媒体报道与债务融资选择

IF 3.3 3区管理学 Q1 BUSINESS, FINANCE

Journal of Accounting and Public Policy Pub Date : 2024-01-22 DOI:10.1016/j.jaccpubpol.2024.107181

C.S. Agnes Cheng , Liangliang Jiang , Wei-Ling Song

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引用次数: 0

摘要

现有文献已经确定了媒体报道在金融体系中作为重要信息来源和公司治理组成部分的作用，通常是通过其与其他机制的替代效应来实现的。然而，在本研究中，我们利用负面新闻情绪来说明媒体报道如何与私人债务和集中股权等其他治理手段相辅相成。面临负面新闻的公司风险更大，需要更多的监督，因此需要多种治理机制的互补，以规避寻求外部债务融资的公司的负面属性。

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Media coverage and debt financing choice

Extant literature has established the roles of media coverage in the financial system as an important information source and an integrated part of corporate governance, often through its substitution effects with other mechanisms. However, in this study, we utilize negative news sentiment to demonstrate how media coverage can also complement other governance devices, such as private debt and concentrated equity ownership. Firms facing negative news are riskier and require greater monitoring, thus necessitating the complementarity of multiple governance mechanisms to circumvent the negative attributes of firms seeking external debt financing.

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来源期刊

Journal of Accounting and Public Policy Multiple-

CiteScore

4.80

自引率

2.80%

发文量

期刊介绍： The Journal of Accounting and Public Policy publishes research papers focusing on the intersection between accounting and public policy. Preference is given to papers illuminating through theoretical or empirical analysis, the effects of accounting on public policy and vice-versa. Subjects treated in this journal include the interface of accounting with economics, political science, sociology, or law. The Journal includes a section entitled Accounting Letters. This section publishes short research articles that should not exceed approximately 3,000 words. The objective of this section is to facilitate the rapid dissemination of important accounting research. Accordingly, articles submitted to this section will be reviewed within fours weeks of receipt, revisions will be limited to one, and publication will occur within four months of acceptance.