NEGATIVE MEDIA COVERAGE AND TMT TURNOVER
Abstract
The important influence of the media in the capital market has received increasing attention. This paper investigates the effect of negative media coverage on TMT turnover and its boundary conditions. The results show that negative media coverage has a significant positive impact on TMT turnover. Further tests show that equity concentration and the nature of property rights positively moderate the positive correlation between negative media coverage and TMT turnover, CEO shareholding negatively moderate the positive correlation between negative media coverage and TMT turnover. The research helps to reveal the importance of media coverage in a more profound and comprehensive way, but also provide a reference for the effectiveness of media coverage and corporate governance.
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