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Media attention and corporate new quality productive forces

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  • Chen, Juan
  • Chen, Fuli
  • Dai, Yufan

Abstract

This paper analyzes the impact of media attention on the New Quality Productive Forces (NQPF) of Chinese A-share listed companies and addresses a gap in the academic literature. Using benchmark regression, instrumental variable methods, and robustness tests, the results indicate that media attention significantly enhances corporate NQPF and promotes its development by improving the information environment, alleviating financing constraints, and attracting high-quality talent. Heterogeneity analysis further reveals that media attention significantly affects firms with low market-development levels, no political connections, state ownership, low agency costs, and high internal control quality. This study highlights the important role of the media as a tool for information dissemination and social supervision in promoting corporate innovation and high-quality development.

Suggested Citation

  • Chen, Juan & Chen, Fuli & Dai, Yufan, 2025. "Media attention and corporate new quality productive forces," International Review of Financial Analysis, Elsevier, vol. 105(C).
    • Handle: RePEc:eee:finana:v:105:y:2025:i:c:s1057521925004417
    DOI: 10.1016/j.irfa.2025.104354
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    JEL classification:

    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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