Freedom of the Press and Equity Returns: Empirical Investigation in Emerging Markets

2020 ◽  
Vol 12 (3) ◽  
pp. 359-377
Author(s):  
Tuan Viet Le
Keyword(s):  
Emerging Markets ◽  
Equity Returns ◽  
Press Freedom ◽  
Capital Asset Pricing ◽  
Excess Returns ◽  
The Press ◽  
Freedom Of Press ◽  
High Volatility ◽  
The Relationship

This article studies the relationship between freedom of press and equity returns in emerging markets. While research has shown that asymmetric information is one reason for high volatility and one type of risk in financial markets, the role of press in reducing that risk has not yet been studied thoroughly. The article attempts to bridge that gap and investigates how a free and unbiased press affects excess returns in stock market. Using the International Capital Asset Pricing Model (ICAPM), Fama-MacBeth’s methodology, and dataset from16 emerging economies from 1986 to 2000, this research is able to show that cross-country excess returns are significantly related to the degree of press freedom.

Can foreign aid free the press?

2016 ◽  
Vol 12 (3) ◽  
pp. 603-621 ◽  
Author(s):  
NABAMITA DUTTA ◽  
CLAUDIA R. WILLIAMSON
Keyword(s):  
Standard Deviation ◽  
Panel Data ◽  
Foreign Aid ◽  
Financial Support ◽  
Press Freedom ◽  
Standard Deviation Increase ◽  
Role Of The State ◽  
The Press ◽  
The Mean

AbstractCan foreign aid help free the press? Aid may boost press freedom by incentivizing government to reduce media regulations and provide financial support for infrastructure. Alternatively, foreign aid may prevent press freedom by expanding the role of the state and promoting government over private enterprises. We contend that the magnitude of foreign aid's influence is conditional on the existence of democratic checks. Using panel data from 1994 to 2010, we find evidence suggesting that aid significantly increases press freedom in democracies but insignificantly relates to press freedom in autocracies. Collectively, the results suggest that a standard deviation increase in aid to a country at the mean level of democracy increases press freedom by approximately a 1/20th standard deviation. Overall, the findings suggest that donors should be cautious as most aid recipients are not democratic and aid leads to only relatively small marginal improvements in press freedom.

Press Performance, Human Rights, and Private Power as a Threat

2011 ◽  
Vol 5 (2) ◽  
Author(s):  
C. Edwin Baker
Keyword(s):  
Human Rights ◽  
Legal Theory ◽  
Press Freedom ◽  
Magic Bullet ◽  
Market Failures ◽  
Free Press ◽  
Government Power ◽  
The Press ◽  
Private Power

The essay concerns the manner private power threatens the proper democratic role of the press or mass media. But first, Part I examines two preliminary conceptual matters involved in locating this discussion in the context of a conference on private power as a threat to human rights: 1) the relation of human rights to private power in general. This relation is complicated due to fact that human rights can themselves be seen as the assertion of private power against government or against collective power while, depending on how conceptualized, human rights can be improperly threatened by private power even while private power operates in a generally lawful manner; 2) involves the relation of press freedom and human rights. Here I argue that human rights are ill-conceived if offered as embodying any particular right in respect to the press—more specifically, I argue that a free press is not a human right—but argue instead that an ideal media order that is embodied in a broad conception of free press provides the soil in which human rights can flourish and the armor that offers them protection. Both government power and private power are necessary for and constitute threats to these supportive roles of a free press.Political-legal theory—or in constitutional democracies, possibly constitutional theory—should offer some guide to how the tightrope between government as threat and government as source of protection against private threats ought to be walked. That is, the goal is to find both proper limits on government power and proper empowerment of government to respond to private threats. Part II examines the variety of private threats to the proper role of the press. It focuses on two forms of threats: first, market failures that can be expected in relatively normal functioning of the market; second, problems related to the purposeful use of concentrated economic power. Responsive policies are multiple—no magic bullet but varying different governmental (as well as private) responses are appropriate. However, Part III illustrates this point by considering only two types of governmental policies, both of which I have recently been involved in advocating: first, government promotion of dispersal of concentrated power by means of ownership rules and policies; second, tax subsidies in the form of tax credits for a significant portion of journalists salaries as a means to correct for underproduction of journalism on theory that this journalism generally produces significant positive externalities.

