The corporate governance role of the media
Subtitle: evidence from russia
By: Alexander Dyck, Natalya Volchkova, Luigi Zingales
Contributors: Volchkova, Natalya; Zingales, Luigi; National Bureau of Economic Research
Series: NBER working paper series -- working paper 12525; Working paper series (National Bureau of Economic Research : Online) -- working paper no. 12525.
Publisher: National Bureau of Economic Research
Published: 2006
Place of publication: Cambridge, MA
Language: eng
Format: [electronic resource] :
Description: "We study the effect of media coverage on corporate governance by focusing on Russia in the period 1999-2002.  This setting offers us three ideal conditions for such a study: plenty of corporate governance violations, no alternative mechanisms to address them, and the presence of an investment fund (the Hermitage) that actively lobbies the international press to shame companies perpetrating those violations.  We find that Hermitages lobbying is effective in increasing the coverage of corporate governance violations in the Anglo-American press.  We also find that coverage in the Anglo-American press increases the probability that a corporate governance violation is reversed.  This effect is present even when we instrument coverage with an exogenous determinant, i.e.  the Hermitages portfolio composition at the beginning of the period.  The Hermitages strategy seems to work in part by impacting Russian companies reputation abroad and in part by forcing regulators into action"--National Bureau of Economic Research web site.
Notes: Title from PDF file as viewed on 10/12/2006.

Includes bibliographical references.

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