본문 내용으로 건더뛰기

KDI 경제교육·정보센터

ENG
  • 경제배움
  • Economic

    Information

    and Education

    Center

한국관련자료
An Anatomy of Firms’ Political Speech
Bank of Canada
2024.11.14
We study the distribution of political speech across U.S. firms. We develop a measure of political engagement based on firms’ communications (earning calls, regulatory filings, and social media) by training a large language model to identify statements that contain political opinions. Using these data, we document five facts about firms’ political engagement: (1) Political engagement is rare among firms; (2) Political engagement is concentrated among large firms; (3) Firms tend to specialize in specific topics and outlets; (4) Large firms tend to engage in a wider set of topics and outlets; (5) The 2020 surge in firms’ political engagement was associated with an increase in the engagement of medium-sized firms and a change in the mix of political topics.