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In this paper, we study the role of competition in fostering media pluralism. We analyze this issue in a framework where political ideas are horizontal differentiated, and where news firm choose the amount of pluralism to provide ...
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In this paper, we study the role of competition in fostering media pluralism. We analyze this issue in a framework where political ideas are horizontal differentiated, and where news firm choose the amount of pluralism to provide to the media market. We show that when the costs of providing pluralism are relatively high, media pluralism is higher in monopoly than in duopoly. In this context, we question whether the EU approach to media pluralism based exclusively on competition law is sufficient to foster pluralism in the EU media market.
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Over the past years, media coverage of firms has received significant scholarly attention. However, the resulting literature is spread across multiple disciplines and, therefore, varies with regard to its theoretical underpinnings...
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Over the past years, media coverage of firms has received significant scholarly attention. However, the resulting literature is spread across multiple disciplines and, therefore, varies with regard to its theoretical underpinnings and contextual settings. This makes it challenging for scholars to understand the contributions of this literature, to identify areas of inquiry, and to develop an encompassing research agenda. In this review, we address these issues by surveying the diverse literature on media coverage of firms to develop an integrative framework of the antecedents and consequences of media coverage that highlights paths for future research. Specifically, we identify the three theoretical perspectives-economic, institutional, and social-psychological-that the literature generally assumes on the news media. In addition, we highlight differences between strategy, finance, governance, and crisis contexts and review results from articles examining media coverage of firms in aggregate. In each context, we identify the primary functions of the news media as well as antecedents and consequences of media coverage. We proceed to develop an integrative framework for media coverage of firms by building on these findings and by examining the empirical methods used to measure media coverage, particularly regarding the measurement of specific coverage attributes. We highlight the gaps in current knowledge that our framework exposes and derive opportunities for future research that can further scholars' and practitioners' understanding of firm media coverage.
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This study investigates whether firm status in networks is a burden in the context of negative rumors. We use a network approach to capture firms' network of affiliations through crossshareholding and to identify status hierarchie...
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This study investigates whether firm status in networks is a burden in the context of negative rumors. We use a network approach to capture firms' network of affiliations through crossshareholding and to identify status hierarchies embedded in the relational structure. Using a sample of 1428 negative rumors related to 913 firms during the period 2007-2015, we find that the market responds negatively to negative rumors and that high-status firms suffer more than low-status firms do. Our mechanism tests show that high-status firms attract more attention from the media than low-status firms and that differential media attention plays a mediating role in the relationship between firm status and market response to rumors. In addition, we find that investor sentiment strengthens the status-market response relation. Further analyses show that although high-status firms vigorously deny rumors by rumor clarification announcements, their denial strategy does not function as intended. These results provide robust evidence that status is a burden when encountering negative rumors and that media play an essential role in facilitating the relationship between firm status and market reaction to negative rumors.
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The media typically provide greater coverage of large and reputed corporations. I provide a theory of firm reputation dynamics based on the positive feedback effects resulting form the correlation between firm size and media cover...
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The media typically provide greater coverage of large and reputed corporations. I provide a theory of firm reputation dynamics based on the positive feedback effects resulting form the correlation between firm size and media coverage. I show that, in equilibrium, the dynamics of firm reputation are highly asymmetric: slow increases in reputation are followed by sudden drops. Moreover, endogenous media coverage implies greater dispersion of firm performance. Finally, I consider implications for corporate media strategy, namely the trade-off between "no news is good news" and "there is no such thing as bad publicity."
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Firms are increasingly leveraging social media tools to access knowledge from external actors, particularly customers and other users, to facilitate the innovation process and firm performance. Yet empirical research investigating...
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Firms are increasingly leveraging social media tools to access knowledge from external actors, particularly customers and other users, to facilitate the innovation process and firm performance. Yet empirical research investigating the impact of external knowledge sourced via social media tools is scant; empirical studies that do exist are mixed, leading to calls for research into the conditions under which knowledge flows via social media from external actors contribute to innovation and firm performance. Using a large-scale survey of firms in Tasmania, Australia, this study examines how external knowledge flows from market-based actors sourced by social media influence innovation and business performance, and the extent to which modem human resource management (HRM) practices moderate this relationship. We find that while knowledge flows from market-based actors are positively related to innovativeness, the relationship between external knowledge flows via social media and innovativeness depends on the importance a firm places on modern HRM practices: a significant positive relationship exists between knowledge sourced via social media and innovativeness when firms attach high importance to modern HRM practices. In contrast, there is no significant relationship in firms in which modem HRM practices are of low importance.The study also shows that social media serves as a mediator for the effect of external knowledge flows on firm innovativeness when firms attach high importance to modern HRM practices. Furthermore, while the results demonstrate that innovativeness and firm performance are positively related, innovativeness does not translate into improved firm performance in firms that attach low importance to modern HRM practices. Taken together, the findings underscore the importance of modem HRM practices to enable knowledge inflows via social media to influence innovativeness, and innovativeness to translate into productivity benefits.
