负面媒体报道与企业战略调整

Negative Media Reports and Corporate Strategic Change

本文以我国非金融类上市公司为样本,利用手工整理的企业战略分类数据,实证检验负面媒体报道对企业战略调整的影响。研究发现,当面对负面媒体报道的压力时,企业倾向于调整战略。进一步的研究结果显示,与国有企业相比,非国有企业在面对负面媒体报道时调整战略的倾向更为明显;与内部复杂性高的企业相比,内部复杂性低的企业在应对负面媒体报道时更倾向于调整战略。在进行了一系列的稳健性检验后,本文结果依然成立。本文不仅丰富了媒体报道经济后果方面的文献,而且拓展了企业战略调整影响因素的研究框架,对企业的战略管理具有重要的参考价值。

Using the data of Chinese non-financial firms listed in Shanghai and Shenzhen A-stock market,we empirically test the impact of negative media reports on corporate strategic decision-makings.It turns out that with more negative media reports,the companies are more likely to change strategy,which is weak when it comes to companies that are stateowned and complicated.With the strong and robust evidence,we find that media could exert influence on corporate strategic change,and this relationship would be affected by organizational characteristics.Our research not only enriches the literature on the economic consequences of media reports,but also adds the factors that influence the framework of corporate strategy.