Media Partisanship and Fundamental Corporate Decisions
利用福克斯新闻引入作为自然实验，发现其党派倾向报道通过影响共和党倾向经理人的宏观预期，改变了企业的投资和杠杆决策。
Abstract Using the introduction of Fox News as a natural experiment, we investigate whether partisanship in television news coverage influences fundamental corporate decisions. We find that during the George W. Bush presidency, firms led by Republican-leaning managers headquartered in regions into which Fox was introduced shift upward their total investment expenditures and financial leverage. Our findings imply that in making fundamental corporate decisions, Republican-leaning managers are swayed by the Republican slant of Fox that presents an optimistic macroeconomic outlook. The results highlight the importance of heterogeneity in media slant in understanding the role of the media in corporate decision making.