Suchergebnisse

AbstractThis article focuses on how the 20 main Italian interest groups evaluated the contents of the Italian National Recovery and Resilience Plan (NRRP). In comparing its two versions (Conte Draft and Draghi Plan), we want to understand whether the change of government impacted on the contents of the NRRP and, in turn, on interest groups' preference attainment. To do so, we coded around 800 public statements following a multi-media approach. Interest groups' general appraisal for the NRRP grew with the change of government, while business groups greatly increased their degree of preference attainment. This within-case longitudinal comparison assesses the importance of governments' partisan composition to account for interest groups' success in the policymaking.

This study applies event study methodology to the outcomes of the 2005 elec-tion of the German Bundestag. Results are compared to those of Goldman, Rocholl and So (2009) who found that following the 2000 presidential election in the US, value ef-fects were positive for firms connected to the Republicans and significantly different from the negative ones of firms connected to the Democrats. The present study shows that, contrary to expectations, political connections had little impact on the value of po-litically connected corporations among the companies listed at the DAX, MDAX, SDAX or TecDAX. The key results of this study are: First, there is a significantly smaller fraction of politically connected firms in Germany than in the US. Second, following the start of the exploratory talk and the inauguration of the new government, politically connected companies generate about 0.7 and 1.2 percent higher abnormal returns, respectively. Finally, while there is no significant impact of the election results on the returns of com-panies with political connections with respect to other different characteristics, there is slight support that connections to the federal parliament are more valuable than those to the state parliaments. The different reactions of the US and the German Stock Market are likely to occur due to the different corporate governance systems. Nearly all identi-fied political connections in the present study are based on memberships on the super-visory board which duties are to give advice and control. ; Elmar A. Janssen, University Paderborn

[5], 54, [2] p. ; First ed. Cf. BM. ; Epilogue by Edward Ravenscroft. ; Reproduction of original in British Library.