专栏名称: 金融经济学
传播金融学前沿研究动态
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财务金融三大英文期刊近10年(2010-2019)发表的中国题材论文(14)

金融经济学  · 公众号  ·  · 2020-03-30 21:30

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编辑:李超  审核:李超

The Review of Financial Studies(14)

  • Who Captures the Power of the Pen?

Who Captures the Power of the Pen?

T he Review of Financial Studies , 2018, 31(1): 43-96


Jiaxing You, Xiamen University

Bohui Zhang, The Chinese University of Hong Kong

Le Zhang, UNSW Business School


Abstract


We study how government control affects the roles of the media as an information intermediary and a corporate monitor. Comparing a large sample of news articles written by state-controlled and market-oriented Chinese media, we find that articles by the market-oriented media are more critical, more accurate, more comprehensive, and timelier than those by the state-controlled media. Moreover, only articles by the market-oriented media have a significant corporate governance impact. Subsample analyses, interviews with journalists, and a survey of university students suggest that the market-oriented media’s superior effects are explained by their operating efficiency and independence.







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