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Influenced by digital technologies, the cost of media production has considerably decreased, and the traditional media is faced with new agile, flexible and low-cost media entrepreneurs. This article examines the dynamics of the I...
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Influenced by digital technologies, the cost of media production has considerably decreased, and the traditional media is faced with new agile, flexible and low-cost media entrepreneurs. This article examines the dynamics of the Iraqi media market transformation with an emphasis on factors that help to merge media entrepreneurs and digital media firms that target an audience on social media. A qualitative method was adopted in this study using open, in-depth interviews with nineteen media entrepreneurs and three managers of media firms. The study revealed that relative freedom and advanced communication technologies have encouraged media entrepreneurs to drive the new media on producing short videos and broadcast them on social media, which has become popular among media consumers. This new era in Iraqi media entrepreneurship has created an abstract space in which media entrepreneurs get involved in the media market, collaborate with international media and deliver values through the use of user-generated content and flexible journalism. This opportunity is shaped by three key interrelated factors: first, the relative freedom of journalism that resulted from the political environment, current regulations and advanced communication technologies that provide more space of freedom; second, the development of communication technologies that allow journalists and media entrepreneurs to employ the media market effectively; third, the emergence of media entrepreneurs themselves who are convinced to seize the opportunities presented by the two previous factors.
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The primary goal of this study is to investigate the financial returns to firms' communication actions on a firm-initiated social media platform by focusing on Facebook Business pages. To this end, we conceptualize and quantify tw...
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The primary goal of this study is to investigate the financial returns to firms' communication actions on a firm-initiated social media platform by focusing on Facebook Business pages. To this end, we conceptualize and quantify two types of firms' communication actions on social media: posts and responses to customer messages. Furthermore, we classify a firm's responses to customer messages based on the valence of customer messages-positive versus negative-and examine the effects of volume as well as timeliness of the two types of a firm's responses to customer messages on firm performance. Using a sample of 63 South Korean firms across industries over a three-year period (5,566 firm-week observations), we find that the volume and timeliness of a firm's responses to negative customer messages, which are associated with an increase in customer satisfaction, have a significant positive impact on the firm's market performance measured by abnormal returns and Tobin's q. Interestingly, the results suggest that a firm's posts and its responses to positive customer messages are not significantly associated with firm performance. Furthermore, we find that a firm's posts and its responses to negative customer messages exhibit complementarities in contributing to firm performance. Our results are robust to various alternative specifications, econometric concerns, and Facebook's policy changes, such as EdgeRank and Promoted Post. Our findings underscore the business value of firms' actions on social media and provide unique and important implications for theory and practice regarding the appropriate ways to use social media for building and managing customer relationships.
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Abstract Social media has become an important channel for marketing and management of enterprises, but the effects of social media capability on firm performance has not been verified systematically, particularly the effects of CE...
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Abstract Social media has become an important channel for marketing and management of enterprises, but the effects of social media capability on firm performance has not been verified systematically, particularly the effects of CEOs’ social media capability. Based on the Dynamic Capability Theory, this study validates the causal relationship between social media capability and firm performance, then examine the significant effects of firm social media capability on firm performance and consumer engagement and the moderating effects of CEOs’ social media capability. The findings prove the following: firm social media capability leads to a positive effect on firm performance and consumer engagement; CEOs’ social media capability moderates the relationship between firm social media capability and firm performance significantly. Implications for academic research and practice were also discussed based on the research findings.
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In this paper, we examine the relationship between water disclosure and firm risk. Specifically, based upon a panel dataset of 334 Chinese listed firms operating in highly water-sensitive industries during 2010-2015, we use regres...
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In this paper, we examine the relationship between water disclosure and firm risk. Specifically, based upon a panel dataset of 334 Chinese listed firms operating in highly water-sensitive industries during 2010-2015, we use regression models to analyze the relationships between water disclosure and three types of firm risk (i.e., total risk, systematic risk, and idiosyncratic risk) and the moderating effects of media coverage on these relationships. Our empirical results show that (a) although there are no significant relationships between water disclosure and total risk and idiosyncratic risk, there is a significant negative relationship between water disclosure and systematic risk; (b) negative media coverage weakens the negative relationship between water disclosure and systematic risk, whereas nonnegative media coverage reinforces this negative relationship. Our cornerstone study examines the effect of a specific type of environmental disclosure (i.e., water disclosure) on firm risk, and our empirical findings are different from previous studies, which examined the effects of overall corporate social responsibility (CSR) disclosure on firm risk. We analyze the causes of the differences in detail. With this study, we make theoretical, empirical, and managerial contributions to CSR disclosure-firm risk research in business ethics literature.
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