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Does Media Attention Lower Debt Financing? International Evidence

Author

Listed:
  • Man Dang
  • Viet Anh Hoang
  • Khoi Nguyen Tran
  • Darren Henry
  • Xuan Vinh Vo

Abstract

This article examines the association between media attention and debt financing through a number of channels associated with information asymmetry reduction and whether this relationship changes with cross-country institutional environment characteristics. Focusing on a comprehensive international dataset, we find that overall media coverage is negatively related to firm leverage levels. Media-focused variables directly associated with information asymmetry levels, including press-initiated news, non-financial news, and the extent of positive news sentiment, are also negatively related to firm leverage ratios. Furthermore, the country-level institutional environment provided a substituting rather than legitimizing influence on the relationship between media news coverage and firm financing decision-making.

Suggested Citation

  • Man Dang & Viet Anh Hoang & Khoi Nguyen Tran & Darren Henry & Xuan Vinh Vo, 2022. "Does Media Attention Lower Debt Financing? International Evidence," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 58(5), pages 1233-1261, April.
    • Handle: RePEc:mes:emfitr:v:58:y:2022:i:5:p:1233-1261
    DOI: 10.1080/1540496X.2020.1861936
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