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It seems like they’re saying that corporate giving doesn’t necessarily pay out the investors.
But not all corporate giving/lobbying is for reasons simply defined in cost/benefit financial terms.
Also, this line
Contrary to these findings, the study found that corporate political giving is positively associated with market performance for firms in highly regulated industries.
begs a lot of questions about the mechanism by which that association occurs. If we’re looking at corporate lobbying to erode regulations (which would temporarily boost share worth and/or dividends, et cetera), then that associate is a clear demonstration of the benefit of lobbying/electioneering.