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Media-affiliated directors, news coverage, and capital structure

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  • Han, Yukai
  • Han, Yu

Abstract

This study focuses on China's A-share listed companies, with the research period spanning from 2011 to 2023. It innovatively introduces the emerging factor of media-affiliated directors and delves into their impact on the deviation degree of corporate capital structure. Furthermore, it analyzes the mediating role of news coverage and the heterogeneous effects across firms with different characteristics. The findings reveal that the presence of media-affiliated directors significantly increases the deviation degree of corporate capital structure, hindering adjustments. News coverage plays a partial mediating role. Moreover, the impact varies among firms of different sizes and in industries with varying levels of competition. This study enriches the research findings on factors influencing capital structure and provides theoretical support and practical guidance for firms to reasonably utilize media-affiliated resources for capital structure management.

Suggested Citation

  • Han, Yukai & Han, Yu, 2026. "Media-affiliated directors, news coverage, and capital structure," Finance Research Letters, Elsevier, vol. 89(C).
    • Handle: RePEc:eee:finlet:v:89:y:2026:i:c:s1544612325025693
    DOI: 10.1016/j.frl.2025.109320
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