Institutional ownership of U.S. corporations has increased ten-fold since 1950. We examine whether these new concentrated owners influence portfolio firms' political activities, as a window into the larger question of whether institutional investors can wield their control to extract benefits...

We explore the role of charitable giving as a means of political influence. For philanthropic foundations associated with large U.S. corporations, we present three different identification strategies that consistently point to the use of corporate social responsibility in ways that parallel the...