The Political Transformation of Corporate America, 2001–2022

This article reconciles conflicting views about the political landscape of corporate America with new data on the revealed political preferences of 97,469 corporate directors and executives at 9,005 different U.S. companies. Driven largely by turnover, I find that average observed ideology for directors and executives has shifted meaningfully to the left over time, changing from modestly conservative in 2001 to roughly centrist by 2022. This finding supports a middle-ground position between conventional wisdom casting “big business” as a conservative stronghold and revisionist views holding the opposite. Counterfactual simulations and a difference-in-differences design suggest multifaceted reasons for these changes, and hand-collected data on corporate stances on LGBTQ-related legislation suggest a strong connection between corporate political activity and individual views. Overall, this transformation has profound implications for American politics, as the individuals comprising one of the most powerful interest groups—corporate elites—appear to be fracturing ideologically and to some degree even switching sides.