The power of the business media: Evidence from firm‐level productivity
研究发现媒体关注度越高的企业生产力越高，且这种关系是因果关系；媒体通过增加管理者声誉和职业担忧、减少偷懒行为来提升生产力，对治理弱和信息不对称高的企业影响更强。
Abstract We examine the impact of media coverage on firm‐level productivity and find that firms with higher media coverage are associated with higher productivity. Using the launch of Barron's Online as a quasi‐shock to media coverage, we document that this relationship is causal. Further exploration shows that the positive media–productivity relationship is stronger for firms with weaker governance mechanisms and for those with higher levels of information asymmetry. We also identify an increase in reputational and career concerns and a reduction in managerial shirking as channels through which media coverage affects firm‐level productivity. The results are robust to alternative explanations and endogeneity concerns. Overall, our findings suggest that media coverage reduces managerial opportunism, and thus enhances resource deployment decisions.