Does Firm's Silence Drive Media's Attention Away?

49 Pages Posted: 8 Apr 2021 Last revised: 8 Apr 2022

See all articles by Sasan Mansouri

Sasan Mansouri

Goethe University Frankfurt - Department of Finance

Date Written: April 08, 2022


In this study, using a comprehensive dataset on business media coverage and textual analysis of the discussions in firms’ quarterly earnings conference calls, I show that when management fails to satisfy the demand for information, ceteris paribus, their firms receive less media coverage. Poor information environment hurts the information-creation capacity of the media, while such an environment does not show a similar association with the media’s information-dissemination role. Furthermore, this association is more prominent for professional business media, compared to their non-professional counterparts such as blogs and alternative articles. Results add nuance to the literature on media coverage bias by showing that supply-side factors, i.e. the factors affecting the suppliers of the coverage, mainly drive the coverage of firms, not the demand.

Keywords: non-answers; conference calls; media coverage; non-professional business media

JEL Classification: D82, G14, G30

Suggested Citation

Mansouri, Sasan, Does Firm's Silence Drive Media's Attention Away? (April 08, 2022). Available at SSRN: or

Sasan Mansouri (Contact Author)

Goethe University Frankfurt - Department of Finance ( email )

Theodor-W.-Adorno-Platz 3
Frankfurt am Main, 60323
+49(0)6979833727 (Phone)


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