Promotion or suppression? An empirical exploration of online media supervision on corporate financing efficiency

Qi Zhang and Jat-Syu Lau

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

Abstract: This paper uses data from Chinese listed companies between 2007 and 2022 as an empirical sample to deeply investigate the impact of online media supervision on corporate financing efficiency. The study finds that online media supervision effectively promotes corporate financing efficiency, and this promoting relationship exhibits heterogeneity between high-tech and non-high-tech enterprises. Mechanism tests indicate that the fulfillment of social responsibility plays a mediating role in the relationship between online media supervision and corporate financing efficiency. Additionally, market competition serves as a moderating factor in this relationship.

Keywords: Online media supervision; Corporate financing efficiency; Fulfillment of social responsibility; Market competition (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:s1544612325008049

DOI: 10.1016/j.frl.2025.107545

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