Does the media spotlight burn or spur innovation?
نویسندگان
چکیده
We examine the effect of media coverage on firm innovation. Using a comprehensive dataset of corporate news coverage from 2000 to 2009, we show that there is a negative relation between media coverage and firm innovation. Our identification tests suggest that the effect of media coverage on innovation is causal. We further find supports for two economic mechanisms underlying the negative innovation effect of news coverage, with regard to, imposing excessive pressure on managers and inducing knowledge leakage to rivals. Our findings provide new insights on how news coverage affects firms’ long-term growth.
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تاریخ انتشار 2016