of CPA. Supplemental Material: The online appendix is available at https://doi.org/10.1287/orsc.2023.1669 .