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作者

Yunyun Wang;Rui Zhao;Chaofei He

来源

CITIES,Vol.119,Issue1,Article 103392

语言

英文

关键字

Nonlocal media coverage;Intercity travel time;Information transparency;Listed enterprises

作者单位

Institute for Global City, Shanghai Normal University, Shanghai, China;Antai College of Economics and Management, Shanghai Jiaotong University, Shanghai, China;School of Finance, Nanjing Audit University, Nanjing, China;Institute for Global City, Shanghai Normal University, Shanghai, China;Antai College of Economics and Management, Shanghai Jiaotong University, Shanghai, China;School of Finance, Nanjing Audit University, Nanjing, China

摘要

Information disclosure has been increasingly used as an instrument to discipline corporate misbehaviors and cities' transparency. This paper offers that the development of transportation infrastructure and therefore the reduction of intercity travel time would facilitate the news regarding publicly listed enterprises flow from where the enterprises locate to other cities. We also find that when local media remains silent on local firms' negative news, the media in other cities report and would report more as the travel time decreases. This is largely driven by local SOEs, showing a possible collusion between local SOEs and local media. This study offers useful insights for policy makers that concerns both transportation infrastructure and information disclosure as policy instruments.