News media coverage and corporate leverage adjustments

被引：35

作者：

Tung Lam Dang ^{[1
]}

Viet Anh Dang ^{[2
]}

Moshirian, Fariborz ^{[3
]}

Lily Nguyen ^{[4
]}

Zhang, Bohui ^{[5
]}

机构：

[1] Univ Danang, Univ Econ, Da Nang, Vietnam

[2] Univ Manchester, Alliance Manchester Business Sch, Manchester M15 6PB, Lancs, England

[3] Univ New South Wales, UNSW Business Sch, Sydney, NSW, Australia

[4] Univ Queensland, UQ Business Sch, Brisbane, Qld, Australia

[5] Chinese Univ Hong Kong, Hong Kong, Peoples R China

来源：

JOURNAL OF BANKING & FINANCE | 2019年 / 109卷

基金：

澳大利亚研究理事会;

关键词：

Media coverage; Capital structure; Speed of leverage adjustment; Trade-off theory; CAPITAL STRUCTURE DECISIONS; PANEL-DATA MODELS; INFORMATION ENVIRONMENT; STRUCTURE DYNAMICS; BUSINESS PRESS; CROSS-SECTION; GOVERNANCE; FIRMS; EQUITY; SPEED;

D O I：

10.1016/j.jbankfin.2019.105666

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We examine the impact of the media on firms' leverage adjustments. Using a comprehensive sample of global news across 33 countries, we find that greater news coverage and more positive news sentiment are associated with greater leverage adjustment speeds. This finding is consistent with the argument that media coverage and content help lower the cost of firms' adjustment toward target leverage. We further find evidence supporting two mechanisms through which the news media affects leverage adjustments: information dissemination and monitoring. Overall, our results are consistent with the dynamic trade-off theory of capital structure. (C) 2019 Elsevier B.V. All rights reserved.

引用

页数：22

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