The Movement for Corporate Political Accountability

企业政治责任运动

• 批准号: 1756072
• 负责人: Edward Walker
• 金额: $ 23.08万
• 依托单位: University of California-Los Angeles
• 依托单位国家: 美国
• 项目类别: Standard Grant
• 财政年份: 2018
• 资助国家: 美国
• 起止时间: 2018-05-01 至 2020-08-31
• 项目状态: 已结题
• 来源: https://www.nsf.gov/awardsearch/showAward?AWD_ID=1756072&HistoricalAwards=false
• 关键词: Movement; Corporate; Political; Accountability

This project will study the sources and effects of the social movement that has been pressuring major corporations to disclose more information about their political expenditures. This social movement, involving both conventional outside activist groups and insider investor-activists, has been building for over a decade now. The primary research goals of this project are to understand which firms are targeted by activists, which have changed their specific disclosure practices, which have gone even further and started restricting certain expenditures, and whether information related to political disclosure affects firms in the stock market and in terms of investor perceptions. The findings of this project will inform policy proposals, both internal and external to firms, regarding political disclosure requirements for U.S. corporations, which have been an ongoing topic of debate among policymakers. Results of these investigations will be disseminated widely through scholarly articles and writings for general-interest audiences including business and political leaders and the broader public. The project will also train graduate and undergraduate students and generate a variety of public-use datasets that will allow for further investigations by other scholars, as well as by journalists and students. The research goals will be pursued in several ways. Original databases of protests and political expenditure controversies (based on media reports) surrounding S&P 1500 firms over the period from 2005-2016 will be created. One analysis will examine how firms' past political activity and corporate interlock networks affect their likelihood of being targeted by either outside or investor activists. Another analysis will investigate how protests and corporate shareholder resolutions affect firms' likelihood of changing their disclosure practices or restricting expenditures. Interviews with leading shareholder-activists will be conducted. A Cumulative Abnormal Returns (CAR) event-study of how expenditure-related controversies affect firms' stock prices will be performed. A series of experiments will be conducted to examine how changes to political disclosure practices affect investor perceptions of a firm's value. The project will advance scholarship in political and economic sociology, particularly regarding the political power of U.S. corporations in light of weakening corporate networks alongside rising shareholder capitalism. It will also advance research at the intersection of social movements and organizational theory. Lastly, the study will draw attention to the diverse corporate lobbying strategies employed by contemporary firms and how those strategies are perceived by investors, publics, and policymakers.This award reflects NSF's statutory mission and has been deemed worthy of support through evaluation using the Foundation's intellectual merit and broader impacts review criteria.

这个项目将研究社会运动的来源和影响，这场运动一直在迫使大公司披露更多关于其政治支出的信息。这场社会运动涉及传统的外部维权团体和内部投资者维权人士，已经建立了十多年。 该项目的主要研究目标是了解哪些公司是活动家的目标，哪些公司已经改变了具体的披露做法，甚至更进一步，开始限制某些支出，以及与政治披露有关的信息是否影响股票市场上的公司和投资者的看法。该项目的研究结果将为公司内部和外部的政策建议提供信息，这些建议涉及美国公司的政治披露要求，这一直是政策制定者之间辩论的主题。这些调查的结果将通过学术文章和著作广泛传播，面向包括商业和政治领导人以及更广泛的公众在内的广大受众。该项目还将培训研究生和本科生，并生成各种公共使用的数据集，以便其他学者以及记者和学生进行进一步调查。研究目标将以几种方式实现。 将创建2005-2016年期间围绕标准普尔1500指数公司的抗议和政治支出争议（基于媒体报道）的原始数据库。其中一项分析将研究公司过去的政治活动和公司连锁网络如何影响它们成为外部或投资者活动家目标的可能性。 另一项分析将调查抗议和公司股东决议如何影响公司改变其披露做法或限制支出的可能性。 将与主要股东积极分子进行访谈。 一个累积异常回报（CAR）事件研究如何支出相关的争议影响公司的股票价格将被执行。 将进行一系列实验，以研究政治披露做法的变化如何影响投资者对公司价值的看法。该项目将推进政治和经济社会学的学术研究，特别是关于美国公司的政治权力，因为随着股东资本主义的兴起，公司网络不断削弱。 它还将推进社会运动和组织理论交叉点的研究。最后，本研究将提请注意当代企业所采用的各种企业游说策略，以及投资者、公众和政策制定者如何看待这些策略。该奖项反映了NSF的法定使命，并通过使用基金会的智力价值和更广泛的影响审查标准进行评估，被认为值得支持。