Media attention and corporate risk-taking: Evidence from China

被引：11

作者：

Yu, Chengyong ^{[1
]}

Song, Anyue ^{[1
]}

Yu, Fangzhou ^{[2
]}

机构：

[1] Nanjing Univ Finance & Econ, Xianlin Coll Town, Chengyong Yu Sch Accounting, 3 Wenyuan Rd, Nanjing 210023, Peoples R China

[2] Beijing Inst Technol, Fangzhou Yu Sch Comp Sci & Technol, South St, Beijing 100081, Peoples R China

来源：

INTERNATIONAL REVIEW OF ECONOMICS & FINANCE | 2024年 / 93卷

基金：

中国国家自然科学基金;

关键词：

Media attention; Corporate risk-taking; Information transparency; Public opinion pressure; INFORMATION; GOVERNANCE; INCENTIVES;

D O I：

10.1016/j.iref.2024.04.020

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Using a dataset of 2678 publicly listed Chinese companies covering 2007 to 2019, we investigate the effect of media attention on corporate risk-taking. The findings reveal a significant positive correlation between media attention and corporate risk-taking with information asymmetry and quality of information disclosure acting as intermediaries. Further analysis indicates that media attention amplifies corporate risk-taking under certain circumstances, including analyst coverage, the percentage of shares held by major shareholders, board size, executive compensation, and independent directors or separation of the chairperson and CEO roles. Our study provides valuable insights for effectively addressing media-related challenges nationally and in corporations.

引用

页码：1459 / 1482

页数：24

共 28 条

[1] Media attention and agency costs: Evidence from listed companies in China [J].