Publication Type

PhD Dissertation

Version

publishedVersion

Publication Date

2-2026

Abstract

Negative media coverage profoundly impacts corporate operations and value assessment. Existing research primarily focuses on firms' passive response strategies to specific negative events, overlooking their organizational practice of proactively shaping long-term perceptions through normalized, institutionalized strategic communication. Accordingly, this study proposes the construct of "Strategic Commitment Disclosure Tendency" (SCDT), defined as the consistent style and stable trait exhibited by firms in institutionalized communications (such as annual reports) to systematically demonstrate their future orientation and commitment clarity. Building upon Agenda-Setting Theory, Signaling Theory, and Stakeholder Theory, this paper constructs an integrated framework and empirically examines the relationships among these three using data from Chinese A-share listed companies from 2007 to 2023. The findings are as follows: First, Strategic Commitment Disclosure Tendency does not reduce negative coverage but significantly increases its quantity. Second, the impact of negative media coverage exhibits performance dimensionality heterogeneity: it harms short-term financial performance measured by net profit but enhances market valuation measured by the price-to-earnings ratio. Finally, the moderating effect of this communication trait is asymmetric: it can effectively buffer the impact of negative coverage on operating performance, but its moderating effect on market valuation is insignificant. Theoretically, this study contributes to deepening the understanding of firms' role as normalized agenda constructors within Agenda-Setting Theory, expands the comprehension of the long-term monitoring effects of organizational communication traits in Signaling Theory, and integrates heterogeneous stakeholder reactions through the empirical separation of performance dimensions. Practically, it provides important insights for corporate managers, investors, and regulators regarding managing strategic communication styles, recognizing the dual attributes of media supervision, and improving long-termism disclosure frameworks.

Keywords

Strategic Commitment Disclosure Tendency, Negative Media Coverage, Corporate Performance, Agenda Setting

Degree Awarded

Doctor of Bus Admin (CKGSB)

Discipline

Business and Corporate Communications | Corporate Finance | Strategic Management Policy

Supervisor(s)

WANG, Heli

First Page

1

Last Page

154

Publisher

Singapore Management University

City or Country

Singapore

Copyright Owner and License

Author

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