Media uncertainty and risk-taking

被引：5

作者：

Huang, Jiexiang ^{[1
]}

Roberts, Helen ^{[2
]}

Tan, Eric K. M. ^{[3
]}

机构：

[1] Xian Jiaotong Liverpool Univ, Dept Phys, 111 Renai Rd, Suzhou 215123, Peoples R China

[2] Univ Otago, Dept Accountancy & Finance, POB 56, Dunedin 9054, New Zealand

[3] Univ Queensland, UQ Business Sch, 39 Blair Dr, St Lucia, Qld 4067, Australia

来源：

INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS | 2024年 / 91卷

关键词：

Uncertain media tone; CEO risk -taking incentives; Corporate policies; Investment and financial risk; MANAGERIAL DISCRETION; EXECUTIVE-COMPENSATION; POLICY UNCERTAINTY; FIRM RISK; CEO; INCENTIVES; COVERAGE; INVESTMENT; MANAGEMENT; EARNINGS;

D O I：

10.1016/j.irfa.2023.102930

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study investigates the association between uncertain media tone and risk-taking measures that capture CEO risk-taking incentives, corporate investment, and financial policies. The study predicts that CEOs who attract greater uncertain media tone have more risk-taking incentives. We find a positive association between uncertain media tone and R&D expenditures and financial leverage, and a negative association between uncertain media tone and capital expenditure. Our results are robust to endogeneity concerns and further tests, and demonstrate the importance of uncertainty to executive decision-making. The study documents a potential missing link between uncertain media tone, CEO discretion, and firm risk-taking activities.

引用

页数：21

共 92 条

[51] The Effect of SOX Section 404: Costs, Earnings Quality, and Stock Prices [J].

Iliev, Peter .

JOURNAL OF FINANCE, 2010, 65 (03) :1163-1196

[52] Strategic leadership for exploration and exploitation: The moderating role of environmental dynamism [J].

Jansen, Justin J. P. ;

Vera, Dusya ;

Crossan, Mary .

LEADERSHIP QUARTERLY, 2009, 20 (01) :5-18

[53] Political Uncertainty and Corporate Investment Cycles [J].

Julio, Brandon ;

Yook, Youngsuk .

JOURNAL OF FINANCE, 2012, 67 (01) :45-83

[54] Policy uncertainty and corporate credit spreads [J].

Kaviani, Mahsa S. ;

Kryzanowski, Lawrence ;

Maleki, Hosein ;

Savor, Pavel .

JOURNAL OF FINANCIAL ECONOMICS, 2020, 138 (03) :838-865

[55] Financial Reporting Opacity and Expected Crash Risk: Evidence from Implied Volatility Smirks [J].

Kim, Jeong-Bon ;

Zhang, Liandong .

CONTEMPORARY ACCOUNTING RESEARCH, 2014, 31 (03) :851-875

[56] Tournament incentives, firm risk, and corporate policies [J].

Kini, Omesh ;

Williams, Ryan .

JOURNAL OF FINANCIAL ECONOMICS, 2012, 103 (02) :350-376

[57]

Kothari S., 2002, REV ACCOUNT STUD, V7, P355, DOI [DOI 10.1023/A:1020764227390, 10.1023/A:1020764227390]

[58] Annual report readability, current earnings, and earnings persistence [J].

Li, Feng .

JOURNAL OF ACCOUNTING & ECONOMICS, 2008, 45 (2-3) :221-247

[59] CEO HUBRIS AND FIRM RISK TAKING IN CHINA: THE MODERATING ROLE OF MANAGERIAL DISCRETION [J].

Li, Jiatao ;

Tang, Yi .

ACADEMY OF MANAGEMENT JOURNAL, 2010, 53 (01) :45-68

[60] CEO media exposure, political connection and Chinese firms' stock price synchronicity [J].

Li, Xiaoqing ;

Qiao, Penghua ;

Zhao, Lin .

INTERNATIONAL REVIEW OF ECONOMICS & FINANCE, 2019, 63 :61-75

← 1 2 3 4 5 6 7 8 9 10 →