ABSTRACT Regarding the variance of economic voting, the literature draws on various political institutions and individual-level contexts but pays little attention on how to comprehensively analyze political and economic spheres. Given that politics and economy are closely intertwined by resource acquisition and allocation, this study proposes state-business relations (SBR) to explain the variance across countries. The empirical analysis of 31 OECD countries from 1995 to 2019 confirms that the SBR's explanatory power is significant as a coordination mechanism in a country and moderates political and economic contexts. This study highlights the importance of systematic integration of political and economic spheres and calls for additional efforts to elaborate the nuance of SBR in economic voting across countries.