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<p>Our study examines the effects of media coverage on corporate brand equity, focusing on the differential impacts of media valence (positive vs. negative) and the moderating roles of regional economic development and internet penetration. Drawing on signaling theory, we propose a dual-path framework—comprising an information effect and a publicity effect—to explain how media coverage influences brand perception. Using a panel dataset of 1470 firm-year observations from 226 Chinese listed firms between 2011 and 2021, we employ feasible generalized least squares (FGLS) models, supplemented by robustness checks using Heckman and 2SLS approaches. The results reveal that positive media coverage significantly enhances brand equity, while negative coverage has no statistically significant impact on average. Moreover, both economic development and internet penetration intensify the effects of both positive and negative media coverage. These findings offer new insights into how media signals affect brand outcomes in China, where economic conditions and digital infrastructure vary considerably across regions.</p>

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Media coverage and band equity: evidence from China with institutional moderators

  • 期刊论文

  • 发表日期：

    2025年11月8日

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  • Kui Wang,
  • Zhenbin Guan,
  • Ri Na,
  • Zhaoyang Guo,
  • Xuebing Dong

摘要

Our study examines the effects of media coverage on corporate brand equity, focusing on the differential impacts of media valence (positive vs. negative) and the moderating roles of regional economic development and internet penetration. Drawing on signaling theory, we propose a dual-path framework—comprising an information effect and a publicity effect—to explain how media coverage influences brand perception. Using a panel dataset of 1470 firm-year observations from 226 Chinese listed firms between 2011 and 2021, we employ feasible generalized least squares (FGLS) models, supplemented by robustness checks using Heckman and 2SLS approaches. The results reveal that positive media coverage significantly enhances brand equity, while negative coverage has no statistically significant impact on average. Moreover, both economic development and internet penetration intensify the effects of both positive and negative media coverage. These findings offer new insights into how media signals affect brand outcomes in China, where economic conditions and digital infrastructure vary considerably across regions.