This study contributes to the growing body of research that examines how political capabilities affect firms' financial performance. Although research has found mixed results for the state and local levels of the governance hierarchy, our study is the first that examines this important relationship at the supranational level. First, by building on the resource dependency theory and the capabilities-based view, we argue for a positive effect of the relationship. Second, considering that firms become politically active when their industry environment is uncertain, we argue environmental dynamism and munificence moderate this effect. Our findings support the hypothesis that political capabilities are positively related to firm profitability. This effect is magnified when firms operate in industries with high market dynamism. However, we find no effect whereby higher levels of munificence negatively moderate this link.

中文翻译：

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制定游戏规则：政治能力如何影响财务绩效

这项研究为越来越多的研究政治能力如何影响公司的财务绩效做出了贡献。尽管研究发现州和地方各级治理层次的结果好坏参半，但我们的研究是第一个在超国家层面检验这种重要关系的研究。首先，通过建立资源依赖理论和基于能力的观点，我们主张这种关系的积极影响。其次，考虑到当行业环境不确定时，企业会变得政治活跃，我们认为环境活力和慷慨会缓和这种影响。我们的研究结果支持政治能力与企业盈利能力正相关的假设。当企业在市场活力较高的行业运营时，这种效应会被放大。然而，我们没有发现较高程度的慷慨会对这种联系产生负面影响。