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Political Finance Regulation and Democratic Quality: A Cross-National Analysis of 160 Countries

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  • Lia ANTON

Abstract

Despite sustained policy debate about money in politics, systematic cross-national evidence on whether political finance regulation actually relates to democratic quality remains limited. This study asks whether regulatory comprehensiveness is associated with liberal democracy, which regulatory dimensions matter most, and whether the rule of law moderates these relationships. Drawing on three datasets, the International IDEA Political Finance Database, the Varieties of Democracy project (V-Dem v16), and the Worldwide Governance Indicators, the study constructs a composite Political Finance Regulation Index from five sub-dimensions covering 45 binary items across 160 countries. OLS regression with HC3 robust standard errors is used to test three hypotheses derived from democratic theory, institutional economics, and public choice theory. Results show a significant positive association between regulatory comprehensiveness and democratic quality that persists after controlling for rule of law and political stability (β = 0.147, p

Suggested Citation

  • Lia ANTON, 2026. "Political Finance Regulation and Democratic Quality: A Cross-National Analysis of 160 Countries," Internal Auditing & Risk Management, Athenaeum University of Bucharest, vol. 73(1), pages 77-93, March.
    • Handle: RePEc:ath:journl:v:73:y:2026:i:1:p:77-93
    DOI: 10.5281/zenodo.19352843
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    Keywords

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    JEL classification:

    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
    • K16 - Law and Economics - - Basic Areas of Law - - - Election Law
    • H83 - Public Economics - - Miscellaneous Issues - - - Public Administration
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State

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