Media sentiment and corporate risk-taking——Evidence based on machine learning and text analysis
As an important channel of information interaction with the outside world in the process of enterprise operation,media opinion can influence enterprise decision-making imper-ceptibly through information processing and feedback.Based on the media sentiment scores measured by optimized machine learning methods,this paper find that media sentiment can inhibit corporate risk-taking.This conclusion still holds true after sufficient robustness testing.Mechanism analysis shows that media sentiment can inhibit corporate risk taking mainly by affecting the degree of information asymmetry,infecting investor sentiment,as well as exacer-bating analysts'herding behavior.Heterogeneity analysis showed that positive media sentiment played a dominant role in this process compared to negative media sentiment.In addition,this inhibitory effect is more significant when the degree of industry competition is more intense and the degree of external supervision is stricter.Simultaneously,it is less obvious when the financing constraints are higher,the degree of financialization is higher and the phenomenon of perquisite consumption by executives is more serious.The research in this paper not only helps to clarify the ways and means by which media sentiment affects corporate risk-taking,but also has policy implications for how to use media power to help corporate risk decision-making and value enhancement,and to promote high-quality economic development.
media sentimentmachine learningcorporate risk-takinginformation asymmetryinvestor sentiment
NETL
NSTL
万方数据
