When Do Judges Throw the Book at Companies? The Influence of Partisanship in Corporate Prosecutions
研究发现美国法官的党派倾向与对公司判罚的严厉程度密切相关，共和党任命的法官对雇佣非法移民罚得更重，民主党任命的法官则对污染环境罚得更重，且这种差异在选举前和上级法院空缺时更明显。
Abstract We document that judges’ political affiliations are strongly associated with the level of judicial penalties levied against companies. For example, Republican-appointed judges impose larger fines for hiring illegal immigrants, while Democrat-appointed judges impose larger fines for pollution- and environment-related violations. Time-series variation suggests that political partisanship, not fixed ideological differences, drives these findings. The differences become amplified when higher-court judicial vacancies exist and in the months before national elections. Our findings highlight the importance of political polarization for U.S. companies and illustrate how judicial composition can affect firms’ incentive to avoid violating laws connected to partisan issues.