Media Inclination and Outward Foreign Direct Investment:Evidence from Chinese Firms  

作　　者：Beibei Hu Qiao Luan Xue Meng Kai Wang 

机构地区：[1]School of Business,Shanghai University of International Business and Economics,China [2]Institute of Free Trade Zone,Shanghai University of Finance and Economics,China [3]Collaborative Innovation Center of China Free Trade Zone,Shanghai University of Finance and Economics,China

出　　处：《China & World Economy》2023年第6期134-155,共22页中国与世界经济（英文版）

基　　金：the National Natural Science Foundation of China(No.72303146);Project of Shanghai Science and Technology Innovation Action Plan 2022(No.22692105200);the National Social Science Major Fund of China(No.22ZDA062);the Fundamental Research Funds for the Central Universities(No.2020110308).

摘　　要：Media inclinations,whether favorable or biased,play a pivotal role in shaping public opinion.Sometimes,media coverage may unintentionally foster skepticism towards foreign firms,which could create challenges for those companies when they enter new markets.Based on a panel dataset from 2005 to 2020,this is one of the first studies to investigate empirically the impact of media opinion on outward foreign direct investment(OFDI)behaviors at the firm level.The media inclination index was constructed according to the varying inclinations of media from different countries in their reporting on each event.We examined the impact of media inclination on the investment value,frequency,and number of industries.This study has revealed the following insights:(i)Positive media coverage can stimulate the investment behavior of Chinese firms.(ii)The heterogeneity analysis indicates that the promotional effect of media reporting inclination on OFDI is more significant for state-owned firms from the investor's perspective and especially pronounced for firms in developing countries from the investee's perspective.(iii)Diplomatic visits and scientific research cooperation can amplify the positive impact of media opinions on the OFDI behaviors of Chinese firms.

关 键 词：heterogeneous analysis media opinion multinational firms outward foreig direct investment 

分 类 号：F832[经济管理—金融学]