Political Values, Culture, and Corporate Litigation
研究利用大规模诉讼数据，发现公司政治文化（以高管、政治行动委员会和当地居民的政治捐款衡量）与不同类型的不当行为诉讼相关：共和党文化公司更易涉及民权、劳工和环境诉讼，民主党文化公司更易涉及证券欺诈和知识产权诉讼。
Using one of the largest samples of litigation data available to date, we examine whether the political culture of a firm determines its propensity for corporate misconduct. We measure political culture using the political contributions of top managers, firm political action committees, and local residents. We show that firms with a Republican culture are more likely to be the subject of civil rights, labor, and environmental litigation than are Democratic firms, consistent with the Democratic ideology that emphasizes equal rights, labor rights, and environmental protection. However, firms with a Democratic culture are more likely to be the subject of litigation related to securities fraud and intellectual property rights violations than are Republican firms, whose party ideology stresses self-reliance, property rights, market discipline, and limited government regulation. Upon litigation filing, both types of firms experience similar announcement reaction, which suggests that the observed relationship between political culture and corporate misconduct is unlikely to reflect differences in expected litigation costs. Data, as supplemental material, are available at http://dx.doi.org/10.1287/mnsc.2014.2106 . This paper was accepted by Brad Barber, finance.