Peer Perceptions of Media Elites and Hierarchical Differentiation Among Financial Journalists

Abstract

Existing research has demonstrated how media elites influence journalistic practices, but much less has been done to help explain why journalists grant such a high status to select peers in the first place. This study explores rank allocation within a news ecosystem through the theoretical framework of social hierarchy. Survey data from a representative sample of U.S.-based financial journalists indicate that peer perceptions of prestige (i.e., deference earned by expertise, knowledge, or success) significantly and consistently drive group consensus on the most influential members within a news beat. The theoretical, methodological, and practical implications of the study findings are discussed.