The CEO as chief political officer: Managerial discretion and corporate political activity

被引：61

作者：

Hadani, Michael ^{[1
]}

Dahan, Nicolas M. ^{[2
]}

Doh, Jonathan P. ^{[3
]}

机构：

[1] St Marys Coll Calif, Sch Business & Econ, Moraga, CA 94556 USA

[2] Temple Univ, Fox Sch Business, Philadelphia, PA 19122 USA

[3] Villanova Univ, Villanova Sch Business, Villanova, PA 19085 USA

来源：

JOURNAL OF BUSINESS RESEARCH | 2015年 / 68卷 / 11期

关键词：

Corporate political activity; CEO discretion; Firm performance; Agency theory; Stewardship; Corporate governance; FIRM PERFORMANCE; MODERATING ROLE; AGENCY THEORY; STRATEGY; TENURE; DIRECTORS; BOARDS; POWER; GOVERNANCE; SENIORITY;

D O I：

10.1016/j.jbusres.2015.03.046

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Corporate political activity (CPA) is an important nonmarket strategy aimed at advancing a firm's interests by influencing public policy. Yet studies report mixed results as to the impact of CPA on firm outcomes. Building on recent extant research we suggest that one reason for the ambivalent evidence regarding the impact of CPA on firm performance is the moderating role of CEO discretion on the CPA-firm performance relationship. In a longitudinal study of S&P 1000 firms over 10 years, we test competing perspectives regarding the moderating impact of CEO discretion on the CPA-corporate performance relationship. We find that some aspects of CEO discretion, in particular CEO duality, moderate the relationship between CPA and performance. The findings provide some support for an agency view of the impact of CEO discretion the CPA-performance relationships, which carry implications for both scholarship and regulation in the areas of CPA and corporate governance. (C) 2015 Elsevier Inc. All rights reserved.

引用

页码：2330 / 2337

页数：8

共 50 条

[21] Do political connections shape the nexus between board attributes and corporate cash holdings? [J].

Abuhijleh, Sara T. F. ;

Zaid, A. A. Mohammad .

EUROMED JOURNAL OF BUSINESS, 2023, 18 (01) :85-110

[22] The Liability of Tribe in Corporate Political Activity: Ethical Implications for Political Contestability [J].

Liedong, Tahiru Azaaviele .

JOURNAL OF BUSINESS ETHICS, 2022, 181 (03) :623-644

[23] CEO succession and corporate innovation: A managerial myopic perspective [J].

Yuan, Yuan ;

Hu, May ;

Cheng, Chen .

NORTH AMERICAN JOURNAL OF ECONOMICS AND FINANCE, 2023, 64

[24] Legislative political connections and CEO compensation in China [J].

Fralich, Russell ;

Fan, Hong .

ASIAN BUSINESS & MANAGEMENT, 2018, 17 (02) :112-139

[25] CEO Compensation and Corporate Political Strategy: Exploring the Moderating Roles of CEO Tenure and Duality [J].

Ozer, Mine ;

Alakent, Ekin .

JOURNAL OF PUBLIC AFFAIRS, 2025, 25 (03)

[26] Social movements and corporate political activity: Managerial responses to socially oriented shareholder activism [J].

Hadani, Michael ;

Doh, Jonathan P. ;

Schneider, Marguerite .

JOURNAL OF BUSINESS RESEARCH, 2019, 95 :156-170

[27] Corporate Political Activity and Regulatory Capture: How Some Companies Blunt the Knife of Socially Oriented Investor Activism [J].

Hadani, Michael ;

Doh, Jonathan P. ;

Schneider, Marguerite A. .

JOURNAL OF MANAGEMENT, 2018, 44 (05) :2064-2093

[28] CEO characteristics, firm performance, and corporate political contributions A firm level pre-Citizens United analysis [J].

Subrahmanyam, Vijaya ;

Singh, Manohar ;

Pennathur, Anita .

REVIEW OF FINANCIAL ECONOMICS, 2020, 38 (02) :379-404

[29] Impact of Managerial Entrenchment on Corporate Social Responsibility: The Moderating Role of Political Embeddedness and Board Independence [J].

Ahmed, Mah-A-Mobeen ;

Mohti, Wahbeeah .

ASIAN JOURNAL OF BUSINESS AND ACCOUNTING, 2021, 14 (02) :1-30

[30] Is Corporate Political Activity a Field? [J].

Schuler, Douglas A. ;

Rehbein, Kathleen ;

Green, Colby D. .

BUSINESS & SOCIETY, 2019, 58 (07) :1376-1405

← 1 2 3 4 5 →