Political Activism and Firm Innovation
研究发现企业通过支持更多政客、尤其是对行业有管辖权的国会委员会成员，能降低政治不确定性，从而促进创新，并通过自然实验验证了因果关系。
We hypothesize that political activism is valuable because it helps reduce political uncertainty, which, in turn, fosters firm innovation. We find that firms that support more politicians, winning politicians, politicians on congressional committees with jurisdictional authority over the firms’ industries, and politicians who join those committees innovate more. We employ a natural experiment to show a causal effect of political activism on innovation. We also show evidence of intra-industry and geographical political activism spillovers.