Data and Code for: Firm donations and political rhetoric

Do campaign finance regulations influence politicians? We study the effects of a French ban on political donations from firms passed in 1995. We use a difference-in-differences approach and a novel dataset combining the campaign manifestos issued by every candidate running for a seat in the French parliament with detailed data on their campaign contributions. The ban on firm donations could affect political rhetoric, either through a resource effect or through a change in the pool of potential donors. We show that banning firm donations discourages candidates from advertising their local presence, as well as economic issues, during the campaign. The ban also leads candidates from non-mainstream parties to use more polarized language. These findings suggest that politicians strategically adjust their campaign communication to secure contributions from specific sources, and that campaign finance reforms may affect the information made available to voters through their impact on candidates' rhetoric.<br>