Personal Financial Incentives and Corporate Campaign Contributions

讲座内容简介：   

Despite the well-documented benefits of political participation, few firms engage in politics. We argue that low levels of corporate political participation can be rationalized by financial incentives of employees and shareholders who are the ultimate source of corporate contributions. Since even large firm-level benefits are trivial for individuals with small equity-stakes, few people have sufficient incentives to contribute. This logic explains why corporate political contributions are relatively small and why firms seek alternative channels of political influence. Empirically, we document that corporate PACs are financially constrained and that financial incentives of individual contributors are a strong determinant of campaign contributions.

讲座嘉宾简介：     

孔博博士是中欧国际工商学院金融学副教授。加入中欧之前，他在博科尼大学金融系任助理教授。自2012年以来，他还是费城联邦储备银行的访问学者。

孔博博士研究领域主要集中在公司财务、政治经济学和消费金融等。他近期的研究工作主要涉及企业与政治体制互动的预期和非预期结果以及企业政治参与的决定性因素。孔博博士的研究成果见诸多家知名学术期刊，如《纽约时报》、《华盛顿邮报》、《波士顿环球报》、《哈佛商业评论》等；此外，他的研究还曾在国际知名学术类期刊上发表，如Journal of Financial Economics, Review of Financial Studies, Management Science, and Journal of Corporate Finance等。

孔博博士主要教授公司财务理论、金融市场课程。他在教学和研究领域多次获奖，曾两次荣获博科尼大学教学优秀奖。孔博博士获波士顿学院金融学博士学位及白俄罗斯国立经济大学经济学学士学位。