Campaign Contributions over CEOs' Careers

• 成果类型: Article
• 署名作者: Fremeth, Adam; Richter, Brian Kelleher; Schaufele, Brandon
• 署名单位: Western University (University of Western Ontario); University Western Ontario Hospital; University of Texas System; University of Texas Austin; University of Ottawa; University of Ottawa
• 刊物名称: AMERICAN ECONOMIC JOURNAL-APPLIED ECONOMICS
• ISSN/ISSBN: 1945-7782
• DOI: 10.1257/app.5.3.170
• 发表日期: 2013
• 页码: 170-188
• 关键词: Incentives; corporate; INFORMATION; COMPETITION; POLITICS; money

摘要

Individuals dominate money in politics, accounting for over 90 percent of campaign contributions, yet studies of drivers of individuals' giving are scarce. We analyze data on all contributions made between 1991 and 2008 by all 1,556 people who became S&P 500 CEOs during that interval. We exploit variation in leadership status over these individuals' careers to identify that being an S&P 500 CEO causes a $4,029 or 137 percent jump per election cycle in personal giving. While some fraction of CEOs' contributions can be attributed to long-standing preferences, the striking changes in behavior cannot be explained by these factors alone. (JEL D72, G34)