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The Corporate Governance Role of the Media

Alexander DyckLuigi Zingales

出版	Centre for Economic Policy Research, 2002
URL	http://books.google.com.hk/books?id=XTJXAAAAYAAJ&hl=&source=gbs_api

註釋

Do media play any role in corporate governance? In this paper we argue that media pressure corporate managers and directors to behave in ways that are "socially acceptable". Sometimes this coincides with shareholders' value maximization, others not. We provide both anecdotal and systematic evidence that media affect companies' policy toward the environment and the amount of corporate resources that are diverted to the sole advantage of controlling shareholders. Our results have important consequences for the focus of corporate governance debate and for the feasibility of reforms aimed at improving corporate governance around the world.