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Do powerful politicians cause corporate downsizing?

Author: Lauren Cohen; Joshua Coval; Christopher Malloy; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, ©2010.
Series: Working paper series (National Bureau of Economic Research), no. 15839.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Database:WorldCat
Summary:
This paper employs a new empirical approach for identifying the impact of government spending on the private sector. Our key innovation is to use changes in congressional committee chairmanship as a source of exogenous variation in state-level federal expenditures. In doing so, we show that fiscal spending shocks appear to significantly dampen corporate sector investment and employment activity. These corporate  Read more...
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Additional Physical Format: Print version:
Cohen, Lauren.
Do powerful politicians cause corporate downsizing?.
Cambridge, Mass. : National Bureau of Economic Research, ©2010
(DLC) 2010655786
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Lauren Cohen; Joshua Coval; Christopher Malloy; National Bureau of Economic Research.
OCLC Number: 586002772
Description: 1 online resource (27, [20] pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 15839.
Responsibility: Lauren Cohen, Joshua D. Coval, Christopher Malloy.

Abstract:

This paper employs a new empirical approach for identifying the impact of government spending on the private sector. Our key innovation is to use changes in congressional committee chairmanship as a source of exogenous variation in state-level federal expenditures. In doing so, we show that fiscal spending shocks appear to significantly dampen corporate sector investment and employment activity. These corporate reactions follow both Senate and House committee chair changes, are present among large and small firms and within large and small states, are partially reversed when the congressman resigns, and are most pronounced among geographically-concentrated firms. The effects are economically meaningful and the mechanism - entirely distinct from the more traditional interest rate and tax channels - suggests new considerations in assessing the impact of government spending on private sector economic activity.

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