Abstract
The agenda of the U.S. government extends across a myriad of agencies, topics, and regulatory stages. The first objective of this paper is to quantify this entire agenda, through an analysis of documents in the Federal Register. We present novel facts on time trends in the government’s agenda and on major turnaround points. Our second objective is to evaluate how companies respond to regulatory dispersion, which is a function of the set of topics relevant to their business and the number of agencies that regulate each topic. We find that higher regulatory dispersion relates to higher subsequent SG&A costs and to lower productivity, profitability, and growth. Overall, the results highlight the potential impact of the government’s broad agenda on regulated companies.
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