Corporate lobbying in Brussels : impact of direct and indirect lobbying strategies on firm profitability
Autor(a) principal: | |
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Data de Publicação: | 2020 |
Tipo de documento: | Dissertação |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10400.14/39790 |
Resumo: | Lobbying is today a multimillion-dollar global industry, responsible for sharing of information, expertise, and network of relations. The returns on corporate lobbying is one topic of concern for managers and academics alike. Nonetheless, international literature is divided in whether lobbying brings more benefits than costs, and European research has insufficient literature on the corporate financial implications of lobbying in Brussels. This study aims to understand whether lobbying improves firm profitability, as measured by ROA and ROE, for a 300- company sample via OLS cross-sectional and First Effects and First Differenced estimators panel analysis. By including the most relevant direct and indirect lobbying strategies from qualitative literature such as establishment of a Brussels office or hiring a professional intermediary, the goal is to understand how different routes contribute to financial benefit. This study does not find solid evidence to support the claim that lobbying firms perform better. However, hiring a ‘revolving door’ lobbyist (as measured by an access proxy) reports a significant positive effect on ROA. Separate reporting for results including and excluding sample outliers provides some robustness to the findings. This report contributes to literature by testing the profitability impact of several lobbying strategies at EU level for a sample of public and private firms, and for providing an initial insight into lobbying effort returns for different time lags. |
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Corporate lobbying in Brussels : impact of direct and indirect lobbying strategies on firm profitabilityCorporate lobbyingCorporate political activityLobbying strategiesFirm profitabilityEU lobbyingLobbying corporativoAtividade política corporativaEstratégias de lobbyingRentabilidade da empresaLobbying na EUDomínio/Área Científica::Ciências Sociais::Economia e GestãoLobbying is today a multimillion-dollar global industry, responsible for sharing of information, expertise, and network of relations. The returns on corporate lobbying is one topic of concern for managers and academics alike. Nonetheless, international literature is divided in whether lobbying brings more benefits than costs, and European research has insufficient literature on the corporate financial implications of lobbying in Brussels. This study aims to understand whether lobbying improves firm profitability, as measured by ROA and ROE, for a 300- company sample via OLS cross-sectional and First Effects and First Differenced estimators panel analysis. By including the most relevant direct and indirect lobbying strategies from qualitative literature such as establishment of a Brussels office or hiring a professional intermediary, the goal is to understand how different routes contribute to financial benefit. This study does not find solid evidence to support the claim that lobbying firms perform better. However, hiring a ‘revolving door’ lobbyist (as measured by an access proxy) reports a significant positive effect on ROA. Separate reporting for results including and excluding sample outliers provides some robustness to the findings. This report contributes to literature by testing the profitability impact of several lobbying strategies at EU level for a sample of public and private firms, and for providing an initial insight into lobbying effort returns for different time lags.Lobbying é hoje uma indústria global avaliada em vários milhões de dólares, responsável por partilha de informação, experiência e redes de relações. O retorno do lobbying empresarial é um tema que interessa a empresários e académicos. No entanto, a literatura internacional está dividida em relação custo-benefício do lobbying e a literatura europeia não tem estudos suficientes para as implicações financeiras do lobbying em Bruxelas. Este estudo procura compreender se o lobbying melhora a rentabilidade das empresas, medida por ROA e ROE, para uma amostra de 300 empresas com dados transversais e de painel, estudadas através de OLS e estimadores Efeitos Fixos e Primeiras Diferenças. A inclusão de estratégias relevantes de lobbying direto e indireto provenientes da literatura qualitativa, como por exemplo estabelecimento de um escritório em Bruxelas ou contratação de intermediários profissionais, permite compreender como estas alternativas contribuem para o benefício financeiro. Este estudo não encontra evidência robusta de que as empresas que fazem lobbying tem melhor performance financeira. No entanto, contratar um lobista ‘porta giratória’ (medido através de uma métrica de acesso) apresenta um impacto positivo significativo no ROA. A análise com e sem valores extremos traz alguma robustez às conclusões do estudo. Este relatório contribui para a literatura através do teste à rentabilidade de várias estratégias de lobbying na UE para uma amostra de empresas públicas e privadas, e por providenciar um olhar inicial ao retorno dos esforços de lobbying através de vários desfasamentos temporais.Rozbicka, PatrycjaVeritati - Repositório Institucional da Universidade Católica PortuguesaGonçalves, Francisco Xavier Meneses de Almeida Corte Real2023-01-11T08:47:24Z2020-10-142020-092020-10-14T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10400.14/39790TID:202531317enginfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-07-12T17:45:21Zoai:repositorio.ucp.pt:10400.14/39790Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T18:32:34.637810Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
