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dc.contributor.authorBellettini, Giorgioen
dc.contributor.authorBerti Ceroni, Carlottaen
dc.contributor.authorPrarolo, Giovannien
dc.date.accessioned2011-05-20-
dc.date.accessioned2011-06-29T11:21:30Z-
dc.date.available2011-06-29T11:21:30Z-
dc.date.issued2011-
dc.identifier.urihttp://hdl.handle.net/10419/46568-
dc.description.abstractWe empirically investigate whether the persistence of politicians in political institutions affects the innovation activity of firms. We use 12,000 firm-level observations from three waves of the Italian Observatory over Small and Medium Enterprises, and introduce a measure of political persistence defined as the average length of individual political careers in political institutions of Italian municipalities. Standard OLS shows no raw correlation between political persistence and firms' innovation activity. However, once the causal effect is isolated by means of instrumental variables, using death of politicians as an exogenous source of variation of political persistence, we find a robust negative relation between political persistence and the probability of process innovation. This finding is consistent with the view that political stability may hinder firms' incentive to innovate to maintain their competitiveness, as long as they can extract rents from long-term connections with politicians.en
dc.language.isoengen
dc.publisher|aCenter for Economic Studies and ifo Institute (CESifo) |cMunichen
dc.relation.ispartofseries|aCESifo Working Paper |x3350en
dc.subject.jelD22en
dc.subject.jelD72en
dc.subject.jelO31en
dc.subject.ddc330en
dc.subject.keywordinnovationen
dc.subject.keywordpoliticiansen
dc.subject.keywordtenureen
dc.subject.keywordinstrumental variableen
dc.subject.stwInnovationen
dc.subject.stwKlein- und Mittelunternehmenen
dc.subject.stwPatronageen
dc.subject.stwPolitische Stabilitäten
dc.subject.stwGemeindeen
dc.subject.stwItalienen
dc.titlePersistence of politicians and firms' innovation-
dc.typeWorking Paperen
dc.identifier.ppn659413566en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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