Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/306699 
Year of Publication: 
2024
Series/Report no.: 
Bank of Canada Staff Working Paper No. 2024-37
Publisher: 
Bank of Canada, Ottawa
Abstract: 
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.
Subjects: 
Firm dynamics
Market structure and pricing
Recent economic and financialdevelopments
JEL: 
D22
D63
G41
L11
L20
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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