|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
|Appears in Collections:||INTERNATIONAL PUBLICATIONS|