Self-Funding of Political Campaigns

Alexei V. Ovtchinnikov () and Philip Valta
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Alexei V. Ovtchinnikov: Department of Finance, HEC Paris, 78351 Jouy-en-Josas, France

Management Science, 2023, vol. 69, issue 4, 2425-2448

Abstract: Candidate self-funding, in particular self-loans, is a significant source of funding of political campaigns. Self-funding clusters among nonincumbent campaigns, republican campaigns, and more expensive campaigns. Self-funded campaigns raise less money from individuals and special interests and also spend less. Self-funders are wealthier on average and run in more competitive elections. The analysis of self-funders’ legislative decisions shows that self-funders’ votes, especially those of republicans, are significantly more sensitive to contributions from special interests that are affected by the votes. The results highlight the importance of considering politicians’ self-funding choices in analyzing voting behavior and the value of political activism.

Keywords: campaign self-funding; voting behavior; political campaigns; incentives (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:inm:ormnsc:v:69:y:2023:i:4:p:2425-2448

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