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
收藏
页数：22
相关论文
共 50 条
  • [41] Media Coverage and corporate tax burden in Spain
    Bona-Sanchez, Carolina
    Perez-Aleman, Jeronimo
    Javier Santana-Martin, Domingo
    [J]. REVISTA DE CONTABILIDAD-SPANISH ACCOUNTING REVIEW, 2023, 26 (01) : 138 - 149
  • [42] Corporate misconduct, media coverage, and stock returns
    Kim, Hee-Eun
    Jo, Hoje
    Ahn, Tae-Wook
    Yi, Junesuh
    [J]. INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS, 2022, 84
  • [43] Green media coverage and corporate green innovation
    Gao, Jie
    Wu, Huiying
    You, Jiaxing
    Smith, Meg
    [J]. JOURNAL OF BUSINESS FINANCE & ACCOUNTING, 2024,
  • [44] MEDIA COVERAGE, POLITICAL CONNECTIONS AND CORPORATE RISK
    Zhou Yi
    Zhang Youtang
    [J]. RISUS-JOURNAL ON INNOVATION AND SUSTAINABILITY, 2020, 11 (03): : 45 - 61
  • [45] MEDIA COVERAGE OF CORPORATE MALFEASANCE IN THE OIL INDUSTRY
    RANDALL, D
    DEFILLIPPI, R
    [J]. SOCIAL SCIENCE JOURNAL, 1987, 24 (01): : 31 - 42
  • [46] Corporate Reputation and the News Media: The Origin Story
    Carroll C.E.
    [J]. Corporate Reputation Review, 2017, 20 (3-4) : 165 - 170
  • [47] The Impact of Corporate Media News on Market Valuation
    Cuellar-Fernandez, Beatriz
    Fuertes-Callen, Yolanda
    Antonio Lainez-Gadea, Jose
    [J]. JOURNAL OF MEDIA ECONOMICS, 2010, 23 (02) : 90 - 110
  • [48] How Does Analyst Coverage Influence Corporate Leverage Adjustment: Evidence from China
    Sun, Renji
    Ho, Kung-Cheng
    Chang, Chiu-Lan
    Luo, Sijia
    [J]. EMERGING MARKETS FINANCE AND TRADE, 2022, 58 (13) : 3881 - 3897
  • [49] Product market threats and leverage adjustments
    Do, Trung K.
    Huang, Henry Hongren
    Ouyang, Puman
    [J]. JOURNAL OF BANKING & FINANCE, 2022, 135
  • [50] Gendered News: Media Coverage and Electoral Politics in Canada
    Lorenzi, Lucia
    [J]. CANADIAN LITERATURE, 2014, (222): : 158 - 160
12345