A Study on the Influence Mechanisms and Management Strategies of Media Attention on the Risk of Stock Price Crash
Based on the data of Chinese A-share listed companies from 2003 to 2021,this paper adopts a mixed re-gression,mediation effect model to investigate the impact of media attention on the risk of stock price collapse.It is found that:media attention is positively related to the risk of stock price collapse;higher quality of corporate disclo-sure attenuates the positive effect of media attention on stock price collapse;heterogeneity analysis shows that the ef-fect of media attention on the risk of stock price collapse is more significant in the eastern region,state-owned enter-prises and non-high-tech firms.The conclusions of the study have certain guiding significance for China's listed compa-nies to cope with public opinion crises so as to avoid the risk of stock price crashes,and for the media and regulators to realize the long-term stable,sustainable and healthy growth of market value by creating a transparent market informa-tion environment.
media attentionstock price crash riskcorporate disclosure qualitymasking effect
NETL
NSTL
万方数据
