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Media slant against foreign owners: Downsizing

Source:
Journal of Public Economics, Vol. 120, pp. 97-106
Year:
2014
Authors:
Guido Friebel,
Matthias Heinz
Reseach Area:
Corporate Finance
Abstract:

Using a unique data set from nationally distributed quality newspapers in Germany, we find evidence for both quantitative and qualitative media slant against foreign firms. A downsizing foreign firm receives almost twice as much attention as a domestic firm, and the tone of media reports is more negative. Media slant is a measure for economic xenophobia directed against foreign owners, which constitutes an obstacle to foreign direct investment.

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