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Topic
The Effect of Media Linked Directors on Financing and External Governance
Resource type
Authors/contributors
- Di Giuli, Alberta (Author)
- Laux, Paul A. (Author)
Title
The Effect of Media Linked Directors on Financing and External Governance
Abstract
Firms sharing a board member with a media company receive more news coverage. This in turn affects those firms’ financing choices: they issue more bonds, rely less on bank loans, and have lower blockholder ownership. These findings are consistent with media coverage acting as an external governance mechanism that substitutes for monitoring by banks and equity blockholders. The effect of media-linked directors on financing is evident in panel and time series analyses and using two different instrumental variable analyses, suggesting a causal relation.
Publication
Journal of Financial Economics
Volume
145
Issue
2, Part A
Pages
103-131
Date
2022-08-01
Journal Abbr
Journal of Financial Economics
Language
en
ISSN
0304-405X
Accessed
12/29/22, 2:29 PM
Library Catalog
ScienceDirect
Citation
Di Giuli, A., & Laux, P. A. (2022). The Effect of Media Linked Directors on Financing and External Governance. Journal of Financial Economics, 145, 103–131.
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