Abstract
ABSTRACT Given the role of media as a crucial institutional factor in corporate governance, this study explores the impact of media on independent directors’ voting decisions. With the availability of voting records, we conduct both firm- and director-level analyses and find that media exposure prompts independent directors to fulfill supervisory duties. An additional analysis reveals a negative moderating effect of director compensation. We also find that dissent triggers unplanned departures, after which the remaining and newly appointed independent directors are less sensitive to media attention. These findings provide evidence supporting a specific channel through which media influences corporate governance.
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