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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

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    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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    4. Yi Ru & Jian Xue & Yuan Zhang & Xin Zhou, 2020. "Social connections between media and firm executives and the properties of media reporting," Review of Accounting Studies, Springer, vol. 25(3), pages 963-1001, September.
    5. 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.
    6. Gregory S. Miller, 2006. "The Press as a Watchdog for Accounting Fraud," Journal of Accounting Research, Wiley Blackwell, vol. 44(5), pages 1001-1033, December.
    7. 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.
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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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