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[Seminar] 財金系 11/17 (五) 上午 10:30 邀請 Hong Kong Polytechnic University 的林基財教授演講
活動起日:2017-11-17 
發佈日期:2017-11-10 
瀏覽數:96  2017-11-10 更新

本系擬於 11/17 () 邀請 Hong Kong Polytechnic University 的林基財教授至本所進行專題演講,相關訊息如下:

 

【演講訊息】

時間: 11/17 () 10:30-12:00

地點: 管理學院一號館 405 教室

講者: 林基財教授

講題: Economic Policy Uncertainty and Lobbying Decision

 

Abstract:

Firms should have strong incentives to lobby to influence policy outcomes when economic policy uncertainty (EPU) is high. However, because political access is a scarce resource and there are returns to experience in lobbing, we posit that barriers to entry vary with EPU. This implies that when EPU is higher, lobbying firms lobby more, but non-lobbying firms face higher barriers to entry into the lobbying process. Consistent with our hypothesis, we find robust evidence that the probability of non-lobbying firms entering the lobbying process is inversely related to EPU, and that they pay higher start-up costs if they chose to enter when EPU is higher. Furthermore, lobbying firms indeed lobby more when EPU is higher; and, lobbying allows them to mitigate the negative effects of EPU on corporate investments and sales growth.