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  • 5 - Promise and Peril

  • from Section II - Transparency: Causes and Consequences
  • Edited by Thomas P. Lyon, University of Michigan, Ann Arbor
  • Book:
    Corporate Political Responsibility
    Published online:
    16 November 2023
    Print publication:
    30 November 2023, pp 124-154

  • Summary

    This chapter examines the role of disclosure as a tool for promoting corporate political accountability by reviewing how shareholders reacted to various events in the United States and abroad that either changed the ability of firms to engage in the political process or revealed previously hidden corporate political activity. The conclusions drawn from this summary are mixed, with investors’ reactions contingent on myriad factors, including the form of the political activity engaged in, prior contestation over such activity by shareholders, and other firm-level nonmarket and market dynamics. The chapter concludes by discussing the limits of disclosure as a tool for regulating corporate political activity, as well as public policy more broadly, and advocates for broader, institutional reforms regarding the role of money in politics.