Social Media and Corruption

• 成果类型: Article
• 署名作者: Enikolopov, Ruben; Petrova, Maria; Sonin, Konstantin
• 署名单位: ICREA; New Economic School; University of Chicago; HSE University (National Research University Higher School of Economics)
• 刊物名称: AMERICAN ECONOMIC JOURNAL-APPLIED ECONOMICS
• ISSN/ISSBN: 1945-7782
• DOI: 10.1257/app.20160089
• 发表日期: 2018
• 页码: 150-174
• 关键词: field experiment; newspaper entry; INFORMATION; coverage; BIAS; politicians; diffusion; Sentiment; capture; IMPACT

摘要

Does new media promote accountability in - nondemocratic countries, where offline media is often suppressed? We show that blog posts, which exposed corruption in Russian - state-controlled companies, had a negative causal impact on their market returns. For identification, we exploit the precise timing of blog posts by looking at - within-day results with - company-day fixed effects. Furthermore, we show that the posts are ultimately associated with higher management turnover and less minority shareholder conflicts. Taken together, our results suggest that social media can discipline corruption even in a country with limited political competition and heavily censored traditional media.