Institutional effect on born global firms in China: the role of Sun Tzu’s The Art of War strategies

2016 ◽  
Vol 10 (1) ◽  
pp. 1-19 ◽  
Author(s):  
Man Zhang ◽  
Qian Gao ◽  
Jane V. Wheeler ◽  
Jungsook Kwon
Keyword(s):  
Emerging Markets ◽  
Institutional Environment ◽  
Critical Role ◽  
Born Global ◽  
Internationalization Process ◽  
Content Type ◽  
International Performance ◽  
The Relationship ◽  
Born Global Firms

Purpose – This paper aims to investigate the role of Sun Tzu’s significant strategies on the relationship between the institutional environment and international performance of Chinese born global firms, a type of small- and medium-sized enterprise (SME) characterized by the company’s limited resources and its early efforts to internationalize. Design/methodology/approach – The methodology is based on a multi-case analysis of interviews conducted with four chosen born global firms, coupled with public database and Web site searches. Through the use of qualitative methods, propositions were developed. Findings – This paper provides insights regarding how the institutional environment, both formal and informal, has a strong positive relationship with born global firm’s international performance. Moreover, Sun Tzu’s significant strategies play a critical role in the internationalization process of born global firms in emerging markets. Originality/value – Although existing studies discuss the application of Eastern philosophical strategies adopted by firms in emerging markets, to the best of our knowledge, this is one of the earliest studies which evaluates the moderation effect of Sun Tzu’s significant strategies on the relationship between institutional environment and business performance. The paper contributes to scholarly discourse on the influencing factors of born global firm’s internationalization process. It also has practical relevance to international entrepreneurs and SMEs from emerging markets.

scholarly journals Freedom and The Role of The Press on Law Enforcement Reviewed in The Perspective of Law Number: 40 Of 1999, Concerning The Press

2021 ◽  
Vol 1 (3) ◽  
Author(s):  
Satino Satino ◽  
Yuliana Yuli W ◽  
Iswahyuni Adil
Keyword(s):  
Human Rights ◽  
Law Enforcement ◽  
Good Life ◽  
Public Information ◽  
Press Freedom ◽  
Freedom Of The Press ◽  
The Public ◽  
The Press ◽  
The Republic

Law Number 40 of 1999 concerning the Press is one of the legal regulations that have a role in efforts to realize a good life together. The struggle of the Indonesian press to achieve freedom was finally achieved after the enactment of Law Number 40 of 1999 concerning the Press. The purpose of this study is to find out how the freedom and role of the press in law enforcement are reviewed from the perspective of Law Number 40 of 1999, concerning the press. This study uses a sociological juridical method, the results of research conducted on real facts in society with the intent and purpose of finding facts, then proceeding with finding problems, ultimately leading to problem identification and leading to problem solving. The results of the research include the press trying to carry out its functions, rights, obligations, and roles, so the press must respect the human rights of everyone. The press has an important role in realizing Human Rights (HAM), as guaranteed in the Decree of the People's Consultative Assembly of the Republic of Indonesia Number: XVII/MPR/1998. Based on the results of the research above, it is necessary to uphold the freedom of the press in conveying public information in an honest and balanced manner and that freedom of the press is not absolute for the press alone, but to guarantee the rights of the public to obtain information. what happened in the context of realizing press freedom as contained in Law/040/1999 concerning the Press.

On the Relationship between Informal and Formal Institutions, Foreign Direct Investment, and Innovation in Emerging Markets

2016 ◽  
pp. 176-197
Author(s):  
Natalya Smith ◽  
Ekaterina Thomas
Keyword(s):  
Foreign Direct Investment ◽  
Emerging Markets ◽  
Direct Effect ◽  
Direct Investment ◽  
Non Linear ◽  
Innovation Output ◽  
Positive Direct ◽  
The Relationship ◽  
India And China

This chapter examines innovation in socio-institutional environments of three largest and most diverse emerging markets: Russia, India and China over the period 1990-2014. It considers formal (proxied by corruption) and informal (proxied by trust) institutions and non-linear forces. It also examines the role of Foreign Direct Investment (FDI) in (the likelihood of) fostering innovation and of two research and development (R&D) inputs: R&D expenditures and personnel. A significantly positive direct effect of trust and a negative direct effect of corruption are confirmed, whilst there is a significant non-linear decreasing relationship with trust and increasing relationship with corruption. Interestingly, FDI and R&D expenditures are found to decrease innovation, whilst R&D personnel increase innovation output across the sample.

Britain’s Imperial Press System

2020 ◽  
pp. 434-450
Author(s):  
Simon J. Potter
Keyword(s):  
Twentieth Century ◽  
State Intervention ◽  
Press Freedom ◽  
British Government ◽  
System P ◽  
News Agencies ◽  
History Of ◽  
British Press ◽  
The Relationship

This chapter examines the twentieth-century British press in its imperial and transnational contexts. It demonstrates how Britain's imperial press system, which developed during the nineteenth and early twentieth centuries to allow news to flow around the British empire, increasingly failed to serve British geopolitical interests from the mid-twentieth century onwards. It considers the relationship between the British government and the news agency Reuters, and the role of the Empire Press Union. It argues that although contemporary journalists often emphasised the importance of the ideal of press freedom when talking about their profession, state intervention in the affairs of news agencies represents a significant thread in the history of the twentieth-century British press.

