| Paper | Event Study? | Description | Result |
| Hadani and Schuler [11] | No | Firm market value and RoS regressed against political contributions and board political connections | Negative effect on market value for both political contributions and board political connections. No result for RoS. |
| Okhmatovskiy [15] | No | RoA regressed against government ownership, and government directors. | No effect |
| Faccio [10] | No | RoA regressed against political connections. | Connected firms have lower RoA and market to book ratio. |
| Hersch, Netter, and Pope [12] | No | Tobin’s Q regressed against political contributions, lobbying expenditure, and sum of the two. | No effect |
| Hillman [13] | No | Effect of politicians on board on market capitalization, market to book ratio, RoA and RoS. | Positive for market cap and market to book ratio, neutral for RoA, RoS |
| Cooper, Gulen, and Ovtchinnikov [17] | No | Performance on political contributions | Contributing firms enjoy higher returns |
| Goldman, Rocholl, and So [5] | Yes | 1: Returns following announcement of a politically connected person’s nomination to the board. 2: Returns following republican win in 2000 presidential elections. | Positive for study one. In study two, positive for companies connected to winning party, and negative for those connected to losing party. |
| Bunkanwanicha and Wiwattanakantang [1] | Yes | Compare returns BHAR for 1 year before election with BHAR for 1/2/3 years after elections | Positive |
| Claessens, Feijen, and Laeven [2] | Yes | CAR of 20day around election results. Correlation between donation to winning and losing candidates is 0.78. | Positive effect for donation to winning candidates, none for losing. |
| Faccio [3] | Yes | Abnormal returns after board appointment of politician and businessman entering politics. | No effect of board appointments of politicians. Positive for businessman entering politics. |
| Hillman, Zardkoohi, and Bierman [6] | Yes | Firm ex-employee to political office | Positive |
| Jayachandran [7] | Yes | Tilt of control in senate | Positive for connections to winning party, negative for the counterparts. |
| Fishman 2001 | Yes | Reaction to news of President Suharto’s ill health. | Positive (firm value decreased on news of ill health). |