Does political corruption impede firm innovation? Evidence from the United States
نویسندگان
چکیده
We examine how local political corruption affects firm innovation in the United States. We find that firms located in more corrupt districts are less innovative, as measured by their patenting activities. We identify two possible economic channels through which corruption may affect innovation: a disincentive effect and a culture effect. We show that the negative impact of corruption on innovation is stronger for firms that have weaker bargaining power against corrupt officials and for firms that locate in areas with lower local religiosity. Overall, our results indicate that local political corruption impedes corporate innovation. JEL Classification: G31, G38, D72
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