Breaking the news: how does CEO media coverage influence consumer and investor evaluations?
研究了2009-2019年美国125家公司的725起CEO相关新闻事件，发现CEO丑闻损害消费者评价并导致股市即时损失超5亿美元，而CEO利他主义和政治意识形态故事则产生积极影响。
Abstract This study investigates how CEO-related events covered in news media affect consumer evaluations. The conceptual model proposes six CEO-related news categories and details their impact on consumer evaluations as well as the degree to which these responses determine firms’ stock prices. The authors analyze a rich sample of 725 CEO-related events of 125 firms covered in leading US news outlets from 2009 to 2019. Using an econometric approach and an event study, they find that stories about CEO scandals detrimentally affect consumer evaluations, which translates to an immediate loss of more than US$500 million on stock markets, whereas stories about CEO altruism and CEO political ideologies have a positive impact on consumer evaluations. The authors provide insights into short and long-term effects and formulate actionable implications.