|
|
|
| Can Media Coverage Improve Corporate Governance?Evidence from Fraud by Listed Firms in China |
| ZHOU Kaiguo, YING Qianwei, ZHONG Chang
|
Lingnan College/ Collaborative Innovation Center for the Cooperation and Development of Hong Kong, Macao and Mainland China, Sun Yat-sen University;
Business School, Sichuan University |
|
|
|
|
Abstract This paper directly investigates the impact of media coverage on corporate governance as well as the mechanism, from the perspective of corporate fraud frequency, and also analyzes the different governance roles of media coverage on firms with different fraud frequency. The empirical results show that the media coverage does mitigate the frequency of corporate fraud, especially for the firms with more frequent frauds. This paper further discovers that the governance role of media coverage increased year by year. Finally, we find an evidence supporting the argument that the positive role of media coverage in corporate governance mainly works through the government involvement mechanism rather than the reputation mechanism.
|
|
Received: 10 March 2015
Published: 13 April 2018
|
|
|
|
|
| [1] |
陈冬华、章铁生和李翔,2008,《法律环境、政府管制与隐性契约》,《经济研究》第 3 期,第60~72页。
|
| [2] |
戴亦一、潘越和刘思超,2011:《媒体监督、政府干预与公司治理:来自中国上市公司财务重述视角的证据》,《世界经济》第11期,第121~144页。
|
| [3] |
孔东民、刘莎莎和应千伟, 2013, 《公司行为中的媒体角色: 激浊扬清还是推波助澜？》, 《管理世界》第7期, 第145~162页。
|
| [4] |
李培功和沈艺峰,2010,《媒体的公司治理作用:中国的经验证据》,《经济研究》第4期,第14~27页。
|
| [5] |
李培功和沈艺峰,2013,《经理薪酬、轰动报道与媒体的公司治理作用》,《管理科学学报》第10期,第63~80页。
|
| [6] |
罗进辉,2012,《媒体报道的公司治理作用—双重代理成本视角》,《金融研究》第10期,第153~166页。
|
| [7] |
权小锋和吴世农,2010,《投资者关注、盈余公告效应与管理层公告择机》,《金融研究》第11期,第90~107页。
|
| [8] |
王珺,2001,《双重博弈中的激励与行为—对转轨时期国有企业经理激励不足的一种新解释》,《经济研究》第 8期,第71~78页。
|
| [9] |
吴超鹏、叶小杰和吴世农,2012,《媒体监督、政治关联与高管变更—中国的经验证据》, 《经济管理》第2期, 第57~65页。
|
| [10] |
徐莉萍和辛宇,2011,《媒体治理与中小投资者保护》,《南开管理评论》第6期,第36~47页。
|
| [11] |
杨德明和赵璨,2012,《媒体监督、媒体治理与高管薪酬》,《经济研究》第6期,第116~126页。
|
| [12] |
叶勇、李明和黄雷,2013,《法律环境、媒体监督与代理成本》,《证券市场导报》第9期,第47~53页。
|
| [13] |
余明桂和潘红波,2008,《政治关系、制度环境与民营企业银行贷款》,《管理世界》第 8 期,第9~21页。
|
| [14] |
于忠泊、田高良、齐保垒和张皓,2011,《媒体关注的公司治理机制——基于盈余管理视角的考察》,《管理世界》第9期,第127~140页。
|
| [15] |
郑志刚,2007,《法律外制度的公司治理角色—一个文献综述》,《管理世界》第9期,第136~147页。
|
| [16] |
周开国、应千伟和陈晓娴,2012,《媒体关注度、分析师关注度与盈余预测准确度》,《金融研究》第2期,第139~152页。
|
| [17] |
Allen, F., J. Qian, and M. Qian, 2005. “Law, Finance, and Economic Growth in China.” Journal of Financial Economics, 77(1): 57~116.
|
| [18] |
Core, J.E., W. Guay, and D.F. Larcker, 2008. “The Power of the Pen and Executive Compensation.” Journal of Financial Economics, 88(1): 1~25.
|
| [19] |
Correia, M.M., 2014. “Political Connections and SEC Enforcement.” Journal of Accounting and Economics, 2014, 57(2): 241~262.
|
| [20] |
Demirgüc,-Kunt, A. and V. Maksimovic, 1998. “Law, Finance, and Firm Growth.” Journal of Finance, 53(6): 2107~2137.
|
| [21] |
Dyck, A., N. Volchkova, and L. Zingales, 2008. “The Corporate Governance Role of the Media: Evidence from Russia.” Journal of Finance, 63(3): 1093~1135.
|
| [22] |
Dyck, A. and L. Zingales, 2002. “The Corporate Governance Role of the Media.” National Bureau of Economic Research, Working Paper, No. w9309.
|
| [23] |
Fang, L. and J. Peress, 2009. “Media Coverage and the Cross-section of Stock Returns.” Journal of Finance, 64(5): 2023~2052.
|
| [24] |
Gillan, S.L., 2006. “Recent Developments in Corporate Governance: An Overview.” Journal of Corporate Finance, 12(3): 381~402.
|
| [25] |
Gomes, A., 2000. “Going Public Without Governance: Managerial Reputation Effects.” Journal of Finance, 55(2): 615~646.
|
| [26] |
Gurun, U.G. and A.W. Butler, 2012. “Don't Believe the Hype: Local Media Slant, Local Advertising, and Firm Value.” Journal of Finance, 67(2): 561~598.
|
| [27] |
Joe, J.R., H. Louis, and D. Robinson, 2009. “Managers’ and Investors’ Responses to Media Exposure of Board Ineffectiveness.” Journal of Financial and Quantitative Analysis, 44(3): 579~605.
|
|
|
|
