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Who Captures the Power of the Pen?

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  • Jiaxing You
  • Bohui Zhang
  • Le Zhang

Abstract

We study how government control affects the roles of the media as an information intermediary and a corporate monitor. Comparing a large sample of news articles written by state-controlled and market-oriented Chinese media, we find that articles by the market-oriented media are more critical, more accurate, more comprehensive, and timelier than those by the state-controlled media. Moreover, only articles by the market-oriented media have a significant corporate governance impact. Subsample analyses, interviews with journalists, and a survey of university students suggest that the market-oriented media’s superior effects are explained by their operating efficiency and independence. Received December 21, 2014; editorial decision January 13, 2017 by Editor Andrew Karolyi

Suggested Citation

  • 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.
    • Handle: RePEc:oup:rfinst:v:31:y:2018:i:1:p:43-96.
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    File URL: http://hdl.handle.net/10.1093/rfs/hhx055
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