Political Partisanship and Corporate Performance

Art Durnev, Jon Garfinkel and Sasha Molchanov

No 19232, Working Paper Series from Victoria University of Wellington, The New Zealand Institute for the Study of Competition and Regulation

Abstract: We present evidence that the political orientation of the government (left vs. right) affects corporate performance. We hypothesize that companies within labour-intensive industries polluting industries industries with high profit margins and highly leveraged industries are more sensitive to policies traditionally viewed as 'leftist'; namely those facing stringent labour and environmental laws higher taxes and interest rates. In the empirical analysis we account for the fact that 'leftist' legislation is not necessarily associated with left governments.

Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:vuw:vuwcsr:19232

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