The value of public information: Media coverage of incumbent firms and entrepreneurial activities

IF 10.5 1区管理学 Q1 BUSINESS

Journal of Business Research Pub Date : 2025-05-15 DOI:10.1016/j.jbusres.2025.115445

Zijie Song, Chenyun Guo, Yanying Chen, Hang Zhu

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引用次数: 0

Abstract

Extant research has examined the impact of private information on entrepreneurial opportunity discovery, but it has largely overlooked the role of public information, especially that on incumbent firms. Addressing this gap is crucial given the significant information deficiencies in weak formal institutions such as emerging market economies. In this study, we draw on insights from the classical view of entrepreneurial opportunity and posit that the media coverage of listed firms can assist potential entrepreneurs in gathering and processing information. By analyzing multi-source data on 290 cities and 78 two-digit industries spanning the period of 2008–2019, we find a positive relationship between the media coverage and industrial entrepreneurship. This relationship weakens when the focal industry is targeted by an industrial policy or receives more negative reports, whereas it is more pronounced in industries with greater investment irreversibility. This study contributes to the literature on entrepreneurial opportunity and public information.

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公共信息的价值：媒体对现有公司和企业活动的报道

现有的研究考察了私人信息对创业机会发现的影响，但它在很大程度上忽视了公共信息的作用，特别是对现有公司的作用。鉴于新兴市场经济体等较弱的正式机构存在严重的信息不足，解决这一差距至关重要。在本研究中，我们借鉴了经典的创业机会观，并假设上市公司的媒体报道可以帮助潜在的企业家收集和处理信息。通过对2008-2019年间290个城市和78个两位数行业的多源数据分析，我们发现媒体报道与产业创业之间存在正相关关系。当重点行业成为产业政策的目标或收到更多负面报告时，这种关系减弱，而在投资不可逆性较大的行业中，这种关系更为明显。本研究对创业机会与公共信息的研究有贡献。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Business Research BUSINESS-

CiteScore

20.30

自引率

10.60%

发文量

956

期刊介绍： The Journal of Business Research aims to publish research that is rigorous, relevant, and potentially impactful. It examines a wide variety of business decision contexts, processes, and activities, developing insights that are meaningful for theory, practice, and/or society at large. The research is intended to generate meaningful debates in academia and practice, that are thought provoking and have the potential to make a difference to conceptual thinking and/or practice. The Journal is published for a broad range of stakeholders, including scholars, researchers, executives, and policy makers. It aids the application of its research to practical situations and theoretical findings to the reality of the business world as well as to society. The Journal is abstracted and indexed in several databases, including Social Sciences Citation Index, ANBAR, Current Contents, Management Contents, Management Literature in Brief, PsycINFO, Information Service, RePEc, Academic Journal Guide, ABI/Inform, INSPEC, etc.