Who Captures the Power of the Pen?

• 成果类型: Article
• 署名作者: You, Jiaxing; Zhang, Bohui; Zhang, Le
• 署名单位: Xiamen University; University of New South Wales Sydney; The Chinese University of Hong Kong, Shenzhen
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhx055
• 发表日期: 2018
• 页码: 43
• 关键词: TOP EXECUTIVE TURNOVER; SHARE STRUCTURE REFORM; corporate governance; ceo turnover; Investor protection; FINANCIAL MEDIA; firm performance; Social media; CHINA; INFORMATION

摘要

We study how government control affects the roles of the media as an information intermediary and a corporate monitor. Comparing a large sample of news articles written by state-controlled and market-oriented Chinese media, we find that articles by the market-oriented media are more critical, more accurate, more comprehensive, and timelier than those by the state-controlled media. Moreover, only articles by the market-oriented media have a significant corporate governance impact. Subsample analyses, interviews with journalists, and a survey of university students suggest that the market-oriented media's superior effects are explained by their operating efficiency and independence.