The Effects of Advertising Disclosure Regulations on Social Media: Evidence From Instagram
研究了德国加强广告披露法规对Instagram网红帖子的影响，发现披露增加但赞助内容也增加12%，且未披露赞助内容增多，用户参与度下降。
ABSTRACT We study the effects of advertising disclosure regulations in social media markets. Using data from a large sample of Instagram influencers in Germany and Spain and a difference‐in‐differences approach, we empirically evaluate the effects of German strengthening of disclosure regulations on post content and follower engagement. We measure whether posts include suggested disclosure terms and use text‐based approaches (keywords, machine learning) to assess whether a post is sponsored. We show substantial adoption of disclosure but also a 12% increase in sponsored content and an increase in the share of undisclosed‐sponsored content consumers are exposed to. We also find reductions in engagement, suggesting that followers were likely negatively affected.