Media Attention And Corporate Risk-taking

In recent years,risk-taking as the main content of the company's operation and management,has attracted great attention from academia,entrepreneurs and policy departments.In particular,the emergence of the global financial crisis has made people further realize the importance of increasing corporate risk-bearing in the development of corporate operations.Reasonable risk-taking is the basis for the survival and development of an enterprise.From the micro perspective,a higher level of risk-taking contributes to a higher rate of return on investment,better business performance and long-term competitive advantages.From a macro perspective,the higher risk-taking of enterprises contributes to the high-quality development of China's economy.Too low risk-taking will make companies stick to too conservative and self-contained decision-making,leading to insufficient investment in risky investment and innovation,and ultimately leading to a decline in business performance and insufficient future competitiveness.The media,by discovering problems that affect the information environment in which the company is located,play a role in corporate governance and affect corporate risk-taking.Therefore,this article explores the impact of media reports on corporate risk-taking,and provides more realistic research results and related suggestions.This article first summarizes the relevant literature between the independent variable media attention and the dependent explanatory variable corporate risk-taking,and secondly,the content that I want to study is introduced through the corresponding theoretical analysis.This article uses the data of my country's A-share listed companies from 2007 to 2019 as a sample to test the impact of media attention on corporate risk-taking,and uses the mediation effect model to analyze the path that media attention acts on corporate risk-taking.In view of the negative and positive media reports,consider their impact on the enterprise's risk-taking status,and combine the internal and external governance mechanisms that are still controversial to explore its impact on the relationship between media attention and corporate risk-taking,and examine the economic consequences of increasing corporate risk-taking.Through exploration,the main conclusions of this article are as follows:Firstly,media attention positively affects corporate risk-taking;secondly,the degree of information asymmetry and the quality of information disclosure play an intermediary role between media attention and corporate risk-taking.In further research,it is found that,compared with positive media reports,negative media reports have a more obvious role in promoting corporate risk-taking.The higher the internal management salary of the company,the more external analysts follow,and the media attention has a more significant effect on corporate risk-taking,and it has been demonstrated that increasing the level of corporate risk-bearing in my country at this stage is conducive to improving corporate value.The main contributions that this article may have are: Firstly,it helps companies to increase the importance of media reports and the ability to respond to public opinion,and is beneficial for listed companies to rationally understand and effectively use the important role of media attention;secondly,it broadens the research literature on the factors affecting corporate risk-taking.Most of the existing research focuses on the internal corporate governance mechanism.This article combines media reports with the corporate risk-taking status based on the current media environment in my country;thirdly,this article uses the intermediary effect model to analyze the path that media attention affects corporate risk-taking,and combines the internal and external environment of the company to study how controversial internal management compensation and external analyst tracking affect the relationship between media attention and corporate risk-taking,this is of certain significance for improving the level of enterprise risk-taking and promoting the maximization of company value.