Abstract
This study investigates the monitoring role of media tone on Chief Executive Officer (CEO) power. Using CEO pay slice (CPS) as a measure of CEO power, we find that negative tone is associated with a reduction in CEO power. The finding extends the theoretical framework explaining the importance and influence of media on corporate governance. Consistent with theoretical predictions, we find that the impact of negative tone on the extent of CEO power is stronger in well-governed firms. The evidence suggests that media tone plays an important role as an external monitor, moderating corporate governance through the dissemination of news.
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