2016
DOI: 10.1111/corg.12153
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The Media and Firm Reputation Roles in Corporate Governance Improvements: Lessons from European Dual Class Share Unifications

Abstract: Manuscript Type: EmpiricalResearch Questions/Issues: Do media pressure and firm reputational concerns propel corporate governance improvements? Specifically, can they encourage unifications of dual class shares into a single "one share one vote" class? Research Findings/Insights: Media criticism increases the likelihood of voluntary dual class share unifications. Firms more sensitive to public image are more likely to unify their dual class shares. Theoretical/Academic Implications: Media plays an important ro… Show more

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Cited by 26 publications
(38 citation statements)
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References 26 publications
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“…As Loughran and McDonald () point out, since keywords are general and cover a multitude of different situations that do not necessarily involve reputational risk, each news item must be individually reviewed to debug the information, correctly classify the events and avoid the problem of robots generating automatic fake messages in the network or bots. A total of 36 572 news items were reviewed (compared with approximately 1000 by Lauterbarch & Pajuste, , or 5000 by OuYang et al, ). The reviewed news items are distributed as legal (13 548 or 37.04%), fraud (253 or 0.69%), economic–financial (9517 or 26.02%), personnel (6045 or 16.53%), irresponsible behavior (17 or 0.05%) and analysts (7192 or 19.67%).…”
Section: Resultsmentioning
confidence: 99%
See 1 more Smart Citation
“…As Loughran and McDonald () point out, since keywords are general and cover a multitude of different situations that do not necessarily involve reputational risk, each news item must be individually reviewed to debug the information, correctly classify the events and avoid the problem of robots generating automatic fake messages in the network or bots. A total of 36 572 news items were reviewed (compared with approximately 1000 by Lauterbarch & Pajuste, , or 5000 by OuYang et al, ). The reviewed news items are distributed as legal (13 548 or 37.04%), fraud (253 or 0.69%), economic–financial (9517 or 26.02%), personnel (6045 or 16.53%), irresponsible behavior (17 or 0.05%) and analysts (7192 or 19.67%).…”
Section: Resultsmentioning
confidence: 99%
“… Research Question 3 . As discussed above, Pinnuck (), Huynh and Smith (), Lo and Kwan (), OuYang et al () and Lauterbarch and Pajuste () analyze the reputation of firms based on information provided by the media. However, usually large financial information suppliers (such as Bloomberg or Reuters) are sources closer to the analysts and financial experts, so they can disseminate the news more rapidly and earlier than traditional media (such as newspapers).…”
Section: Literature Review and Hypothesis Developmentmentioning
confidence: 99%
“…CG is a theme that has received much attention in both the academic and the corporate milieu (Jordão, Souza and Teddo Jordão, 2012;Jordão and Colauto, 2013;Cosset et al, 2016;Ntim, 2016;Lauterbach and Pajuste, 2017;Uyar et al, 2017). According to the Brazilian Institute of Corporate Governance (henceforth IBGC), good CG practices have the purpose of increasing the market value of companies, of contributing towards their duration, and ensuring that managers behave in accordance with the expectations of the owners (IBGC, 2017), stimulating them to produce more information and to improve the quality of their accounting practices.…”
Section: Corporate Governance Corporate Social Responsibility Stratmentioning
confidence: 99%
“…In the international literature, the so-called good CG practices help to reduce information asymmetries between the investors and stimulate the flow of international capital (e.g. Kashmartian et al, 2011;Lauterbach and Pajuste, 2017), having a relationship with strategy, competitiveness, firm value, and business sustainability (Kashmartian et al, 2011;Ribeiro et al, 2014;Cosset et al, 2016;Ntim, 2016).The complexity of the business world has led to growing demands on companies in relation to the information provided by them on financial performance, management, CG and their contribution towards the development of sustainability (Garcıa-Sanchez et al, 2013;Frias-Aceituno et al, 2014;Lauterbach and Pajuste, 2017). Notwithstanding this, strategic business positioning aligned with sustainability would suggest that in such a condition socially responsible companies should provide important information, through their accounting, to shareholders and other stakeholders.…”
Section: Corporate Governance Corporate Social Responsibility Stratmentioning
confidence: 99%
“…Gardberg (2017) observed a steady increase in the number of articles about corporate celebrity, corporate identity, corporate image, and corporate reputation over twenty years. The importance of this issue is growing with growing competition in the markets (Abimbola & Vallaster, 2007), but it is important to note that the importance of reputation will be more sensitive for companies in certain sectors than elsewhere (Lauterbach & Pajuste, 2017). For example, Burke (2011) argues that positive corporate reputation will greatly influence customer buying decisions, especially if there are only small differences in prices, quality and products in the market.…”
Section: Introductionmentioning
confidence: 99%