Partisanship, optimism, and firm innovation
研究发现，当企业高管与美国总统政治立场一致时，企业创新成果更优，表现为专利数量、引用次数和价值更高，且该效应在CEO过度自信或政策不确定性高时更显著。
Abstract Political partisanship significantly shapes firm executives’ economic outlook. We find that firms, whose managers share political alignment with the US president, achieve superior innovation outcomes, including higher patent counts, increased patent citations, and greater patent value. We establish a causal relationship through a difference‐in‐differences approach, focusing on periods around US presidential elections. This effect is more pronounced in firms with overconfident CEOs and during periods of heightened policy uncertainty, suggesting that partisan optimism stimulates innovation incentives. Firms led by partisan‐aligned managers generate patents with greater originality, generality, and an exploratory style.