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  • 2022
  • Working Paper
  • HBS Working Paper Series

The Political Polarization of Corporate America

By: Vyacheslav Fos, Elisabeth Kempf and Margarita Tsoutsoura
  • Format:Print
  • | Language:English
  • | Pages:53
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Abstract

Executive teams in U.S. firms are becoming increasingly partisan. We establish this new fact using political affiliations from voter registration records for top executives of S&P 1500 firms between 2008 and 2020. The new fact is explained by both an increasing share of Republican executives and increased assortative matching by executives on political affiliation. Departures of politically misaligned executives are value-destroying for shareholders, implying the increasing political polarization of corporate America may not be in the financial interest of shareholders.

Keywords

Political Polarization; Partisanship; Executives; Government and Politics; Business and Shareholder Relations; United States

Citation

Fos, Vyacheslav, Elisabeth Kempf, and Margarita Tsoutsoura. "The Political Polarization of Corporate America." Harvard Business School Working Paper, No. 23-003, July 2022.

Supplemental Information

Internet Appendix
  • SSRN
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About The Author

Elisabeth Kempf

Finance
→More Publications

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    • March 2023
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    Attracting the Sharks: Corporate Innovation and Securities Class Action Lawsuits

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    Partisan Professionals: Evidence from Credit Rating Analysts

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    • May 2021
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    Fifty Shades of QE: Comparing Findings of Central Bankers and Academics

    By: Brian Fabo, Marina Jančoková, Elisabeth Kempf and Ľuboš Pástor
More from the Authors
  • Attracting the Sharks: Corporate Innovation and Securities Class Action Lawsuits By: Elisabeth Kempf and Oliver Spalt
  • Partisan Professionals: Evidence from Credit Rating Analysts By: Elisabeth Kempf and Margarita Tsoutsoura
  • Fifty Shades of QE: Comparing Findings of Central Bankers and Academics By: Brian Fabo, Marina Jančoková, Elisabeth Kempf and Ľuboš Pástor
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