The Effects of Advertising Disclosure Regulations on Social Media: Evidence From Instagram
成果类型：
Article
署名作者：
Ershov, Daniel; Mitchell, Matthew
署名单位：
University of London; University College London; University of Toronto
刊物名称：
RAND JOURNAL OF ECONOMICS
ISSN/ISSBN：
0741-6261
DOI：
10.1111/1756-2171.12493
发表日期：
2025
页码：
74-90
关键词：
摘要：
We study the effects of advertising disclosure regulations in social media markets. Using data from a large sample of Instagram influencers in Germany and Spain and a difference-in-differences approach, we empirically evaluate the effects of German strengthening of disclosure regulations on post content and follower engagement. We measure whether posts include suggested disclosure terms and use text-based approaches (keywords, machine learning) to assess whether a post is sponsored. We show substantial adoption of disclosure but also a 12% increase in sponsored content and an increase in the share of undisclosed-sponsored content consumers are exposed to. We also find reductions in engagement, suggesting that followers were likely negatively affected.
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