This paper examines the impact of air pollution on media slant of public listed firms in China. Using air quality and media data at the city level, we find that lower air quality generally leads to lower media slant. When the air quality changes from lightly polluted to heavily polluted, the number of negative sentences increases by about 2%. Our subsample analysis shows that the effect of air pollution on media slant is similar for large and small firms but is stronger for non-SOE firms. Furthermore, the effect of air pollution on media slant is stronger for firms of non-heavily polluted industry than for firms in heavily polluted industries. These results suggest that air pollution affects media slant.
Xinjie Wang ;
Ge Wu ;
Zhiqiang Xiang ;
Jianyu Zhang ;
Air Pollution and Media Slant: Evidence from Chinese Corporate News （2022年03月21日）http://www.cfrn.com.cn//lw/jtjr/xwjrlw/ea2d93c999974f7996eb25af935567bd.htm