Author ORCID Identifier
https://orcid.org/0009-0002-0841-9597
Defense Date
2026
Document Type
Dissertation
Department
Business
First Advisor
Myung Seok Park
Second Advisor
Mi(Jamie) Zhou
Third Advisor
Thomas Hansen
Fourth Advisor
Seong Byun
Fifth Advisor
Liang Yi
Abstract
I investigate the impact of local media’s political orientation on firms’ voluntary disclosure, exploiting the acquisitions of local TV stations by Sinclair Broadcast Group, a conservative media conglomerate. Drawing on the media bias theory and implementing a staggered difference‐in‐differences design, I find that the local partisan media affects management earnings forecasts. Specifically, Conservative-leaning CEOs in designated market areas (DMAs) affected by Sinclair’s acquisitions forecast more optimistically, increasing forecast frequency and inflating forecasted earnings. The impact is stronger if the DMAs are more Liberal-leaning before the acquisitions and when firms have weaker corporate governance. I also find that the stock market reacts less strongly to Conservative-leaning CEOs’ forecasts after the acquisitions, suggesting that investors understand that the forecasts could be overly optimistic. My findings suggest that the local media’s political orientation could have broader implications for the overall financial market.
Rights
© The Author
Is Part Of
VCU University Archives
Is Part Of
VCU Theses and Dissertations
Date of Submission
8-4-2026