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来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP13216 |
DP13216 Connecting to Power: Political Connections, Innovation, and Firm Dynamics | |
Ufuk Akcigit; Salome Baslandze; Francesca Lotti | |
发表日期 | 2018-10-03 |
出版年 | 2018 |
语种 | 英语 |
摘要 | Do political connections affect firm dynamics, innovation, and creative destruction? We study Italian firms and their workers to answer this question. Our analysis uses a brand-new dataset, 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. 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 highlights a new interaction between static gains and dynamic losses from rent-seeking in aggregate productivity. |
主题 | Macroeconomics and Growth |
关键词 | Political connections Creative destruction Firm dynamics Innovation Productivity |
URL | https://cepr.org/publications/dp13216 |
来源智库 | Centre for Economic Policy Research (United Kingdom) |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/542023 |
推荐引用方式 GB/T 7714 | Ufuk Akcigit,Salome Baslandze,Francesca Lotti. DP13216 Connecting to Power: Political Connections, Innovation, and Firm Dynamics. 2018. |
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