Corporate Political Donations: Investment or Agency?

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5 April 2012 | 43 pages
Source: Social Science Research Network
Rajesh K. Aggarwal Felix Meschke Tracy Yue Wang

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Abstract

The authors examine corporate donations to political candidates for federal offices in the United States from 1991 to 2004. Firms that donate have operating characteristics consistent with the existence of a free cash flow problem, and donations are negatively correlated with returns.
Topics
Corporate Finance
    :
  • Corporate Governance
|
Standards, Ethics, and Regulations (SER)
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