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.
"Campaign Contributions over CEOs' Careers." American Economic Journal: Applied Economics,
Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance