Stock Ownership, Political Beliefs, and Party Identification from the "Ownership Society" to the Financial Meltdown
In this paper we investigate the link between stock ownership, political beliefs, and party identification. Stock ownership significantly increased the likelihood of voters identifying with the Republican Party between 2000 and 2004 – a period when that party offered tax cuts and proposed an overhaul of Social Security which directly appealed to shareholders. Yet in the period leading up to the 2008 election, the financial crisis cast doubt on the idea that a Republican administration would best represent stockholder interests. We find that while there was a small backlash, stockholders largely remained committed to the party in high numbers. But these effects vary depending on the ideological orientation of stockholders: In 2004, those stockowners with the most ideologically conflicted views were most receptive to recruitment by the Republican Party, and stock ownership continued to increase Republicanism among those in 2008 who were more ideologically liberal on economic issues. These results suggest that party identification may be less about pure economic interests than about identity, especially for those whose ideological beliefs do not map cleanly onto the liberal/conservative continuum, and that psychological mechanisms such as cognitive dissonance and identity conflict are important drivers of political behavior.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 2 (2012)
Issue (Month): 2 (June)
|Contact details of provider:|| Web page: http://www.degruyter.com |
|Order Information:||Web: http://www.degruyter.com/view/j/ael|
When requesting a correction, please mention this item's handle: RePEc:bpj:aelcon:v:2:y:2012:i:2:n:6. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Peter Golla)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.