HCBE Faculty Articles

Why Shouldn't You Invest in Companies with Revolving Door Lobbyists?

Document Type

Article

Publication Title

Journal of Investing

ISSN

1068-0896

Publication Date

2016

Abstract/Excerpt

This article analyzes the effect on firm value of having former government officials as lobbyists. The results suggest that the number of “revolving door” lobbyists is negatively correlated with firm value. The authors find that firm value decreases as the number of revolving door lobbyists employed by a firm increases. The results suggest that high numbers of such lobbyists are an indicator of wider agency problems in the firm.

DOI

10.3905/joi.2016.25.3.060

Volume

25

Issue

3

First Page

60

Last Page

68

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