Existing research primarily explores why employers hire former politicians.

New Insight Needed: This paper argues that the supply-side of political transitions—how politicians themselves choose to leave office—is crucial. Campaign finance legislation plays a significant role in influencing this decision-making process.

Key Argument & Evidence: The author posits that less restrictive campaign finance rules increase spending for incumbents, making private sector jobs less appealing by reducing their free time or increasing scrutiny.

Using novel state-level data from the United States and applying a difference-in-differences methodology following Citizens United, we demonstrate that removing restrictions reduced the likelihood of former officeholders becoming lobbyists.

What It Means: This supply-side lens helps explain why revolving door employment varies across political systems, offering new perspectives on comparative political dynamics.