Media coverage and debt financing choice

被引：3

作者：

Cheng, C. S. Agnes ^{[1
]}

Jiang, Liangliang ^{[2
]}

Song, Wei -Ling ^{[3
]}

机构：

[1] Univ Oklahoma, Price Coll Business, Steed Sch Accounting, Norman, OK 73019 USA

[2] Hong Kong Polytech Univ, Fac Business, Sch Accounting & Finance, Hong Kong, Peoples R China

[3] Louisiana State Univ, EJ Ourso Coll Business, Dept Finance, Baton Rouge, LA 70803 USA

来源：

JOURNAL OF ACCOUNTING AND PUBLIC POLICY | 2024年 / 44卷

关键词：

Media Coverage; News Sentiment; Corporate Governance; Debt Structure; Debt Choice; BUSINESS PRESS; PRIVATE DEBT; PUBLIC DEBT; BANK LOANS; GOVERNANCE; OWNERSHIP; QUALITY;

D O I：

10.1016/j.jaccpubpol.2024.107181

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Extant literature has established the roles of media coverage in the financial system as an important information source and an integrated part of corporate governance, often through its substitution effects with other mechanisms. However, in this study, we utilize negative news sentiment to demonstrate how media coverage can also complement other governance devices, such as private debt and concentrated equity ownership. Firms facing negative news are riskier and require greater monitoring, thus necessitating the complementarity of multiple governance mechanisms to circumvent the negative attributes of firms seeking external debt financing.

引用

页数：17

共 34 条

[1]

[Anonymous], 1999, Fitch IBCA Loan Products Special Report

[2] Accounting quality and debt contracting [J].

Bharath, Sreedhar T. ;

Sunder, Jayanthi ;

Sunder, Shyam V. .

ACCOUNTING REVIEW, 2008, 83 (01) :1-28

[3] External Governance and Debt Structure [J].

Bharath, Sreedhar T. ;

Hertzel, Michael .

REVIEW OF FINANCIAL STUDIES, 2019, 32 (09) :3335-3365

[4] State Ownership and Debt Choice: Evidence from Privatization [J].

Boubakri, Narjess ;

Saffar, Walid .

JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS, 2019, 54 (03) :1313-1346

[5] The Role of the Business Press as an Information Intermediary [J].

Bushee, Brian J. ;

Core, John E. ;

Guay, Wayne ;

Hamm, Sophia J. W. .

JOURNAL OF ACCOUNTING RESEARCH, 2010, 48 (01) :1-19

[6] The Informational Role of the Media in Private Lending [J].

Bushman, Robert M. ;

Williams, Christopher D. ;

Wittenberg-Moerman, Regina .

JOURNAL OF ACCOUNTING RESEARCH, 2017, 55 (01) :115-152

[7] Does corporate lending by banks and finance companies differ? Evidence on specialization in private debt contracting [J].

Carey, M ;

Post, M ;

Sharpe, SA .

JOURNAL OF FINANCE, 1998, 53 (03) :845-878

[8] The Governance Effect of the Media's News Dissemination Role: Evidence from Insider Trading [J].

Dai, Lili ;

Parwada, Jerry T. ;

Zhang, Bohui .

JOURNAL OF ACCOUNTING RESEARCH, 2015, 53 (02) :331-366

[9] The choice among bank debt, non-bank private debt, and public debt: evidence from new corporate borrowings [J].

Denis, DJ ;

Mihov, VT .

JOURNAL OF FINANCIAL ECONOMICS, 2003, 70 (01) :3-28

[10] The effect of media-linked directors on financing and external governance [J].

Di Giuli, Alberta ;

Laux, Paul A. .

JOURNAL OF FINANCIAL ECONOMICS, 2022, 145 (02) :103-131

← 1 2 3 4 →