Abstract
AbstractThis study investigates the relation between the media and CEO dominance. Using CEO pay slice (CPS) as a measure of CEO dominance, we find that negative CEO media exposure, measured by the interaction effects of negative media tone and media coverage given to the CEO of a firm, is associated with a reduction in CEO dominance. Consistent with theoretical predictions, we find that this effect is driven by the response of the Top4 executives to the external challenges posed by the media and is more pronounced in firms with good internal governance. The findings indicate that the media plays an important role as an external monitor, moderating manager behavior through the dissemination of news.
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