variables used will be : whether a firm has an office in Brussels, if a firm hires an external party to do its lobbying and if a firm is associated with an industry association that lobbies

The dummy variable has a value of 1 if a firm lobbies and 0 if it does not.

Dependant variable ; Tobin’s Q is measured as the book value of assets divided by the end-of-year market value of common stock

larger firms are more likely to lobby the Financial Times list of the 500 largest European firms by firm value is used

e European transparency register6 has a large amount of information surrounding lobbying activities of firms

example formula : Yt = α + β1 Lobbying dummyt + β2 Tobin’s Qt-1 + β3 Ln assetst + β4 industry dummies + u

 example paper similar : https://feb.studenttheses.ub.rug.nl/9666/1/Thesis_C_Dreue.pdf