Work

Beyond formal politics: the epistemic facet of business power

Year: 2024

Type: article

Abstract: This article introduces “epistemic business power” as a distinct facet of corporate influence. Epistemic business power refers to the strategic communication of firms to influence the perceptions and beliefs of policymakers, experts, media, and the public regarding which issues, goals, norms, methods, and instruments to be politically considered. Rather than influencing decision-making and policy formulation directly, this form of power enables firms to intermediate the anticipatory dynamics of structural forms of business power and shape issue salience as well as the definition and recognition of topics as political problems. The article explores the scope conditions of epistemic business power, detailing the interaction of material aspects, corporate communication and issue salience dynamics. Based on quantitative and qualitative content as well as reception analyses, ownership data and interviews, a case study of the world’s largest asset manager BlackRock illustrates how today’s finance capital can use epistemic channels with regard to fundamental questions about the role of state capacity and private enterprise in capitalist democracies. By foregrounding the political nature of corporate public relations, the conceptual endeavor and its empirical illustration contribute to a deeper understanding of corporate power and its multifaceted role in shaping politics in capitalist democracies.

Source: Business and Politics

DOI: 10.1017/bap.2024.21

Author: Clara Heinrich

Institution: Freie Universität Berlin

Language: English

Topic: Political Influence and Corporate Strategies

Subfield: Strategy and Management

Field: Business, Management and Accounting

Domain: Social Sciences

SDG: Peace, justice, and strong institutions

Open Access status: hybrid

Estimated APC paid: $3,450