Journal of Financial Economics·Volume 129, Issue 1·July 2018

媒体倾斜对企业行为的影响

作者：Vishal P. Baloria（Boston College）

Jonas Heese（Harvard University）

摘要：媒体可能会给企业带来声誉成本，源于其作为信息中介的重要作用，以及其消极倾斜报道的能力。我们利用了一个准自然实验，保持不同公司的信息事件一致，但改变当地市场上主要新闻媒体的可用性。我们发现受到倾斜报道威胁的公司会在事件发生之前抑制负面信息的发布并随后发布。我们的结果与企业可以通过采取预防措施避免负面媒体报道来管理其声誉资本的理论一致。

关键词：福克斯新闻，媒体倾斜，声誉资本，企业战略决策

The effects of media slant on firm behavior

Vishal P. Baloria（Boston College）

Jonas Heese（Harvard University）

ABSTRACT

The media can impose reputational costs on firms because of its important role as an information intermediary and its ability to negatively slant coverage. We exploit a quasi-natural experiment that holds constant the information event across firms but varies the availability of a major news outlet in local markets. We find that firms subject to the threat of slanted coverage suppress the release of negative information before the event and release it subsequently. Our results are consistent with theory on the active role firms can play in managing their reputational capital through anticipatory actions to avoid negative media coverage.

Keywords: Fox News, Media slant, Reputational capital, Strategic corporate decisions

原文链接：https://www.sciencedirect.com/science/article/pii/S0304405X18300989#!

翻译：何杉