Is More News Good News? Media Coverage of CEOs, Firm Value, and Rent Extraction

2015 ◽  
Vol 05 (04) ◽  
pp. 1550020 ◽  
Author(s):  
Bang Dang Nguyen
Keyword(s):  
Stock Returns ◽  
Empirical Evidence ◽  
News Media ◽  
Media Coverage ◽  
Firm Value ◽  
Good News ◽  
Rent Extraction ◽  
Tobin's Q ◽  
Econometric Methods ◽  
Abnormal Stock Returns

This paper provides empirical evidence that media coverage of CEOs, a channel of investor recognition, significantly increases firm value, measured by Tobin’s q. The result is robust to alternative econometric methods and checks of causality. Firms with the highest level of CEO media coverage and positive coverage outperform those with the lowest levels by 8% and 7% per year, respectively, in abnormal stock returns. Media coverage also impacts CEO rent extraction through compensation. Subsequent total pay rise is 4.1% above and beyond what CEOs obtain from the increase in firm value that arises due to media coverage.

Manufacturing Consent in Venezuela: Media Misreporting of a Country, 1998–2014

2018 ◽  
Vol 46 (2) ◽  
pp. 273-290
Author(s):  
Alan MacLeod
Keyword(s):  
Empirical Evidence ◽  
News Media ◽  
Media Coverage ◽  
Propaganda Model ◽  
The Press ◽  
The Uk

This article assesses Western news media coverage of Venezuela between 1998 and 2014. It found that the major newspapers in the UK and US reproduce the ideology of Western governments, ignoring strong empirical evidence challenging those positions. The press portrayed Venezuela in an overwhelmingly negative light, presenting highly contested minority opinions as facts while barely mentioning competing arguments, as Herman and Chomsky’s (2002) propaganda model would predict. After conducting interviews, it is clear that a small cadre of pre-selected journalists is immersed into a highly antagonistic newsroom culture that sees itself as the “resistance” to the Venezuelan government and its purpose to defeat it. As a result, hegemony of thought reigns and some journalists report self-censorship.

News Media Organisations and Oil Spill Coverage

2003 ◽  
Vol 2003 (1) ◽  
pp. 353-356
Author(s):  
Alison G. Anderson
Keyword(s):  
News Media ◽  
Media Coverage ◽  
Online Survey ◽  
Editorial Policy ◽  
Good News ◽  
News Story ◽  
Sources Of Information ◽  
Scientific Training ◽  
The Impact ◽  
News Groups

ABSTRACT The news media play a key role in framing the media coverage of oil spills. It is imperative that scientists, industry and policymakers are fully tuned into the ways in which current news organisations operate. Over recent years, a growing environmental promotion industry has emerged, alongside an increasing emphasis on environmental advocacy within the commercial sector. A number of information crises (notably, the Exxon Valdez disaster in 1989) have forced sections of industry to take a more proactive approach to environmental communications as potent media imagery has directly contradicted assurances that environmental protection is not compromised by their activities. Particular issues or events that capture attention tend to be highly visually appealing and resonate with deeply held beliefs and values that operate at a symbolic level. This paper examines the preliminary findings of an international online survey of environmental reporting distributed to key environmental journalist news groups and generalist journalist news groups during June and July 2002. In particular, it focuses upon the following: journalists’ views about what makes a newsworthy story; their degree of scientific training; the constraints under which they work; their main sources of information; their relationships with news sources; and the impact of editorial policy. Interviews with environment correspondents reveal that relatively few possess scientific training and they tend to rely heavily upon official sources of information. The news agendas of broadcasters closely mirror that of print journalists and there is remarkable consensus concerning ‘news values’ – the taken for granted notions about what constitutes a ‘good’ news story. Having presented the main findings of the survey, the paper concludes by arguing that what is needed is greater communication between scientists, industry and journalists leading to an increased mutual recognition of the specific constraints under which they operate.

scholarly journals Media And Cultural Heritage

2015 ◽  
Vol 1 (1) ◽  
Author(s):  
Inge Hutagalung
Keyword(s):  
Cultural Heritage ◽  
News Media ◽  
Agenda Setting ◽  
Media Coverage ◽  
News Coverage ◽  
Good News ◽  
Media Report ◽  
Amplifying Effect ◽  
The Media ◽  
Setting Theory

In general, media coverage can have a strong influence on the reputation of a cultural heritage. Media coverage often has an effect on a cultural heritage’s reputation when ‘good’ or ‘bad’ news is reported.This amplifying effect has often been studied through the lens of agenda setting theory. The hypothesis behind the theory is that the frequency with the media report on an issue determines that issues’ salience in the minds of the general public. In other words, the media may not be successful often time in telling people what to think, but it is stunningly successful in telling its readers what to think about. The news media ‘set’ the public agenda.Since people cannot possibly attend no to every little detail about the cultural heritage around them, setting in communication is important because it helps shape the perspectives through which people see all cultural heritage in the world.In generating good news coverage about a cultural heritage, communicating with the media is one of important activities that should be maintained between communication professionals (in cultural heritage) with journalists. Keywords: media coverage, agenda setting, framing news

scholarly journals Corporate Governance, Shareholder Rights, and Shareholder Rights Plans: Poison, Placebo, or Prescription?

