This paper provides novel evidence that corporate political influence operates through renegotiations of existing government contracts. Using detailed data on contractual terms and renegotiations around sudden deaths and resignations of local politicians, the estimates show that politically...

Small business size standards increased considerably in the United States since 2002. Following their staggered introduction across industries, we find lower shares of small businesses in industry establishments and employment and declines in job creation and business formation. Consequently,...

Using a unique setting in China, where the geographic distance between Collective firms and local governments is highly persistent due to legal restrictions on land ownership and mobility, we investigate the role of government involvement in small firms. In the analysis of survey responses, we...

We assess whether a VC’s intrinsic commitment to a startup affects investment performance. We proxy for climate change commitment using the political contributions to democrats of the lead VC person on a deal. We find investments by democrats in climate-related startups have 8% higher...