This study investigates the relation between the media and CEO dominance. Using CEO pay slice (CPS) as a measure of CEO dominance, we find that negative CEO media exposure, measured by the interaction effects of negative media tone and media coverage given to the CEO of a firm, is associated with a reduction in CEO dominance. Consistent with theoretical predictions, we find that this effect is driven by the response of the Top4 executives to the external challenges posed by the media and is more pronounced in firms with good internal governance. The findings indicate that the media plays an important role as an external monitor, moderating manager behavior through the dissemination of news.

中文翻译：

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媒体和CEO的主导地位

本研究调查了媒体与 CEO 支配地位之间的关系。使用 CEO 薪酬切片 (CPS) 作为 CEO 主导地位的衡量标准，我们发现负面的 CEO 媒体曝光（通过负面媒体基调和对公司 CEO 的媒体报道的交互影响来衡量）与 CEO 主导地位的降低有关. 与理论预测一致，我们发现这种影响是由 Top4 高管对媒体提出的外部挑战的反应所驱动的，并且在内部治理良好的公司中更为明显。研究结果表明，媒体作为外部监督者发挥着重要作用，通过传播新闻来调节管理者的行为。