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Corporate Campaign Contributions, Repeat Giving, and the Rewards to Legislator Reputation

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Author Info
Kroszner, Randall S
Stratmann, Thomas

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Abstract

Are politicians who follow a strategy of reputational development rewarded with high levels of corporate campaign contributions? Reputational clarity could help to reduce uncertainty about a candidate and lead to greater campaign contributions from favored interests. Alternatively, such clarity could alienate those who disagree and prevent the politician from obtaining contributions from groups on both sides of an issue. We outline an approach that considers conditions under which a politician would or would not prefer reputational development and policy-stance clarity and consistency in the context of repeat dealing with special interests. Our proxy for reputational development is the percentage of repeat givers to a legislator. Using data on corporate political action committee (PAC) contributions to members of the U.S. House during the seven electoral cycles from 1983/84 to 1995/96, we explore a variety of alternative hypotheses and find that greater reputational development is rewarded with greater PAC contributions.

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Publisher Info
Article provided by University of Chicago Press in its journal Journal of Law and Economics.

Volume (Year): 48 (2005)
Issue (Month): 1 (April)
Pages: 41-71
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Handle: RePEc:ucp:jlawec:y:2005:v:48:i:1:p:41-71

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  1. Torun Dewan & David P. Myatt, 2007. "The Qualities of Leadership: Direction, Communication, and Obfuscation," Economics Series Working Papers 311, University of Oxford, Department of Economics. [Downloadable!]
    Other versions:
  2. Alberto Chong & Mark Gradstein, 2007. "On the Determinants and Effects of Political Influence," RES Working Papers 4540, Inter-American Development Bank, Research Department. [Downloadable!]
  3. Thomas Stratmann, 2005. "Some talk: Money in politics. A (partial) review of the literature," Public Choice, Springer, vol. 124(1), pages 135-156, July. [Downloadable!] (restricted)
  4. Alberto Chong & Mark Gradstein, 2007. "Sobre los determinantes y efectos de la influencia de politica (On the Determinants and Effects of Political Influence)," RES Working Papers 4541, Inter-American Development Bank, Research Department. [Downloadable!]
  5. Randall Bennett & Christine Loucks, 2008. "PAC Contributions from Sectors of the Financial Services Industry, 1998–2002," Atlantic Economic Journal, International Atlantic Economic Society, vol. 36(4), pages 407-419, December. [Downloadable!] (restricted)
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