Can media attention inhibit corporate leverage manipulation?an analysis under the "deleveraging" background
The non-institutional media attention can make up for the inadequacy of institutional supervision,but whether it can exert the governance effect on leverage manipulation has not been revealed yet.Under the implementation background of the"deleveraging"policy,this paper takes A-share listed companies from 2015 to 2020 as the research sample to explore the impact of media attention on corporate leverage manipulation.The results show that media attention can significantly inhibit corporate leverage manipulation,while economic policy uncertainty can weaken this inhibitory effect.An analysis of heterogeneity shows that media attention has a more significantly inhibitory effect on leverage manipulation in the non-state-owned enterprises and over-indebted enterprises.A further test of the impact mechanism shows that media attention inhibits leverage manipulation mainly through strengthening the internal control,easing financing constraints and reducing financial risks.The conclusion provides a useful reference for clarifying the governance mechanism of media attention on leverage manipulation and solving the problem of corporate debt concealment from the perspective of non-institutional supervision.
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