CEO媒体报道与企业投资

IF 0.9 Q3 BUSINESS, FINANCE

Journal of International Accounting Research Pub Date : 2021-09-23 DOI:10.2308/jiar-2021-076

Weijie Chen, Yongjie Zhang, Jingran Zhao, Gang Hu, G. Zou

{"title":"CEO媒体报道与企业投资","authors":"Weijie Chen, Yongjie Zhang, Jingran Zhao, Gang Hu, G. Zou","doi":"10.2308/jiar-2021-076","DOIUrl":null,"url":null,"abstract":"We examine how the tone of news articles about CEOs affects corporate investment at the CEOs’ firms. Using unique Chinese media coverage data, we show that positive CEO news articles are significantly associated with increased corporate investment, and the total number of articles does not matter. To establish causality, we use a Granger lead-lag test approach, as well as an instrumental variable approach that uses type of news outlets (state-controlled vs. non-state-controlled). Our identification strategies suggest a positive causal effect of CEO news tone on the level of corporate investment. We further identify two underlying economic mechanisms: CEO overconfidence and investor sentiment. We find that the relation between CEO news tone and corporate investment is mainly driven by the overinvestment aspect of investment inefficiency. Our work contributes to prior literature by examining the effects of specific news types (i.e., CEO coverage) and by highlighting a behavioral perspective underlying corporate investment.","PeriodicalId":45457,"journal":{"name":"Journal of International Accounting Research","volume":" ","pages":""},"PeriodicalIF":0.9000,"publicationDate":"2021-09-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":"{\"title\":\"CEO media coverage and corporate investment\",\"authors\":\"Weijie Chen, Yongjie Zhang, Jingran Zhao, Gang Hu, G. Zou\",\"doi\":\"10.2308/jiar-2021-076\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"We examine how the tone of news articles about CEOs affects corporate investment at the CEOs’ firms. Using unique Chinese media coverage data, we show that positive CEO news articles are significantly associated with increased corporate investment, and the total number of articles does not matter. To establish causality, we use a Granger lead-lag test approach, as well as an instrumental variable approach that uses type of news outlets (state-controlled vs. non-state-controlled). Our identification strategies suggest a positive causal effect of CEO news tone on the level of corporate investment. We further identify two underlying economic mechanisms: CEO overconfidence and investor sentiment. We find that the relation between CEO news tone and corporate investment is mainly driven by the overinvestment aspect of investment inefficiency. Our work contributes to prior literature by examining the effects of specific news types (i.e., CEO coverage) and by highlighting a behavioral perspective underlying corporate investment.\",\"PeriodicalId\":45457,\"journal\":{\"name\":\"Journal of International Accounting Research\",\"volume\":\" \",\"pages\":\"\"},\"PeriodicalIF\":0.9000,\"publicationDate\":\"2021-09-23\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"1\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of International Accounting Research\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2308/jiar-2021-076\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q3\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of International Accounting Research","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2308/jiar-2021-076","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 1

摘要

我们研究了关于CEO的新闻文章的语气如何影响CEO公司的企业投资。利用中国独特的媒体报道数据，我们发现积极的CEO新闻文章与企业投资的增加显著相关，文章总数并不重要。为了确定因果关系，我们使用了Granger超前-滞后检验方法，以及使用新闻媒体类型（国家控制与非国家控制）的工具变量方法。我们的识别策略表明，首席执行官的新闻基调对企业投资水平有积极的因果影响。我们进一步确定了两种潜在的经济机制：首席执行官过度自信和投资者情绪。我们发现CEO新闻基调与企业投资之间的关系主要是由投资低效的过度投资方面驱动的。我们的工作通过研究特定新闻类型（即CEO报道）的影响，并通过强调企业投资的行为视角，为先前的文献做出了贡献。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

CEO media coverage and corporate investment

We examine how the tone of news articles about CEOs affects corporate investment at the CEOs’ firms. Using unique Chinese media coverage data, we show that positive CEO news articles are significantly associated with increased corporate investment, and the total number of articles does not matter. To establish causality, we use a Granger lead-lag test approach, as well as an instrumental variable approach that uses type of news outlets (state-controlled vs. non-state-controlled). Our identification strategies suggest a positive causal effect of CEO news tone on the level of corporate investment. We further identify two underlying economic mechanisms: CEO overconfidence and investor sentiment. We find that the relation between CEO news tone and corporate investment is mainly driven by the overinvestment aspect of investment inefficiency. Our work contributes to prior literature by examining the effects of specific news types (i.e., CEO coverage) and by highlighting a behavioral perspective underlying corporate investment.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Journal of International Accounting Research BUSINESS, FINANCE-

CiteScore

1.40

自引率

16.70%

发文量