Mixing business with politics - Lux et al. (2017)

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Description and Tags

A meta-analysis of the antecedents and outcomes of CPA

7 Terms

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Antecedents at three levels of analysis

  1. Institutional level of analysis

  2. Market/ industry level of analysis

  3. Firm level of analysis


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Institutional level of analysis

  • Incumbent politicians

  • Ideology

  • Political competition

  • Regulation

  • Government sales

  • Dependent politicians


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Market/ industry level of analysis

  • Industry concentration

  • International competition

  • Economic opportunity


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Firm level of analysis

  • Firm size

  • Corporate strategy


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Biggest effect sizes

Firm size, incumbent politicians, government regulation

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Small effect size paradox

Proves that CPA is a complex, multi-variable invesment decision where factors interact

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Does CPA pay-off?

CPA exhibits a positive, significant, and substantial relationship with firm economic performance