Cross-Country Variation in the Effectiveness of the Media's Corporate Governance Role
Abstract
I examine the cross-country variation in the effectiveness of the media's corporate governance role. I find this role to be more effective in countries with greater societal trust or concern for shareholder wealth maximization. In those countries, news coverage of value-destroying acquisition attempts leads to a higher likelihood of acquisition abandonment. By contrast, the effectiveness of the media’s governance role does not vary directly with the degree of media freedom. The results imply that a society’s shared values, such as trust or concern for shareholder wealth maximization, play an important role in the media’s watchdog function.
Degree
Ph.D.
Advisors
Faccio, Purdue University.
Subject Area
Management|Finance
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