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Firm Donations and Political Rhetoric: Evidence from a National Ban

Author

Listed:
  • Julia Cagé

    (ECON - Département d'économie (Sciences Po) - Sciences Po - Sciences Po - CNRS - Centre National de la Recherche Scientifique, CEPR - Center for Economic Policy Research)

  • Caroline Le Pennec

    (HEC Montréal - HEC Montréal)

  • Elisa Mougin

    (ENS de Lyon - École normale supérieure de Lyon - Université de Lyon, CERGIC - Center for Economic Research on Governance, Inequality and Conflict - ENS de Lyon - École normale supérieure de Lyon - Université de Lyon, LIEPP - Laboratoire interdisciplinaire d'évaluation des politiques publiques (Sciences Po) - Sciences Po - Sciences Po)

Abstract

We study France's 1995 ban on firm donations to politicians. We use a difference-in-differences approach and a novel dataset combining the campaign manifestos issued by candidates running in French parliamentary elections with data on their campaign contributions. We show that banning firm donations discourages candidates from advertising their local presence during the campaign, as well as economic issues. The ban also leads candidates from nonmainstream parties to use more extreme language. This suggests that private donors shape politicians' topics of interest, and that campaign finance reforms may affect the information made available to voters through their impact on candidates' rhetoric.

Suggested Citation

  • Julia Cagé & Caroline Le Pennec & Elisa Mougin, 2024. "Firm Donations and Political Rhetoric: Evidence from a National Ban," Post-Print hal-05446535, HAL.
    • Handle: RePEc:hal:journl:hal-05446535
    DOI: 10.1257/pol.20220218
    Note: View the original document on HAL open archive server: https://sciencespo.hal.science/hal-05446535v1
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