We investigate the relation between media attention and firm value and whether this relation varies across different institutional and information environments. Using a comprehensive dataset of global media from 41 countries for the period between 2000 and 2010, we find that media coverage is positively associated with firm value. In addition, we find support for two channels through which the value effect of media coverage operates: the information asymmetry reduction channel and the monitoring channel. Importantly, we document that the positive association between media coverage and firm value is stronger for firms in countries with weak institutional characteristics or less transparent information environments. Our findings provide additional insights into the role of the media in international equity markets.

中文翻译：

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媒体关注和公司价值：国际证据

我们调查了媒体关注和公司价值之间的关系，以及这种关系是否因不同的制度和信息环境而异。使用 2000 年至 2010 年期间来自 41 个国家/地区的全球媒体的综合数据集，我们发现媒体报道与公司价值呈正相关。此外，我们发现媒体报道的价值效应通过两个渠道发挥作用：信息不对称减少渠道和监控渠道。重要的是，我们记录了媒体报道和公司价值之间的正相关对于制度特征薄弱或信息环境不太透明的国家的公司来说更强。我们的研究结果为媒体在国际股票市场中的作用提供了更多见解。