Credibility of Corporate News Coverage in China

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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