Abstract
Using meta-analytic methods on a sample of 74 studies, including journal articles, books and working papers, we not only challenge the widespread belief that corporate political activity is beneficial but also provide a fine-grained account of the intermediary links between CPA and public policy outcomes as well as between CPA and firm outcomes. We also explore the context under which CPA is more and less beneficial to firms. Specifically, we find that CPA has at best a weak effect on public policy outcomes and firm outcomes and that it appears to be better at maintaining public policy than changing them. Furthermore we find that firm-level CPA has a modest effect on neutralizing regulation.
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