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页数:61页
时间:2019-07-12
《Credibility of Corporate News Coverage in China》由会员上传分享,免费在线阅读,更多相关内容在学术论文-天天文库。
1、CredibilityofCorporateNewsCoverageinChina:ImpactofCommercializationandConglomerationReformsJosephD.Piotroski*StanfordUniversityT.J.WongTheChineseUniversityofHongKongTianyuZhangTheChineseUniversityofHongKongAbstract:Exploitingrecentcommercializationandconglomer
2、ationreformsinChina,thispaperexamineswhethergovernmentscanincreasethecredibilityofcorporatenewsbyinjectingmarketincentivesintostatecontrollednewspaperswithoutrelinquishingownershipcontrol.Comparedwithofficialnewspapersthatserveasthegovernment’smouthpiece,comme
3、rcializationhascreatedbusinessnewspapersthatprimarilyrespondtomarketincentives,whileconglomerationmergesofficialnewspaperswithnewlycreatedbusinessnewspapersunderthesamenewsgroups.Usingtextualanalysistechniques,wedocumentthatbusinessnewspaperarticleshavelesspos
4、itivetoneandpoliticalslantthanofficialnewspaperarticles,suggestingthatcommercializationincreasesnewscredibilityandattenuatesstateinfluence.Wefindthatthedifferenceintoneandpoliticalslantbetweenbusinessandofficialnewspapersismagnifiedamongconglomeratednewspapers
5、,consistentwiththisreformsimultaneouslyincreasingthecredibilityofbusinessnewspapersandthemouthpieceroleofofficialnewspapers.Ourresultsarerobusttousingamatchedfirm-monthresearchdesignthatexaminesthecontentofarticleswrittenaboutthesamefirminthesamemonthandadiffe
6、rence-in-differenceapproachtotestforconglomerationeffects.Finally,usingthestockpriceresponsetonewsarticlestocaptureperceivedcredibility,wefindthatthestockpriceresponseisstrongerforbusinessnewspaperarticlesthanofficialnewspapersarticles,andthisdifferenceislarge
7、rforconglomeratednewspapersthannon-conglomeratednewspapers.Themarketisalsomorecreduloustowardsthepositivetoneofbusinessnewspapers,asindicatedbythestrongerstockpriceresponsetoaunitofpositivetoneinthenewspaperarticlesofbusinessnewspapersthanofficialnewspapers.Ap
8、ril20,2015FirstDraft*Correspondingauthor.Email:jpiotros@stanford.edu.TheauthorswouldliketothankIrwinKingforresearchassistanceandparticipantsatthesecondCUHKCenterforInstitutionsandG
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