Media Monitoring, Media Types and Financing Constraints --An Empirical Test based on Heckman Two-stage Model
Due to its increasing importance in the modem information society, media monitoring has attracted a wide attention from the academic circles and practitioners.Taking media monitoring as an entry point, we use data of companies listed on Shanghai and Shenzhen stock exchanges in the period 2010-2014 and apply Heckman two-stage model to investigate the impact mechanism of media monitoring on the financing constraints of listed companies.We explore the disparities in the impact of different types of media monitoring on financing constraints.Results show that media monitoring has a significant impact on financing constraints of listed companies, in which, positive media coverage reduces companys financing constraints while negative media coverage aggravates the companys financing constraints.Moreover, there is a clear disparity in the impact of different types of media monitoring on the financing constraints of listed companies.Results also show that compared to media monitoring from newspapers, online media monitoring is more influential to the financing constraints.
financing constraints media monitoring media type heckman two-stage model
Shi Xiaofeng Zhong Qiuyan
Faculty of Management and Economics, Dalian University of Technology, Dalian, China, 116024
国际会议
大连
英文
164-172
2016-07-03（万方平台首次上网日期，不代表论文的发表时间）