媒体报道、治理响应与业绩下降企业的绩效恢复研究

Media Coverage,Governance Response and Performance-Declining Firm’s Performance Recovery

在经典的利益相关者理论框架下,媒体报道被视为典型的利益相关者行动,能够对公司后续经营行为产生重要影响。本文聚焦于"业绩下降企业"这一典型群体,重点考察媒体报道对业绩下降企业绩效恢复的影响作用及过程机理;同时进一步考察CEO任期、董事会规模、独立董事比例等治理因素在上述过程中的差异化调节作用。研究发现,对于业绩下降企业而言,媒体报道数量与企业绩效恢复具有负相关关系;CEO任期与董事会规模能够强化媒体报道与企业绩效恢复的负相关关系,但是独立董事比例并没有显著的调节作用。研究扩展了利益相关者与企业绩效间关系的理论研究,丰富了在媒体舆论情境下企业绩效恢复问题方面的环境响应战略研究,对于企业管理者恰当设计治理机制并有效响应舆论关注从而快速恢复绩效具有实践指导价值。

Drawing on the classical framework of stakeholder theory,media coverage has been considered as specific stakeholders’actions to impact firms’business activities.This study,focusing on the performance-declining firms,explored how media coverage impact the performance recovery of performance-declining firms,and further examined the moderating effects of related governance mechanism such as CEO turnover,board size,and independent directors on the linkage between media coverage and performance recovery.The results show that more media coverage is negatively relative to performance recovery;while CEO turnover and board size would strength the negative relationship between media coverage and performance recovery.This study extends the theoretical research on stakeholder and firm performance,and further enriches the contextual analysis referring to governance factors as environmental response strategy across media coverage and performance recovery of performance-declining firms.These results will facilitate firms to design governance-based response mechanism for media coverage,thus providing valuable insights to help firms achieve fast performance recovery.