Digital transformation, media coverage, and management tone manipulation

Keyi Gui and Hong Hou

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

Abstract: Corporate digital transformation has become an unavoidable trend in the modern era. Using annual report data from Chinese companies listed on the Shanghai and Shenzhen A-share markets from 2010 to 2020, this study finds that digital transformation increases management tone manipulation. It also indirectly drives managers to intensify tone manipulation by amplifying information flow through both positive and negative media coverage. Further analysis shows this effect is more pronounced in firms with greater accounting information transparency.

Keywords: Digital transformation; Management tone manipulation; Positive media coverage; Negative media coverage; Accounting information transparency (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:s1544612325007007

DOI: 10.1016/j.frl.2025.107440

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