媒體曝光度與代理成本

• Main Authors: Sheng-Min Wang, 王聖閔
• Other Authors: none
• Format: Others
• Language: en_US
• Published: 2016
• Online Access: http://ndltd.ncl.edu.tw/handle/58697450690746125050

碩士 === 國立高雄第一科技大學 === 財務管理研究所 === 104 === Using a hand-collected (unique) data on Taiwan-listed firms’ media coverage, this paper examines the relation between media coverage and agency cost. Consistent with our corporate governance hypothesis, we find that firms with higher (lower) media coverage would have a lower (higher) agency cost through an improvement (deterioration) in corporate governance. Such finding continues to hold when conducting a regression analysis and considering alternative sub-periods. Overall, our result supports the hypothesis that mass media indeed serve as informal monitoring devices and act as alternatives to governance. Keywords: media coverage, agency problem, corporate governance