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

46 Pages Posted: 8 Apr 2021

See all articles by Sasan Mansouri

Sasan Mansouri

Goethe University Frankfurt - Department of Finance

Date Written: March 22, 2021


In this study, using a comprehensive dataset on business media coverage and textual analysis of the discussions in firms’ quarterly earnings conference calls, we 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. Our 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? (March 22, 2021). Available at SSRN: or

Sasan Mansouri (Contact Author)

Goethe University Frankfurt - Department of Finance ( email )

Grüneburgplatz 1
Frankfurt am Main, 60323
+49(0)6979833727 (Phone)


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