We investigate theoretically the influence of substitution by various donor and acceptor groups onto the phenyl rings and/or the vinylene units of poly(paraphenylene vinylene) and poly(paraphenylene). Using quantum chemical methods, we calculate the magnitudes of the forbidden energy gaps, the ionization potentials, and the electron affinities for several derivatives of each of the two parent conjugated polymers. These electronic parameters are essential in determining the potential of such polymers for use as active layers in light-emitting diodes.