Growing up Under Mao and Deng: On Politician Ideology and Corporate Policies

• 成果类型: Article; Early Access
• 署名作者: Liang, Hao; Wang, Rong; Zhu, Haikun
• 署名单位: Singapore Management University; China Europe International Business School
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2022.01745
• 发表日期: 2025
• 关键词: IDEOLOGY; politician; corporate policy; CHINA

摘要

We provide firm-level evidence on how politicians' ideologies shape economic outcomes, using a unique setting of ideological discontinuity in China, transitioning from Maoism to Dengism around 1978. We find that ideological exposure during a politician's early adulthood has a lasting impact on contemporary firm policies in their city. Firms governed by Maoist mayors show greater stakeholder spending, lower pay inequality, and less internationalization compared with those governed by Dengist mayors. Further evidence suggests that politicians' ideologies influence corporate behaviors through nonpolicy channels, and these results cannot be fully explained by selection bias, endogenous matching, or the age of the mayor.