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    Online social networks, media supervision and investment efficiency: An empirical examination of Chinese listed firms

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    Name:
    3R Manuscript_31.01.2020tb.pdf
    Embargo:
    2022-02-22
    Size:
    444.1Kb
    Format:
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    Description:
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    Authors
    Yang, Zonghan
    Bass, Tina cc
    Yang, Xiaoping
    Andrikopoulos, Panagiotis
    Cao, Dongmei
    Affiliation
    Zhejiang Yuexiu University of Foreign Language
    Coventry University
    University of Shanghai for Technology and Science
    University of Derby
    Issue Date
    2020-02-22
    
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    Abstract
    Prior literature suggests that media reports acting as external supervision improve information transparency and corporate governance leading to increased investment efficiency. This study empirically tests this hypothesis in the context of online social networks by investigating the combined effects of online social networking and media reports on investment efficiency using a sample of Chinese listed firms. Our results show that the interaction of media reports and Tobin's q ratio is negatively related to corporate investment efficiency. However, the introduction of online social networks turns this relationship from a negative to a positive and statistically significant one. The combined factors significantly increase investment efficiency in non-SOEs (State Owned Enterprises) but not in SOEs. We provide evidence that online social networking effectively mitigates the negative effect of media supervision on investment efficiency, further advancing knowledge of the link of external supervision and corporate governance.
    Citation
    Yang, X., Cao, D., Andrikopoulos, P., Yang, Z. and Bass, T., (2020). 'Online social networks, media supervision and investment efficiency: An empirical examination of Chinese listed firms'. Technological Forecasting and Social Change, 154, pp, 1-12.
    Publisher
    Elsevier BV
    Journal
    Technological Forecasting and Social Change
    URI
    http://hdl.handle.net/10545/624557
    DOI
    10.1016/j.techfore.2020.119969
    Additional Links
    https://www.sciencedirect.com/science/article/pii/S0040162519309503?via%3Dihub
    https://pureportal.coventry.ac.uk/en/publications/online-social-networks-media-supervision-and-investment-efficienc
    Type
    Article
    Language
    en_US
    ISSN
    0040-1625
    ae974a485f413a2113503eed53cd6c53
    10.1016/j.techfore.2020.119969
    Scopus Count
    Collections
    Derby Business School

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