IDEAS home Printed from https://ideas.repec.org/a/eee/finlet/v100y2026ics1544612326005027.html

Media attention, digital finance, and stock price crash risk: evidence from film and television companies

Author

Listed:
  • Jiang, Jianhua
  • Ali, Mohd Nor Shahizan
  • Mahmud, Wan Amizah Wan

Abstract

Focusing on the micro-enterprise level, this paper takes A-share listed film and television companies in China from 2009 to 2023 as the research sample, and conducts theoretical exposition and empirical analysis on the relationships among media attention, digital finance, and stock price crash risk. The results show that: media attention significantly reduces corporate stock price crash risk; digital finance effectively reduces corporate stock price crash risk; media attention plays a moderating role in the relationship between digital finance and corporate stock price crash risk; the impact of media attention on corporate stock price crash risk exhibits heterogeneity between firms with high and low audit fees; the impact of digital finance on corporate stock price crash risk exhibits heterogeneity between firms with high and low shareholding ratios of the largest shareholder. The findings of this study hold significant economic implications: The collaborative governance of media attention and digital finance can substantially enhance the risk resilience of the film and television industry, mitigating market volatility risks triggered by investors' irrational sell-offs. The heterogeneity analysis reveals the appropriate contexts for governance tools, providing a basis for differentiated regulation, optimizing resource allocation, promoting deep integration between the film and television industry and digital finance, and safeguarding stable capital market operations.

Suggested Citation

  • Jiang, Jianhua & Ali, Mohd Nor Shahizan & Mahmud, Wan Amizah Wan, 2026. "Media attention, digital finance, and stock price crash risk: evidence from film and television companies," Finance Research Letters, Elsevier, vol. 100(C).
    • Handle: RePEc:eee:finlet:v:100:y:2026:i:c:s1544612326005027
    DOI: 10.1016/j.frl.2026.109973
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S1544612326005027
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.frl.2026.109973?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to

    for a different version of it.

    More about this item

    Keywords

    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:finlet:v:100:y:2026:i:c:s1544612326005027. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/frl .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.