Local newspaper closures and suppliers' investment efficiency

Thanh Dat Le and Tri Trinh

The European Journal of Finance, 2025, vol. 31, issue 12, 1529-1550

Abstract: This study empirically explores the impact of local newspaper closures on suppliers' investment efficiency. The results reveal that suppliers with customers in close proximity to local newspaper closures make inefficient investment decisions. Cross-sectional analyzes suggest that the negative effect is stronger for suppliers in competitive industries, geographically distant from customers, and when customers have low analyst coverage, institutional ownership, or local media presence. Our findings highlight that the economic consequences of local newspaper closures extend beyond nearby firms, influencing the investment decisions of their trade partners.

Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:taf:eurjfi:v:31:y:2025:i:12:p:1529-1550

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DOI: 10.1080/1351847X.2025.2513500

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