Corporate violations, traditional media and stock returns: Evidence from Chinese listed companies

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE Finance Research Letters Pub Date : 2024-08-30 DOI:10.1016/j.frl.2024.106051

引用次数: 0

Abstract

This paper investigates whether traditional media still influences investors’ behaviors amid the rise of social media. Using a dataset of corporate violations by Chinese listed companies from 2005 to 2023, the study assesses the role of news reports in shaping investor reactions to these negative events. The results show that news coverage, even when unrelated to violations and carrying positive sentiment, amplifies the initial impact of corporate violations on stock prices. This effect is increasingly pronounced, particularly for firms with low transparency. The results indicate that traditional media attracts investors’ attention despite the proliferation of diverse information sources.

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公司违规、传统媒体和股票回报：来自中国上市公司的证据

本文探讨了在社交媒体崛起的背景下，传统媒体是否仍会影响投资者的行为。本研究使用 2005 年至 2023 年中国上市公司的企业违规数据集，评估了新闻报道在影响投资者对这些负面事件的反应中所起的作用。结果表明，即使新闻报道与违规行为无关且带有积极情绪，也会放大公司违规行为对股票价格的初始影响。这种影响越来越明显，尤其是对透明度低的公司而言。结果表明，尽管信息来源多种多样，但传统媒体仍能吸引投资者的注意力。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance