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Media report favoritism and consequences: A comparison of traditional and new energy sector
Energy Economics ( IF 12.8 ) Pub Date : 2021-10-28 , DOI: 10.1016/j.eneco.2021.105657
Xiaoqi Chen 1 , Xu Gong 2 , Zhonghuang Yang 3
Affiliation  

This paper investigates whether media report favoritism affects firm crash risk both in the traditional and new energy sector. Crash risk is caused by a suddenly outflow of a large amount of cumulatively hidden bad news. Media report favoritism mitigates firm information asymmetry and impairs managements' ability to conceive bad news to outsiders. We find that media report favoritism, measured by total number of news covering firm, significantly reduces the energy firms' crash risk for both traditional news and online news. Our results are robust for Heckman selection model and alternative measures of independent variables. Further, we find that the relation between media coverage and crash risk is more pronounced for new energy firms, non-SOEs firms, firms with higher analyst following, and firms with larger board size. These results indicate that media coverage could play a role in mitigating information asymmetry and reduces firm crash risk.



中文翻译:

媒体报道偏袒与后果:传统与新能源行业的比较

本文调查媒体报道偏袒是否影响传统和新能源部门的企业崩盘风险。崩盘风险是由大量累积隐藏的坏消息突然流出而引起的。媒体报道偏袒减轻了公司的信息不对称,并削弱了管理层向外界设想坏消息的能力。我们发现,以报道公司的新闻总数来衡量的媒体报道偏好显着降低了能源公司对传统新闻和在线新闻的崩溃风险。我们的结果对于 Heckman 选择模型和自变量的替代测量是稳健的。此外,我们发现媒体报道与崩盘风险之间的关系对于新能源公司、非国有企业、分析师关注度较高的公司和董事会规模较大的公司更为明显。

更新日期:2021-11-08
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