Who Captures the Power of the Pen?
Year: 2017
Type: article
Abstract: 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. Received December 21, 2014; editorial decision January 13, 2017 by Editor Andrew Karolyi
Source: Review of Financial Studies
DOI: 10.1093/rfs/hhx055
Authors: Jiaxing You, Bohui Zhang, Le Zhang
Language: English
Topic: Media Influence and Politics
Subfield: Sociology and Political Science
Field: Social Sciences
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W3121498650