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Impact of media attention on enterprises’ internationalization process

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  • Liu, Ying
  • Meng, Zixing
  • Wu, Qingtian

Abstract

Using a sample of Chinese firms from 2007 to 2024, this study systematically examines the impact of media attention on corporate overseas capital allocation. The results reveal that higher media attention significantly increases the number of foreign subsidiaries and the number of countries in which firms operate, indicating that media attention has a positive influence on promoting the depth and breadth of corporate internationalization. Mechanism analysis reveals that media attention primarily enhances firms’ overseas investment capacity by alleviating financing constraints. Heterogeneity analyses indicate that this positive effect is more pronounced for firms with higher levels of green media coverage and for firms with executives that possess overseas experience. This study enriches the literature at the intersection of media governance and corporate internationalization and provides a novel perspective for understanding the role of media coverage in resource allocation.

Suggested Citation

  • Liu, Ying & Meng, Zixing & Wu, Qingtian, 2026. "Impact of media attention on enterprises’ internationalization process," Finance Research Letters, Elsevier, vol. 106(C).
    • Handle: RePEc:eee:finlet:v:106:y:2026:i:c:s1544612326008585
    DOI: 10.1016/j.frl.2026.110330
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    Keywords

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    JEL classification:

    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • L82 - Industrial Organization - - Industry Studies: Services - - - Entertainment; Media

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