The Media and Firm Reputation Roles in Corporate Governance Improvements: Lessons from European Dual Class Share Unifications
研究发现媒体批评和公司对公众形象的敏感度能促使企业自愿统一双重股权结构，表明媒体和声誉是推动公司治理改进的有效工具。
Abstract Manuscript Type Empirical Research Questions/Issues Do media pressure and firm reputational concerns propel corporate governance improvements? Specifically, can they encourage unifications of dual class shares into a single “one share one vote” class? Research Findings/Insights Media criticism increases the likelihood of voluntary dual class share unifications. Firms more sensitive to public image are more likely to unify their dual class shares. Theoretical/Academic Implications Media plays an important role in corporate governance promotion. Firm reputation is a valuable asset, sensitive to public opinion and media criticism. Some real firm decisions can be influenced by firm image and reputation considerations. Practitioner/Policy Implications Firm image, reputation, and public relations activity are valuable. Media is a powerful and flexible tool that in some cases can substitute regulation in effectively restraining firms and their controlling shareholders.