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The Impact of Online Media Coverage on Corporate Performance

Recently, the influence of media coverage on corporate performance has become a research focus. However, there is little discussion on how online media coverage affects corporate performance. Based on the reputation theory and agenda-setting theory, this article explores the nonlinear relationship between online media coverage and firm performance. This study, using data from 1,445 Chinese listed companies during the period from 2013 to 2018, shows that the relationship between the tenor of media coverage and corporate performance increases at a nonlinear rate. Further, we found an unexpected inverted U relationship between online media coverage volume and firm performance. This study enriches the research on media coverage and provides practical implications for managers, investors, and consumers.