Corporate Political Activism and Information Transfers
研究发现，政治活跃企业在盈余公告期间会向同行业其他公司传递更多信息，尤其在电话会议讨论行业或市场相关的政治话题时，以及政治不确定性较高时，这种信息传递更强。
ABSTRACT Prior research suggests that (1) politically active firms have an information advantage over firms that do not engage in the political process but also that (2) politically active firms are more likely to disclose policy-related information. We examine whether there are externalities associated with the processing of political information by politically active firms. We study this question in the setting of intraindustry information transfers around earnings announcements. Measuring firms’ political activism using campaign contributions, we find stronger intraindustry information transfers from politically active firms to their industry peers. These information transfers are stronger when there is more discussion during conference calls of political topics that have industry- or market-wide implications. Similarly, these information transfers are also stronger when there is greater political uncertainty. Our paper highlights an important information externality related to politically active firms’ disclosures and improves our understanding of how politically active firms affect their industries’ information environment. Data Availability: The data used in this study are publicly available from the sources cited in the text. JEL Classifications: D72; M41; M48.