Does Media Attention Lower Debt Financing? International Evidence

Does Media Attention Lower Debt Financing? International Evidence

This article examines the association between media attention and debt financing through a number of channels associated with information asymmetry reduction and whether this relationship changes with cross-country institutional environment characteristics. Focusing on a comprehensive international...

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Veröffentlicht in:Emerging markets finance & trade 2022-04, Vol.58 (5), p.1233-1261
Hauptverfasser: Dang, Man, Hoang, Viet Anh, Tran, Khoi Nguyen, Henry, Darren, Vo, Xuan Vinh
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firm leverage
information asymmetry
institutional environments
Media attention
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container_issue 5
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container_title Emerging markets finance & trade
container_volume 58
creator Dang, Man
Hoang, Viet Anh
Tran, Khoi Nguyen
Henry, Darren
Vo, Xuan Vinh
description This article examines the association between media attention and debt financing through a number of channels associated with information asymmetry reduction and whether this relationship changes with cross-country institutional environment characteristics. Focusing on a comprehensive international dataset, we find that overall media coverage is negatively related to firm leverage levels. Media-focused variables directly associated with information asymmetry levels, including press-initiated news, non-financial news, and the extent of positive news sentiment, are also negatively related to firm leverage ratios. Furthermore, the country-level institutional environment provided a substituting rather than legitimizing influence on the relationship between media news coverage and firm financing decision-making.
doi_str_mv 10.1080/1540496X.2020.1861936
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subjects firm leverage
information asymmetry
institutional environments
Media attention
title Does Media Attention Lower Debt Financing? International Evidence
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