The Spillover Effect of Media Ownership on Mainstream Media Discourse
研究企业持有媒体股份如何影响其他无关主流媒体对它的报道，发现持股企业获得更多且更积极的报道，这种效应在投资者情绪悲观、企业处于“罪恶”行业或遭遇丑闻时更显著，并最终提升企业价值。
ABSTRACT This article investigates the spillover effect of a firm's media ownership on reporting by unaffiliated mainstream media outlets, using a sample of Chinese publicly listed firms. We find that firms with ownership stakes in media companies receive more coverage and more positive tones from unaffiliated mainstream media outlets than other firms do. We also find evidence suggesting mechanisms for this effect: media ownership facilitates firms in building connections with unaffiliated media outlets. In addition, we find that this spillover effect of media ownership on unaffiliated media outlets is more prominent when market‐investor sentiment is more pessimistic, when firms are in “sin” industries, and when firms encounter corporate scandals. Furthermore, we document that media ownership enhances the dissemination of information disclosure and increases firm value.