@article{823c4a92b95f499a8aa5aa7ee24e16b4,
title = "The power of the business media: evidence from firm-level productivity",
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.",
keywords = "CEO reputation, corporate governance, information asymmetry, media coverage, total factor productivity",
author = "Mariem Khalifa and Ali Sheikhbahaei and Sualihu, {Mohammed Aminu}",
note = "Funding Information: We thank the editor and the anonymous referee for the constructive comments and suggestions that significantly improved the paper. We are also grateful to Evgeny Lyandres, Alfred Yawson, Walid Saffar, Volkan Muslu, Nagham Sayour, Bala Balachandran, Huu Nhan Duong, Abe de Jong, John Chu, and An Zhe, and seminar participants at Monash University and Zayed University for their helpful suggestions and insightful comments. Mariem Khalifa acknowledges the financial support from Zayed University (Start‐up Grant Number R20075). Any errors or omissions are our responsibility. Funding Information: We thank the editor and the anonymous referee for the constructive comments and suggestions that significantly improved the paper. We are also grateful to Evgeny Lyandres, Alfred Yawson, Walid Saffar, Volkan Muslu, Nagham Sayour, Bala Balachandran, Huu Nhan Duong, Abe de Jong, John Chu, and An Zhe, and seminar participants at Monash University and Zayed University for their helpful suggestions and insightful comments. Mariem Khalifa acknowledges the financial support from Zayed University (Start-up Grant Number R20075). Any errors or omissions are our responsibility. Publisher Copyright: {\textcopyright} 2023 John Wiley & Sons Ltd.",
year = "2024",
month = jan,
doi = "10.1111/jbfa.12698",
language = "English",
volume = "51",
pages = "5--44",
journal = "Journal of Business Finance and Accounting",
issn = "0306-686X",
publisher = "Wiley-Blackwell",
number = "1-2",
}