{"title":"Media coverage and managerial investment learning from stock markets: International evidence","authors":"Xin Gao , Weidong Xu , Donghui Li","doi":"10.1016/j.ribaf.2025.102862","DOIUrl":null,"url":null,"abstract":"<div><div>Employing a large sample of 26,819 firms over a 20-year period, our study investigates the correlation between media coverage and investment-to-price sensitivity through OLS regression. The findings reveal a noteworthy positive impact of media coverage on investment-to-price sensitivity, remaining robust even after controlling for various factors. Mechanism analysis demonstrates that the positive influence of media coverage on managerial investment learning operates through channels related to information asymmetry and corporate governance. We also find that retail investor attention can strengthen the positive relationship between media coverage and investment-to-price sensitivity. Moreover, our analysis of news sources and content highlights the significant role of internationally renowned sources, business channels, positive sentiment, and stock-related coverage in enhancing investment-to-price sensitivity. These insights provide valuable guidance for firms to optimize their use of media for decision-making, offer investors a means to identify opportunities through media-disseminated information, and call for policy-makers to support the healthy development of media in the capital market while addressing potential negative impacts.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"76 ","pages":"Article 102862"},"PeriodicalIF":6.9000,"publicationDate":"2025-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Research in International Business and Finance","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0275531925001187","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"2025/3/13 0:00:00","PubModel":"Epub","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0
Abstract
Employing a large sample of 26,819 firms over a 20-year period, our study investigates the correlation between media coverage and investment-to-price sensitivity through OLS regression. The findings reveal a noteworthy positive impact of media coverage on investment-to-price sensitivity, remaining robust even after controlling for various factors. Mechanism analysis demonstrates that the positive influence of media coverage on managerial investment learning operates through channels related to information asymmetry and corporate governance. We also find that retail investor attention can strengthen the positive relationship between media coverage and investment-to-price sensitivity. Moreover, our analysis of news sources and content highlights the significant role of internationally renowned sources, business channels, positive sentiment, and stock-related coverage in enhancing investment-to-price sensitivity. These insights provide valuable guidance for firms to optimize their use of media for decision-making, offer investors a means to identify opportunities through media-disseminated information, and call for policy-makers to support the healthy development of media in the capital market while addressing potential negative impacts.
期刊介绍：
Research in International Business and Finance (RIBAF) seeks to consolidate its position as a premier scholarly vehicle of academic finance. The Journal publishes high quality, insightful, well-written papers that explore current and new issues in international finance. Papers that foster dialogue, innovation, and intellectual risk-taking in financial studies; as well as shed light on the interaction between finance and broader societal concerns are particularly appreciated. The Journal welcomes submissions that seek to expand the boundaries of academic finance and otherwise challenge the discipline. Papers studying finance using a variety of methodologies; as well as interdisciplinary studies will be considered for publication. Papers that examine topical issues using extensive international data sets are welcome. Single-country studies can also be considered for publication provided that they develop novel methodological and theoretical approaches or fall within the Journal''s priority themes. It is especially important that single-country studies communicate to the reader why the particular chosen country is especially relevant to the issue being investigated. [...] The scope of topics that are most interesting to RIBAF readers include the following: -Financial markets and institutions -Financial practices and sustainability -The impact of national culture on finance -The impact of formal and informal institutions on finance -Privatizations, public financing, and nonprofit issues in finance -Interdisciplinary financial studies -Finance and international development -International financial crises and regulation -Financialization studies -International financial integration and architecture -Behavioral aspects in finance -Consumer finance -Methodologies and conceptualization issues related to finance
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