Journal
REVIEW OF FINANCIAL STUDIES
Volume 31, Issue 1, Pages 43-96Publisher
OXFORD UNIV PRESS INC
DOI: 10.1093/rfs/hhx055
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Funding
- National Natural Science Foundation of China [71472161, 71232005]
- Australian Research Council [DP 120104755]
- Centre for International Finance and Regulation [E026, E028]
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We study how government control affects the roles of the media as an information intermediary and a corporate monitor. Comparing a large sample of news articles written by state-controlled and market-oriented Chinese media, we find that articles by the market-oriented media are more critical, more accurate, more comprehensive, and timelier than those by the state-controlled media. Moreover, only articles by the market-oriented media have a significant corporate governance impact. Subsample analyses, interviews with journalists, and a survey of university students suggest that the market-oriented media's superior effects are explained by their operating efficiency and independence.
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