Media attention and firm value: International evidence

Tung Dang, Thi H. H. Huynh and Manh T. Nguyen

International Review of Finance, 2021, vol. 21, issue 3, 865-894

Abstract: We investigate the relation between media attention and firm value and whether this relation varies across different institutional and information environments. Using a comprehensive dataset of global media from 41 countries for the period between 2000 and 2010, we find that media coverage is positively associated with firm value. In addition, we find support for two channels through which the value effect of media coverage operates: the information asymmetry reduction channel and the monitoring channel. Importantly, we document that the positive association between media coverage and firm value is stronger for firms in countries with weak institutional characteristics or less transparent information environments. Our findings provide additional insights into the role of the media in international equity markets.

Date: 2021
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