关键词: 家族企业, 媒体关注, 自利性财务重述, 网络媒体关注

Abstract: Using panel data from Shanghai and Shenzhen A-share listed firms between 2011 and 2021, this paper investigates the relationship among family firms, media attention, and management's self-interested financial restatements, employing multiple linear regression models and other empirical methodologies. Our results reveal that compared to non-family firms, listed family firms exhibit a higher probability of engaging in management's self-interested financial restatements. Media attention significantly inhibits such financial restatements among listed companies, with online media playing a particularly prominent supervisory role. Online media not only has an inhibitory effect on listed companies but also demonstrates a stronger constraining effect on family firms. In contrast, the supervisory role of traditional media is primarily manifested in non-family firms. Additionally, the degree of equity balance can weaken the positive relationship between family firms and financial restatements. The empirical results indicate that media attention serves as an important external corporate governance mechanism by influencing the information environment of the capital market. Our findings not only expand the external governance perspective in family firm research but also provide empirical support for the information dissemination and supervisory effectiveness of online media in the digital economy era. Moreover, they provide valuable insights for improving the governance mechanisms of listed companies.

Key words: Family Firms, Media Attention, Management's Self-interested Financial Restatements, Web Media Attention