["Economics &Politics, Volume 38, Issue 1, Page 18-45, March 2026. ", "\nABSTRACT\nCorporate donations significantly shape the landscape of US presidential elections, yet we have a limited understanding of how firms' internal finances and external political risks influence these contributions. Using a data set that merges firm‐level information with campaign records from 1992 to 2020, we analyze the propensity, intensity, and distribution of corporate giving between parties. We find that while companies often employ a bipartisan donation strategy, they consistently exhibit a stronger preference for Republican candidates. We further show that escalating political polarization is associated with a 2% increase in the likelihood of donating and a 21.8% rise in total contributions, especially among non‐research‐oriented sectors. These patterns underscore the importance of both financial imperatives and broader political incentives in driving firms' campaign finance decisions.\n"]