The Influence of Corporate Political Activity (CPA) and Public Private Relations on Investment Performance in the Manufacturing Sector
Keywords:
Corporate Political Activity, Public-Private Relations, Investment Performance, Manufacturing Sector, Political ConnectionAbstract
Manufacturing firms operate where regulatory approval, licensing, tax incentives, and infrastructure access are often government-controlled, making political capital an increasingly key complement to economic capital. This paper examines how Corporate Political Activity (CPA) and public-private relations affect manufacturing firms' investment performance, and under what conditions these strategies enhance rather than erode investment efficiency. Using a systematic literature review, this study analyzed 15 peer-reviewed Scopus- and Sinta-indexed articles (2004-2025) via a search-screening-synthesis protocol on CPA, political connection, and public-private partnership research. The review finds CPA's effect on investment performance is conditional: benefits emerge where firms have sufficient absorptive and diversification capacity to convert political access into productive investment, whereas in weakly governed settings CPA often produces inefficiency and overinvestment. Formal public-private relations particularly PPPs and transparent subsidy schemes improve investment efficiency by reducing information asymmetry and cash-flow sensitivity, while informal personal or bureaucratic connections more often raise agency costs and rent-seeking. The interaction between CPA and governance quality determines whether political capital becomes productive investment or extractive rent. The study contributes a conceptual framework linking resource dependence and agency theory to explain this dual-edged firm government relationship, with implications for managers and policymakers designing more transparent, accountable public-private engagement.
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