Management Disclosure and Media Coverage
Abstract
Abstract We examine how management disclosure affects media coverage by analyzing firms’ responses in earnings call Q&A sessions. Using a machine-learning-based “nonanswer” score, we find that evasive managerial responses reduce subsequent media attention, particularly from professional outlets generating original content. This supports a supply-driven view of media coverage: poor disclosure limits journalistic content creation. Reduced coverage, in turn, is associated with lower investor engagement and weaker stock performance. Our findings highlight the critical role of a firm’s information environment in shaping the level and nature of subsequent media coverage, with implications for broader financial market outcomes.
Fields of Study & Subjects
Auditing
Earnings Management
Governance
Corporate Finance and Governance
Corporate Social Responsibility Reporting
Publication details
- Journal / source
- Journal of Financial and Quantitative Analysis
- Volume
- 61
- Issue
- 5
- Pages
- 2353–2391
- Publication date
- 16 February 2026
- Language
- EN