Table 3. Campaign Contribution Difference-in-Differences

The table presents treatment effect estimates of legalizing direct campaign contributions on total contributions (Models 1–2), contributions to political parties (Models 3–4), and contributions to political candidates (Models 5-6). Legal is an indicator variable equal to one if the state allows corporate contributions to either candidates or political parties. POST is an indicator variable equal to one in the years following the PUHCA’s 2005 repeal. All models include state (ST), year, and holding company (HC) fixed effects. Controls include senate, house, PUC and governor party control, citizen and institution ideology, CAPM beta, state-level unemployment rates, change in per capita income, and share of manufacturing and utility jobs. I further control for relevant election years in all models. Standard errors are clustered by state or HC. *** p<0.01, ** p<0.05, * p<0.1.
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