| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25136 |
| 来源ID | Working Paper 25136 |
| Connecting to Power: Political Connections, Innovation, and Firm Dynamics | |
| Ufuk Akcigit; Salomé Baslandze; Francesca Lotti | |
| 发表日期 | 2018-10-08 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | How do political connections affect firm dynamics, innovation, and creative destruction? To answer this question, we build a firm dynamics model, where we allow firms to invest in innovation and/or political connection to advance their productivity and to overcome certain market frictions. Our model generates a number of theoretical testable predictions and highlights a new interaction between static gains and dynamic losses from rent-seeking in aggregate productivity. We test the predictions of our model using a brand-new dataset on Italian firms and their workers, spanning the period from 1993 to 2014, where we merge: (i) firm-level balance sheet data; (ii) social security data on the universe of workers; (iii) patent data from the European Patent Office; (iv) the national registry of local politicians; and (v) detailed data on local elections in Italy. We find that firm-level political connections are widespread, especially among large firms, and that industries with a larger share of politically connected firms feature worse firm dynamics. We identify a leadership paradox: when compared to their competitors, market leaders are much more likely to be politically connected, but much less likely to innovate. In addition, political connections relate to a higher rate of survival, as well as growth in employment and revenue, but not in productivity – a result that we also confirm using a regression discontinuity design. |
| 主题 | Microeconomics ; Welfare and Collective Choice ; Development and Growth ; Innovation and R& ; D ; Growth and Productivity |
| URL | https://www.nber.org/papers/w25136 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/582810 |
| 推荐引用方式 GB/T 7714 | Ufuk Akcigit,Salomé Baslandze,Francesca Lotti. Connecting to Power: Political Connections, Innovation, and Firm Dynamics. 2018. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w25136.pdf（2710KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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