Shining a Light on Firms’ Political Connections: The Role of Dark Money
研究了美国2010年联邦法院判决后，标普500企业通过未披露且无上限的暗钱进行政治活动的新渠道，发现暗钱补充了竞选捐款和游说，且面临披露成本时企业会主动披露，受益于更多政府采购合同和补贴。
Abstract We study the emergence of a new channel for firms’ political activity using dark money through undisclosed and unlimited contributions. After the U.S. federal court decisions in 2010, S&P 500 firms substantially increased their use of dark money. We find that dark money contributions complement political engagement through campaign contributions and lobbying. Firms disclose dark money contributions when they face heightened nondisclosure costs. Firms contributing to dark money groups benefit by receiving more procurement contracts and increased government subsidies. Our findings highlight that political connections by firms are evolving and expanding through new and largely unexplored channels.