Media effects revisited: corporate scandals, partisan narratives, and attitudes toward cryptocurrency regulation

Abstract This article advances the literature on media effects by examining how contrasting partisan narratives influence support for regulation after a real-world corporate scandal. Using both multi-wave observational and randomized experimental data, we show that self-selected media exposure and experimentally assigned information shape public opinion in distinct ways. While scandals are narratives of regulatory failure, partisan media environments differently attribute blame for that failure. In two separate observational waves, only Democrats exposed to news about the FTX bankruptcy increased their support for crypto regulation. In the experiment, only Republicans shifted in favor of regulation. Research on media effects needs to take into account not only media content, but also the partisan information environments that expose citizens to that content.