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This article focuses upon answering the following question: Does corporate political activity (CPA) stand as an academic field? Following Hambrick and Chen, we consider three elements of the emergence of an academic field—differentiation, mobilization, and legitimacy. Utilizing a variety of data sources, we find CPA to be well differentiated from other academic fields; to have undertaken a number of activities to mobilize CPA as a field, but short of large-scale unification; and to have earned low to moderate legitimacy within management, but little legitimacy outside of management. All in all, at this time, CPA does not squarely meet the elements necessary to emerge as a field.

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We examine stock market reactions to public company visits and the public comments made therein by five presidents (George H. W. Bush through Donald J. Trump) over three decades (from 1989 to 2019). We find striking evidence that investors value these visits during periods of unified government or when the president announces favorable policy. However, a president's praise during the visit and his popularity at the time of the visit do not appear to have an impact on investors’ reactions. Our findings suggest that investors value affiliation with the president only when they perceive opportunities to obtain substantive policy benefits.