A B S T R A C T
In this study, I examine whether firms and executives with long-term political connections
through contributions and lobbying incur lower costs from the enforcement actions
by the Securities and Exchange Commission (SEC). I find that politically connected
firms on average are less likely to be involved in SEC enforcement actions and face
lower penalties if they are prosecuted by the SEC. Contributions to politicians in a strong
position to put pressure on the SEC are more effective than others at reducing the
probability of enforcement and penalties imposed by an enforcement action. Moreover,
the amounts paid to lobbyists with prior employment links to the SEC, and the amounts
spent on lobbying the SEC directly, are more effective than other lobbying expenditures at
reducing enforcement costs faced by firms.
& 2014 Elsevier B.V. All rights reserved.
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جهت خرید فایل به انتهای صفحه مراجعه نمایید
کد محصول : شماره 270
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