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Published online by Cambridge University Press: 05 July 2012
Chapter 3
Firm competitors' policies: The lagged annual mean value of the dependent variable for the other members of Standard and Poor's (S&P 500) firms in the two-digit Standard Industrial Classification (SIC) code that the firm belonged to. Source: Calculated using kld stats and compustat data.
Firm employee count (logged): The log of the annual count of the firm's employees. Source: compustat (v29).
Firm institutional ownership: The annual percentage of a firm's outstanding shares held by institutional investors, as reported in the company's most recent proxy statement. Source: The Corporate Library.
Firm market share: The annual percentage of all sales in the three-digit SIC code that the firm belonged to made by the firm. Source: Calculated using compustat (v12).
Firm one-year return: The annual percentage change in the firm's share price, corrected for stock splits and dividends. Source: Calculated using the compustat Prices, Dividends, and Earnings data set.
Firm political capacity: An annual Guttman scale of the firm's annual political involvement, calculated by summing whether the firm had a federal political action committee (PAC), gave soft money donations, or had a registered federal lobbyist. The three-item scale had a Cornbach's α equal to 0.68. Sources: Calculated using Federal Election Commission filings (PACs), the Center for Responsive Politics' database (soft money), and the US Senate disclosure database (registered lobbyists).
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