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Does regulatory punishment improve financial media’s information intermediary role?

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  • Yang, Shanye
  • Ying, Qianwei
  • Liu, Jinsong

Abstract

When punished by regulators, the financial press in China becomes more conservative, publishing less critical news and weakening its corporate governance function. Our paper indicates that regulatory punishment against media impairs the financial media’s information intermediary role.

Suggested Citation

  • Yang, Shanye & Ying, Qianwei & Liu, Jinsong, 2023. "Does regulatory punishment improve financial media’s information intermediary role?," Economics Letters, Elsevier, vol. 232(C).
    • Handle: RePEc:eee:ecolet:v:232:y:2023:i:c:s0165176523003464
    DOI: 10.1016/j.econlet.2023.111321
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    References listed on IDEAS

    as
    1. Joseph D. Piotroski & T. J. Wong & Tianyu Zhang, 2017. "Political Bias in Corporate News: The Role of Conglomeration Reform in China," Journal of Law and Economics, University of Chicago Press, vol. 60(1), pages 173-207.
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    3. Ole-Kristian Hope & Yi Li & Qiliang Liu & Han Wu, 2021. "Newspaper Censorship in China: Evidence from Tunneling Scandals," Management Science, INFORMS, vol. 67(11), pages 7142-7166, November.
    4. Jiaxing You & Bohui Zhang & Le Zhang, 2018. "Who Captures the Power of the Pen?," The Review of Financial Studies, Society for Financial Studies, vol. 31(1), pages 43-96.
    5. Matthew Gentzkow & Jesse M. Shapiro, 2006. "Media Bias and Reputation," Journal of Political Economy, University of Chicago Press, vol. 114(2), pages 280-316, April.
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    7. Brian J. Bushee & John E. Core & Wayne Guay & Sophia J.W. Hamm, 2010. "The Role of the Business Press as an Information Intermediary," Journal of Accounting Research, Wiley Blackwell, vol. 48(1), pages 1-19, March.
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    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Punishment against media; Media coverage; Information intermediary;
    All these keywords.

    JEL classification:

    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • L82 - Industrial Organization - - Industry Studies: Services - - - Entertainment; Media

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