Who Captures the Power of the Pen?

Jiaxing You, Bohui Zhang and Le Zhang

The Review of Financial Studies, 2018, vol. 31, issue 1, 43-96

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

Date: 2018
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