Freedom of the press and perceptions about government corruption

2019 ◽  
Vol 41 (4) ◽  
pp. 554-566 ◽  
Author(s):  
Patrick Flavin ◽  
Fielding Montgomery
Keyword(s):  
Political Corruption ◽  
Press Freedom ◽  
Freedom Of The Press ◽  
Free Press ◽  
Present Evidence ◽  
Government Corruption ◽  
The Press ◽  
The Media ◽  
Using Data ◽  
The Relationship

The media can play an important role in the relationship between citizens and their government by acting as a watchdog and providing timely information about malfeasance and corruption. We examine whether citizens’ perceptions of government corruption are closer to country experts’ assessments in countries where there are higher levels of press freedom. Using data on citizens’ perceptions of government corruption and country expert evaluations of levels of political corruption for over 100 countries, we present evidence that the relationship between expert measures of corruption and citizens’ perceptions is heightened as the level of press freedom increases across our sample. These findings suggest that a free press can play an important role in bringing corruption to light, educating citizens, and potentially allowing them to better hold their elected officials accountable.

scholarly journals Freedom of the press, inequality and environmental policy

2020 ◽  
Vol 25 (6) ◽  
pp. 537-560
Author(s):  
Inma Martínez-Zarzoso ◽  
Jennifer Phillips
Keyword(s):  
Environmental Kuznets Curve ◽  
Environmental Policies ◽  
Press Freedom ◽  
Freedom Of The Press ◽  
Kuznets Curve ◽  
Environmental Standards ◽  
Linear Effect ◽  
The Press ◽  
Using Data

AbstractThis paper contributes to the literature on the determinants of environmental standards by studying the role of income inequality and freedom of the press. Given that evidence of the environmental Kuznets curve has only been found for some countries, it is thus crucial to investigate whether other factors besides income per capita levels may be affecting countries' decisions to pass environmentally-friendly legislation. We investigate the effects that inequality and freedom of the press have on environmental stringency for a sample of OECD and BRIICS countries and a global sample of 82 countries using data over the period 1994–2015. We hypothesize that the more unequal a society is, and the greater the oppression of the press is, the less stringent environmental policies are. The results partially confirm our hypothesis. In particular, lack of press freedom is negatively correlated with environmental stringency, whereas inequality shows a non-linear effect only for non-high-income countries.

scholarly journals The rough guide to critics: musicians discuss the role of the music press

Popular Music ◽  
2006 ◽  
Vol 25 (2) ◽  
pp. 221-234 ◽  
Author(s):  
MATT BRENNAN
Keyword(s):  
Point Of View ◽  
Music Criticism ◽  
Direct Proportion ◽  
Conflict Of Interests ◽  
The Press ◽  
The Everyday ◽  
Ideological Differences ◽  
Everyday Experiences ◽  
The Relationship

This article explores the relationship between musicians and the music press from the musicians' point of view, based on a collection of recent interviews with musicians working in the pop and jazz fields. It will expose some of the concrete effects of the music press using examples from the everyday experiences of musicians, which include the influence of the press in record retail, genre labelling, and creating industry buzz. But while musicians may have a pragmatic understanding of the role of music criticism, their perspectives are emotionally heated in direct proportion to the influence the press holds over their own livelihoods. The interests of the working music critic often conflict with the interests of the working musician, and this article will conclude with a discussion of how the practical conflict of interests between musicians and critics is reflected in ideological differences between the two groups.

scholarly journals Moderating Role of Financial Market Development on the Relationship between Stock Liquidity and Dividend

2020 ◽  
Vol 16 (2) ◽  
pp. 77-99
Author(s):  
Mohd Ashari Bakri ◽  
Amin Nordin Bany-Ariffin ◽  
Bolaji Tunde Matemilola ◽  
Wei Theng Lau
Keyword(s):  
Emerging Markets ◽  
Financial Market ◽  
Emerging Market ◽  
Investment Strategy ◽  
Market Development ◽  
Stock Liquidity ◽  
Financial Market Development ◽  
The Relationship ◽  
Moderating Role

This article aims to investigate the relationship between stock liquidity and dividend across emerging market countries as well as examined the moderating role of financial market development on the relationship between stock liquidity and dividend. Data were obtained from the World Bank and DataStream databases. The study examined 3,258 listed firms from 22 emerging markets to be extrapolated in the emerging market context. To analyse the data, this article used the panel data Tobit model and panel logistic regression, both with random effects. The analysis revealed that financial market development has a positive moderating effect on the relationship between stock liquidity and dividend by improving local market liquidity and mitigating information asymmetry. The study findings provide information for managers to devise investment strategy in the emerging markets. This article provides new insights into the financial market development moderating role on the relationship between stock liquidity and dividend.

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