Does Firm's Silence Drive Media's Attention Away?

In this study, using a comprehensive dataset on business media coverage and textual analysis of the discussions in firms’ quarterly earnings conference calls, we show that when management fails to satisfy demand for information, ceteris paribus, their firms receive less coverage. Poor information environment hurts information-creation capacity media, while such an does not similar association with media’s information-dissemination role. Furthermore, is more prominent professional compared non-professional counterparts as blogs alternative articles. Our results add nuance literature bias by showing supply-side factors, i.e. factors affecting suppliers coverage, mainly drive firms, demand.