دانلود رایگان مقاله انگلیسی شکست در کسب و کار و رسانه های جمعی: قرار گرفتن در معرض رسانه در زمینه حذف رویداد - الزویر 2018

ABSTRACT

It is understood that the mass media are a pervasive force in shaping the public's perceptions. This paper incorporates agenda-setting theory to explore whether and to what extent that the mass media can signal business failure. In an analysis of news coverage relating to Chinese underperforming listed firms over the period 2006–2017, it is demonstrated that firms whose stocks are put under “special treatment” status due to consecutive annual losses experience (*ST) greater news volume and lower news sentiment relative to other firms in the quarter in which the “delisting risk warning” announcements are made. Furthermore, *ST firms which are eventually delisted have a greater volume of news than other *ST firms, but we find no evidence that the sentiment of news relates to termination of listing. Our findings offer insights into the informativeness of the mass media and their agenda-setting effects in the business failure context.

5. Conclusions

This paper contributes to the organisational study by exploring the effects of media exposure on business failure. We attempt to answer the question of whether and to what extent the mass media relate to business failure. By comparing the media exposure of Chinese *ST listed firms in terms of visibility, we show that *ST firms have greater news volume in the quarter of the DRW announcement. Similarly, the news visibility of *ST firms that are eventually delisted is higher than that of other *ST firms. These findings indicate that *ST status and the probability of delisting are strongly related to news volume which confirms our hypotheses about the association of media visibility with firms' underperformance and terminations of listing. The mass media perform the function of an information intermediary by focusing on enterprises in distress and shifting public attention onto them. In addition, there is mixed evidence regarding the relationship between news sentiment and *ST status. Consistent with prior evidence (e.g. Li et al., 2011) on the information intermediary role of the media, we find that news sentiment is significantly unfavourable to *ST firms compared to non-*ST firms. However, there is no significant difference in news sentiment between delisted *ST firms and other *ST firms. The reduced sensitivity could be reflective of underperforming firms' impression management incentives.

Our findings shed light on the informativeness of the mass media in relation to firm underperformance and delisting events and add to our knowledge about the agenda-setting function of the mass media in the context of business failure. However, our study is subject to several limitations. First, our analysis is restricted to the major news media in mainland China, and therefore generalising results by including social media could usefully be undertaken. Second, our results regarding the effect of news sentiment on delisted firms are based on a small sample, and should thus be interpreted with caution. Finally, it might be interesting for future studies to explore firms' active management of media exposure in the business failure context. Extending this study to the additional examination of firm-media interdependency would help further investigate media objectivity in providing value-relevant information.