Media sentiment and corporate R&D manipulation

Qi Luo and Hanqi Li

Finance Research Letters, 2025, vol. 81, issue C

Abstract: Using samples of Chinese listed companies from 2009 to 2023, this study examines the impact of media sentiment on corporate research and development (R&D) manipulation. Findings reveal companies’ tendency to engage in upward (downward) R&D manipulation under positive (negative) media sentiment. Further analysis suggests that upward manipulation is motivated by a desire to cater to investor optimism fostered by positive media sentiment, while downward manipulation is motivated by a desire to alleviate performance pressures owing to negative media sentiment.

Keywords: Media sentiment; R&D manipulation; Investor sentiment; Performance pressure (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:81:y:2025:i:c:s1544612325007640

DOI: 10.1016/j.frl.2025.107505

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