Corporate lobbying in Brussels : impact of direct and indirect lobbying strategies on firm profitability |
title |
Corporate lobbying in Brussels : impact of direct and indirect lobbying strategies on firm profitability |
spellingShingle |
Corporate lobbying in Brussels : impact of direct and indirect lobbying strategies on firm profitability Gonçalves, Francisco Xavier Meneses de Almeida Corte Real Corporate lobbying Corporate political activity Lobbying strategies Firm profitability EU lobbying Lobbying corporativo Atividade política corporativa Estratégias de lobbying Rentabilidade da empresa Lobbying na EU Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
title_short |
Corporate lobbying in Brussels : impact of direct and indirect lobbying strategies on firm profitability |
title_full |
Corporate lobbying in Brussels : impact of direct and indirect lobbying strategies on firm profitability |
title_fullStr |
Corporate lobbying in Brussels : impact of direct and indirect lobbying strategies on firm profitability |
title_full_unstemmed |
Corporate lobbying in Brussels : impact of direct and indirect lobbying strategies on firm profitability |
title_sort |
Corporate lobbying in Brussels : impact of direct and indirect lobbying strategies on firm profitability |
author |
Gonçalves, Francisco Xavier Meneses de Almeida Corte Real |
author_facet |
Gonçalves, Francisco Xavier Meneses de Almeida Corte Real |
author_role |
author |
dc.contributor.none.fl_str_mv |
Rozbicka, Patrycja Veritati - Repositório Institucional da Universidade Católica Portuguesa |
dc.contributor.author.fl_str_mv |
Gonçalves, Francisco Xavier Meneses de Almeida Corte Real |
dc.subject.por.fl_str_mv |
Corporate lobbying Corporate political activity Lobbying strategies Firm profitability EU lobbying Lobbying corporativo Atividade política corporativa Estratégias de lobbying Rentabilidade da empresa Lobbying na EU Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
topic |
Corporate lobbying Corporate political activity Lobbying strategies Firm profitability EU lobbying Lobbying corporativo Atividade política corporativa Estratégias de lobbying Rentabilidade da empresa Lobbying na EU Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
description |
Lobbying is today a multimillion-dollar global industry, responsible for sharing of information, expertise, and network of relations. The returns on corporate lobbying is one topic of concern for managers and academics alike. Nonetheless, international literature is divided in whether lobbying brings more benefits than costs, and European research has insufficient literature on the corporate financial implications of lobbying in Brussels. This study aims to understand whether lobbying improves firm profitability, as measured by ROA and ROE, for a 300- company sample via OLS cross-sectional and First Effects and First Differenced estimators panel analysis. By including the most relevant direct and indirect lobbying strategies from qualitative literature such as establishment of a Brussels office or hiring a professional intermediary, the goal is to understand how different routes contribute to financial benefit. This study does not find solid evidence to support the claim that lobbying firms perform better. However, hiring a ‘revolving door’ lobbyist (as measured by an access proxy) reports a significant positive effect on ROA. Separate reporting for results including and excluding sample outliers provides some robustness to the findings. This report contributes to literature by testing the profitability impact of several lobbying strategies at EU level for a sample of public and private firms, and for providing an initial insight into lobbying effort returns for different time lags. |
publishDate |
2020 |
dc.date.none.fl_str_mv |
2020-10-14 2020-09 2020-10-14T00:00:00Z 2023-01-11T08:47:24Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10400.14/39790 TID:202531317 |
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http://hdl.handle.net/10400.14/39790 |
identifier_str_mv |
TID:202531317 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
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openAccess |
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application/pdf |
dc.source.none.fl_str_mv |
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RCAAP |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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