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- Genre: Doctoral Dissertation
Description
In this study, I test whether firms reduce the information asymmetry stemming from the political process by investing in political connections. I expect that connected firms enjoy differential access to relevant political information, and use this information to mitigate the negative consequences of political uncertainty. I investigate this construct in the context of firm-specific investment, where prior literature has documented a negative relation between investment and uncertainty. Specifically, I regress firm investment levels on the interaction of time-varying political uncertainty and the degree of a firm's political connectedness, controlling for determinants of investment, political participation, general macroeconomic conditions, and firm and time-period fixed effects. Consistent with prior work, I first document that firm-specific investment levels are significantly lower during periods of increased uncertainty, defined as the year leading up to a national election. I then assess the extent that political connections offset the negative effect of political uncertainty. Consistent with my hypothesis, I document the mitigating effect of political connections on the negative relation between investment levels and political uncertainty. These findings are robust to controls for alternative explanations related to the pre-electoral manipulation hypothesis and industry-level political participation. These findings are also robust to alternative specifications designed to address the possibility that time-invariant firm characteristics are driving the observed results. I also examine whether investors consider time-varying political uncertainty and the mitigating effect of political connections when capitalizing current earnings news. I find support that the earnings-response coefficient is lower during periods of increased uncertainty. However, I do not find evidence that investors incorporate the value relevant information in political connections as a mitigating factor.
ContributorsWellman, Laura (Author) / Dhaliwal, Dan (Thesis advisor) / Hillegeist, Stephen (Thesis advisor) / Walther, Beverly (Committee member) / Mikhail, Mike (Committee member) / Hillman, Amy (Committee member) / Brown, Jenny (Committee member) / Arizona State University (Publisher)
Created2014
Description
Over the past several decades, there has been a shift toward gender parity in enrollment in colleges and universities across the United States. While more women have been enrolling in institutions of higher education, there has been a stagnation in the graduation rates of these women. This mixed methods study sought to understand the role that imposter syndrome, and its contributing factors, gender microaggression and stereotype threat, play in women persisting and graduating with their bachelor’s degree. The literature suggests that imposter syndrome as well as its contributing factors of gender microaggression and stereotype threat can prompt women to opt out of situations where their feelings of self-doubt are subject to external confirmation. To assess how participating in a series of Leadership Development Program (LDP) workshops affected these constructs, data collection was comprised of pre-post survey design and qualitative focus group interviewing. Survey analysis indicated that the symptoms of imposter syndrome decreased as a result of completing the LDP workshops. The focus group highlighted the importance of creating a support system that allows women to address feelings of imposter syndrome and to overcome the negative thought patterns. While this study did not provide definitive support for the LDP workshops in increasing the rate of women graduating with their bachelor’s degree, it did provide insight into its effectiveness in addressing the symptoms of imposter syndrome and providing essential support to overcome associated negative thought processes.
ContributorsYantorno, Christina (Author) / Judson, Eugene (Thesis advisor) / Hillman, Amy (Committee member) / Ivie, Tara (Committee member) / Arizona State University (Publisher)
Created2022