Demystifying the interactive impact of analyst certification and investor relations quality on media coverage and firm value
研究了香港上市公司中，本地和国际分析师对投资者关系质量的认证如何影响媒体报道和公司长期价值，发现国际分析师认证能带来更多媒体关注和正面情绪，进而提升公司价值。
This paper extends prior research on the valuation impact of certification using event studies, by introducing media coverage as a pivotal marketing outcome, to investigate the differences in the way how investor relations (IR) quality certification by local and international analysts shapes media narratives, which in turn drive long-term firm value. Specifically, we use Annual Investor Relations Awards data from Hong Kong Investor Relations Association and media coverage data from Ravenpack to show that investor relations quality enhances the media coverage and positive sentiment leading to higher firm value. We also find contrasting direct effects of the international (vs. local) analyst’s votes on media coverage and firm value and moderating effects on the impact of investor relations quality on media coverage. Our results show that international analysts generate better media attention making even the local investors to buy more stocks and drive their long-term valuations of the certified firms higher.