Má výše vynaložených prostředků na předvolební kampaň vliv na výsledek voleb?

This Thesis analyzes the impact of campaign spending of political parties on election outcome. The Thesis uses data from the Parliamentary library of the Chamber of Deputies of the Czech republic, annual reports of political parties and from the Czech Statistical Office. For the first estimation, a method of Ordinary Least Square is used, consequently the equation of the model is edited using instrumental variables, in order to eliminate endogeneity. A new regression is estimated using Two-Stage Least Squares method. After the editing, all the explanatory variables are corelated and insignificant, although, the model itself works. In the end, this work did not succeed in measuring a predicted positive impact of campaign spending on election outcome. This "non-result result" shows the importance of an extensive dataset, which would allow an alternative approach to modelling and eliminating strong multicollinearity in the model.