Who captures the power of the pen?

Jiaxing You, Bohui Zhang, Le Zhang

Research output: Contribution to journalArticlepeer-review

51 Citations (Scopus)

Abstract

We study how government control affects the roles of the media as an information intermediary and a corporate monitor. Comparing a large sample of news articles written by state-controlled and market-oriented Chinese media, we find that articles by the market-oriented media are more critical, more accurate, more comprehensive, and timelier than those by the state-controlled media. Moreover, only articles by the market-oriented media have a significant corporate governance impact. Subsample analyses, interviews with journalists, and a survey of university students suggest that the market-oriented media’s superior effects are explained by their operating efficiency and independence.
Original languageEnglish
Pages (from-to)43–96
Number of pages54
JournalReview of Financial Studies
Volume31
Issue number1
DOIs
Publication statusPublished - Jan 2018
Externally publishedYes

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