Media Coverage, Managers' Characteristics and Tunneling: Evidence from Chinese Listed Family-owned Companies

Abstract

Abstract: In view of the characteristics of Chinese listed family-own firms, we take tunneling of controlling shareholders in listed family-owned firms as an entry point to study the relationship among media coverage, managers' characteristics and tunneling from the perspective of media, and we also verify the function of reputation mechanism. The research results show that media coverage can restrain tunneling of controlling shareholders in listed family-owned firms, which means that media plays an important supervision role and contributes to perfecting the corporate governance and protecting the interests of small investors. Further study indicates that when the manager is a professional manager, the influence of media coverage on tunneling is greater, and moreover media coverage has a better effect on restraining tunneling when the manager doesn't hold any post in other institutions. The research findings make it clear that reputation mechanism plays an active role when media influences corporate governance.

Key words: media coverage, managers' characteristics, reputation mechanism, tunneling

Ye Yong, Li Ming, Wang Yuxiao. Media Coverage, Managers' Characteristics and Tunneling: Evidence from Chinese Listed Family-owned Companies[J]. , 2017, 29(2): 155-167.

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