NDLI: Political Information Flow and Management Guidance

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Political Information Flow and Management Guidance

Content Provider	Scilit
Author	Christensen, Dane M. Morris, Arthur Walther, Beverly R. Wellman, Laura
Copyright Year	2019
Description	Journal: Ssrn Electronic Journal We examine whether politically active firms play a role in disseminating political information via their management guidance. We use multiple proxies based on campaign financing activity or the presence of a government affairs office to capture whether a firm is politically active. We find that politically active firms are more likely to issue management guidance overall, and especially when the government is a key customer of the firm. Further, relative to politically inactive firms, the guidance released by politically active firms is more likely to discuss government policies. In addition to using numerous econometric techniques to address self-selection concerns, we examine the timing of when guidance is issued. We find that politically active firms are more likely to issue guidance prior to the public revelation of government policy decisions. Collectively, these findings suggest that the privileged information firms obtain through their political activities is shared with investors through voluntary disclosures.
Related Links	http://scholarspace.manoa.hawaii.edu/bitstream/10125/64853/1/HARC_2020_paper_134.pdf https://papers.ssrn.com/sol3/Delivery.cfm?abstractid=3403763
ISSN	10914358
e-ISSN	15565068
DOI	10.2139/ssrn.3403763
Journal	Ssrn Electronic Journal
Language	English
Publisher	Elsevier BV
Publisher Date	2019-06-01
Access Restriction	Open
Subject Keyword	Journal: Ssrn Electronic Journal Political Science Political Connections Information Flow Management Forecasts Corporate Disclosure
Content Type	Text
Resource Type	Article
Subject	Public Health, Environmental and Occupational Health Psychiatry and Mental Health

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