The Rise of Corporate Social Advocacy: A Study of Fortune 500 Companies from 1980 to 2022

Abstract

This paper studies the landscape of Corporate Social Activism (CSA) among Fortune 500 companies over the past four decades. By analyzing a novel dataset comprising newspaper article titles related to company social stances, the study aims to establish trends in CSA activity and understand the motivations driving companies to participate in social stances. Contrary to prevailing beliefs, the analysis challenges the existing notion that advertising and social media are primary drivers of CSA, finding instead that companies with higher investments in labor and employees exhibit greater CSA engagement. Furthermore, the establishment of corporate Twitter accounts was not found to significantly influence CSA activity, indicating a nuanced relationship between social media and corporate activism. The findings offer insights into the evolving dynamics of CSR, highlighting the multifaceted motivations behind companies' decisions to engage in social advocacy. Overall, this research contributes to a deeper understanding of the complexities shaping corporate behavior in the realm of social responsibility.