| Both the traditional media in the industrial economy and the network media in the era of mobile Internet,as a kind of external factor,media attention has an extensive influence on the social life.According to the information carriers of newspaper and network,media attention,which can get through the transmission channel of reputation mechanism,has the positive effect and negative effect.Moreover,media attention changes information asymmetry in current situation.Through the disclosure of the listed company’s "good news" and "bad news",media attention make managers forecast earnings carefully.It is helpful to improve governance environment of the listed company.Therefore,as one of the key elements of corporate governance,how the violation of earnings forecasts to make positive and negative media attention play efficient roles?In the internal control of enterprise,media attention can give play to the role of external supervision.As the internal governance mechanism,whether internal control can enhance the relationship bentween media attention and the violation of earnings forecasts?These questions deserve in-depth discussion.This paper selects the Chinese A-share listed companies as samples from 2012 to 2015.According to the principal-agent theory,the reputation mechanism theory and signaling theory,the paper studies the relationship among media attention,internal control and the violation of earnings forecasts.By using the Logit model and logistic regression methods,it examines that media attention,which joins the internal control as the regulating effect,influences the violation of the management earnings forecasts.On the one hand,the paper compares different governance roles between the positive media attention and negative media attention.On the other hand,the paper also compares governance effect of two types of the violation of earnings forecasts.It emphasizes the importance of carrying on the preliminary results carefully in the listed companies.This study finds the following results.First,media attention can reduce the violation of the management earnings forecasts in the listed company.Second,for the relationship between media attention and the violation of the management earnings forecasts,perfect internal control has the more significant effect on this relationship.It means that internal control plays a role of moderating effect.Third,compared with the positive media attention,the negative media attention has the stronger influence.The last one,compared with the type of "good news" violation of earnings forecasts,media attention are more effective to reduce the type of "bad news" violation of earnings forecasts.Based on the perspective of media attention,this paper provides new emporical evidences on the system construction and implementation of supervision department.At the same time,it also make companies try to perfect internal control system and improve the level of corporate governance. |
