Title: | Does media attention lower debt financing? International evidence |
Author(s): | Man Dang |
Keywords: | Firm leverage; Information asymmetry; Institutional environments; Media attention |
Abstract: | This article examines the association between media attention and debt financing through a number of channels associated with information asymmetry reduction and whether this relationship changes with cross-country institutional environment characteristics. Focusing on a comprehensive international dataset, we find that overall media coverage is negatively related to firm leverage levels. Media-focused variables directly associated with information asymmetry levels, including press-initiated news, non-financial news, and the extent of positive news sentiment, are also negatively related to firm leverage ratios. Furthermore, the country-level institutional environment provided a substituting rather than legitimizing influence on the relationship between media news coverage and firm financing decision-making. |
Issue Date: | 2022 |
Publisher: | Routledge |
URI: | http://digital.lib.ueh.edu.vn/handle/UEH/62096 |
DOI: | https://doi.org/10.1080/1540496X.2020.1861936 |
ISSN: | 1540-496X |
Appears in Collections: | INTERNATIONAL PUBLICATIONS
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