2008 ◽  
Vol 43 (2) ◽  
pp. 381-400 ◽  
Author(s):  
Gary L. Caton ◽  
Jeremy Goh
Keyword(s):  
Corporate Governance ◽  
Stock Returns ◽  
Firm Value ◽  
Abnormal Returns ◽  
Governance Structure ◽  
Shareholder Rights ◽  
Corporate Governance Structure ◽  
Earnings Growth ◽  
Forecast Revisions ◽  
Abnormal Stock Returns

AbstractWe examine the effect of poison pill adoptions on firm value, controlling for the adopting firm's preexisting corporate governance structure. We find that only companies with the most democratic governance structures, defined as those with the fewest preexisting protective governance provisions, experience significantly positive abnormal stock returns and significantly positive abnormal revisions in five-year earnings growth rate forecasts. Moreover, regression results indicate that abnormal returns and forecast revisions are significantly related to governance structure and not to board composition or subsequent merger activity.

scholarly journals Dinamika Abnormal Return Saham pada Perusahaan Terdaftar di BEI

2018 ◽  
Vol 1 (1) ◽  
pp. 77
Author(s):  
Ganisya Kirana
Keyword(s):  
Positive Affect ◽  
Stock Returns ◽  
Empirical Evidence ◽  
Multiple Regression ◽  
Abnormal Return ◽  
Stock Return ◽  
Stock Exchange ◽  
Independent Variables ◽  
Regression Test ◽  
Abnormal Stock Returns

AbstrakThe purpose of this research was to get empirical evidence about the effect of the issuance of islamic bonds (sukuk) and conventional bonds on the abnormal stock returns. The independent variables used are islamic bonds (sukuk) and conventional bonds. The dependent variable used in this study is the abnormal stock return in observations from 2008-2016.The population in this study are all issue islamic bonds (sukuk) and conventional bonds on the Indonesia stock exchange, those are 13 companies with criterias issuing islamic bond (sukuk) and conventional bonds, this obtained 30 samples used in this study. And the samples are the compaines listed during the period 2008-2014. The sampling is done by purposive sampling.The result showed based on multiple regression test for islmaic bonds (sukuk) and conventional bonds that positive affect the abnormal stock return  Keywords: Islamic bonds (sukuk) conventional bonds, and abnormal stock returns.

Issue ownership as a determinant of political parties’ media coverage

2018 ◽  
Vol 43 (1) ◽  
pp. 25-45 ◽  
Author(s):  
Kirsten Van Camp
Keyword(s):  
Content Analysis ◽  
Political Parties ◽  
News Media ◽  
Media Coverage ◽  
Television News ◽  
News Coverage ◽  
Good News ◽  
Issue Ownership ◽  
News Sources ◽  
Source Of Information

Abstract For many citizens, news media are the most important source of information about relevant political topics and actors. As a consequence, it is crucial to investigate who gains media coverage and why. Leaning on two classic news sourcing criteria, suitability and availability, we claim that issue owners can be seen as good news sources. By combining a content analysis of television news with data collected through a journalist survey, we investigate whether issue ownership is a determinant of political parties’ news coverage. Results confirm that issue ownership is a predictor of parties’ news coverage, even when controlling for ministerial competences.

Do Auditors Respond to Media Coverage? Evidence from China

2018 ◽  
Vol 32 (3) ◽  
pp. 169-194 ◽  
Author(s):  
Stephen X. Gong ◽  
Ferdinand A. Gul ◽  
Liwei Shan
Keyword(s):  
News Media ◽  
Media Coverage ◽  
News Coverage ◽  
Positive Association ◽  
Audit Fees ◽  
Good News ◽  
High Coverage ◽  
Listed Firms ◽  
Financial News ◽  
Using Data

SYNOPSIS This paper examines whether news coverage of client firms is associated with their audit fees. Using data from China listed firms during 2004–2013, we find that high coverage client firms are on average charged higher audit fees, irrespective of the media tone. This positive association is stronger for large auditors than for small auditors, and for bad news than for good news. The main results hold for both state-owned enterprises (SOEs) and non-SOEs, and for both politically connected and non-connected firms. The results are robust after controlling for the effects of information asymmetry, auditor choice, internal corporate governance, and alternative measurements of the key variables. Overall, our evidence is supportive of the view that auditors assess high coverage clients as higher risk audits requiring greater audit efforts. We conclude that the financial news media plays a disciplining role in China through its potential to trigger reputational sanctions and regulatory action.

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