The Corporate Governance Role of the Media: Evidence from Russia
The Corporate Governance Role of the Media: Evidence from Russia
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DOI：
10.2139/ssrn.891206
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发表时间：
2006-06
期刊：
影响因子：
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通讯作者：
I. Dyck;N. Volchkova;Luigi Zingales
中科院分区：
文献类型：
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作者：
I. Dyck;N. Volchkova;Luigi Zingales
我们研究的效果，媒体报道对公司治理的结果，重点放在俄罗斯在1999年至2002年期间。俄罗斯提供了一个公司治理滥用的多个例子，传统的公司治理机制是无效的，我们可以确定一个外部来源的新闻报道所产生的投资基金，冬宫基金，试图通过在国际媒体上揭露他们的滥用行为来羞辱公司。我们发现，公司治理滥用被扭转的概率受到英美媒体的新闻报道的影响。这一结果并不是因为新闻报道的内在性，因为即使我们在媒体报道中加入了股东中的赫米塔什基金和所涉公司的“自然”新闻价值，这一结果也是成立的。我们用一个案例研究来证实这一证据。
We study the effect of media coverage on corporate governance outcomes by focusing on Russia in the period 1999-2002. Russia provides a setting with multiple examples of corporate governance abuses, where traditional corporate governance mechanisms are ineffective, and where we can identify an exogenous source of news coverage arising from the presence of an investment fund, the Hermitage fund, that tried to shame companies by exposing their abuses in the international media. We find that the probability that a corporate governance abuse is reversed is affected by the coverage of the news in the Anglo-American press. The result is not due to the endogeneity of news reporting since this result holds even when we instrument media coverage with the presence of the Hermitage fund among its shareholders and the “natural” newsworthiness of the company involved. We confirm this evidence with a case study.