How Do Electoral Outcomes Affect Campaign Contributions? The Role of Personal Loyalty and Investment Motives

<jats:title>Abstract</jats:title> <jats:p>How do electoral outcomes affect campaign contributions? We argue that in contexts where personal connections to the candidate and investment motivations dominate ideology and partisanship as drivers of donations, two main factors shape donors’ future behaviour: 1) government benefits accrued by donors (for example, contracts) and 2) whether the supported candidate runs again in future elections. Using data from Colombian mayoral elections, a context with no re-election, weak parties, and non-ideological races, we find that donating to the winning candidate reduces the probability of donating in the next election. We further show that, among donors to the winner, those who receive a contract from the municipality are more likely to continue donating than those without contracts. The findings highlight the importance of personal loyalty to the candidate and the fulfilment of donors’ investment expectations determining campaign contributions in non-established democracies.</jats:p>