WWW.DISSERTATION.XLIBX.INFO
FREE ELECTRONIC LIBRARY - Dissertations, online materials
 
<< HOME
CONTACTS



Pages:     | 1 |   ...   | 64 | 65 || 67 | 68 |   ...   | 175 |

«13TH INTERNATIONAL PUBLIC RELATIONS RESEARCH CONFERENCE “Ethical Issues for Public Relations Practice in a Multicultural World” Holiday Inn ...»

-- [ Page 66 ] --

We deem newspapers as a suitable environment to test this relation. They are general oriented publication without a specific focus and -since on average they publish 200-250 articles every daythere is enough room for story selection and enough variation among different publications in editorial choices. Instead, in the case of TV and radio, the typical 25-minute long newscast includes 18-20 news, and more than half of them are in some way imposed by the real world and by the agenda setting climate of the media environment.

Moreover, within newspapers the relationship between the editorial and the sales department are weaker than within magazines, on the internet or in the professional press. From this point of view, any significant correlation between advertising and coverage would be particularly significant in a broader perspective.

Data description

To perform our empirical analysis, we combine four different types of data.

First, in order to gather data on newspaper coverage, we have run automatic keyword-based searches of electronic archives for an initial sample of 6 newspapers (Corriere della Sera, Repubblica, Stampa, Resto del Carlino, Mattino di Padova and Tirreno) and 13 companies: Campari, Edison, ENEL, ENI, FIAT, Finmeccanica, Geox, Indesit, Luxottica, Mediolanum, Telecom Italia, Tiscali and Tod’s. For each (company × newspaper) match, we search -on a daily basis- for the total number of articles on that newspaper containing the name of the firm. Since newspapers vary in size both cross-sectionally and in the time series, we proxy for this size by counting the daily number of articles containing the word “il” (the definite article in Italian for masculine nouns). In the empirical analysis we will focus on the daily relative frequency of articles mentioning a given company on a given newspaper, i.e. we will divide the number of articles mentioning that company by the total number of articles featured on that newspaper on that day.

Second, Nielsen kindly provided us monthly data on amount of advertising purchased by each company that is listed on the Italian stock exchange on the main Italian newspapers. Since 338 advertising expenditure refers to brands (and not to companies), we have grouped advertising data for different brands on the basis of the company owning them. The purpose of this reclassification is to match the advertising data with data on newspaper coverage, press releases and stock returns, which is at the company level. The data covers the period 2006-2007.

Third, for our sample of companies we have searched in an automatic fashion their own archives, in order to obtain information on the exact days when press releases are issued. We thus construct a press release dummy which equals one the day after a press release about a given company has been issued, and zero otherwise.

Fourth, we exploit the Yahoo! Finance website to collect data on stock quotes and transaction volume for those 13 listed companies. In particular, we use the stock quotes to compute the absolute daily return.

Summary statistics of our variables are shown in Table 1. On average the companies in our sample are mentioned on one-third of a percentage point of the total of daily articles. The distribution of this variable is strongly skewed to the left, as shown by the fact that the median number of mentions is zero percent. The distribution of monthly advertising expenditure (expressed in thousands of euros) is similarly skewed, with an average amount of about 25,000 euros and a median amount of zero. At the company level, trading volume is again positively (and strongly) skewed, with an average of around 20 million of euros and a median of 2 million. This is not the case for absolute daily return, which is only slightly skewed.

In order to gauge some sense of the heterogeneity in the data, Table 2 reports descriptive statistics at the company level. The companies issuing the largest number of press releases during the time period are ENI and Telecom, with about 200 each. On the other side of the spectrum, the most parsimonious issuers of press releases are Campari and Mediolanum, with an order of magnitude less (i.e. around 20). Regarding articles mentioning each company, FIAT and ENEL enjoy the lion’s share, with about 19,000 and 16,000 articles respectively. On the other hand, Geox is overall featured on about 300 articles, while Campari appears on around 500 articles. FIAT and ENEL are characterised by the highest ratio between articles featuring them and number of press releases issued by them, while Geox and Finmeccanica have the lowest ratio.

For each company we also report the mean relative frequency of articles mentioning that company over the total number of articles being published by each newspaper (column 5). We can also compute this relative frequency conditionally on the presence or the lack of a press release being issued by that company the day before (columns 6 and 7). We can then calculate the percentage change in the relative frequency of articles in press-release vs. non-press-release days (column 8). In a nutshell, the average relative frequency of articles about a company in the lack of a press release is informative about the newsworthiness of that company when the company itself does not produce any additional news. On the other hand, the percentage change in the relative frequency of articles in the presence of a press release would be indicative of the capacity of each company to create additional media coverage.





With a cursory look at the table one can see that the largest companies in our sample, i.e. Fiat, Enel, Eni and Telecom Italia, do obtain the largest amount of newspaper coverage in the lack of an immediately preceding press release. On the other hand, smaller companies like Campari, Geox and Mediolanum, which start with a low level of coverage in the lack of a press release, enjoy the largest increase in newspaper coverage after the issuance of a press release. Quantitatively speaking, the average change is more than threefold for Campari, and more than twofold for Geox and Mediolanum.

Table 3 displays descriptive statistics at the newspaper level. Overall there are about 57,000 articles mentioning our sampled companies. In relative terms, Stampa is the outlet dedicating more room to companies, while Resto del Carlino and Tirreno dedicate the least. Similarly to what done in Table 2, for each newspaper we compute the relative frequency of articles mentioning one of our sampled companies, respectively in the presence and in the lack of a press release being issued the 339 previous day. We can also calculate the percentage change in coverage when moving from a nonpress-release to a press-release day. From this point of view, it turns out that Corriere della Sera and Stampa are the outlets with the largest average increase in coverage after a press release.

Results

As mentioned in the introduction, we are especially interested in the relationship between media coverage of companies and advertising expenditure, controlling for potentially confounding factors.

To get a first glance at the correlations in the data, we first compute monthly (instead of daily) relative frequencies of stories about a given company on each newspaper: We are thus left with 1872 observations at the (company × newspaper × month) level. Second, we regress those relative frequencies against a set of fixed effects for each company and each newspaper, plus dummies for those cases where the company owns a significant stake in the newspaper itself. This is true for the match between FIAT and Stampa, and for the one between Corriere and FIAT, Telecom Italia and Tod’s. Finally, we compute the residuals of the estimated regression. We do the same (i.e. regress it against a set of fixed effects and obtain residuals) for the total amount of ads being purchased by each company on each newspaper the month before. Figure 1 displays a scatter plot of the coverage residuals against the ads residuals, together with the corresponding linear fit. The relationship is positive and strongly significant. 6 Controlling for ownership links and time-invariant features of each company and each newspaper, our data suggests that companies buying more ads on a given newspaper obtain significantly more coverage on that newspaper.

In order to delve further into this correlation, we run a set of fixed effects regressions with the relative frequency of articles mentioning company c on newspaper n on day t as the dependent variable. As mentioned in the introduction, we first focus on advertising expenditure and the issuance

of press releases by each company. More formally, we run the following type of regression:

y nct = α n + β c + γ ⋅ ADS nc,t −1 + ζ ⋅ pr _ d c,t −1 + φ ⋅ ADS nc,t −1 × pr _ d c,t −1 + ε nct (1) where y nct is the relative frequency of articles mentioning company c appearing on newspaper n on day t, α n and β c are respectively a newspaper and a company fixed-effect, ADS nc,t −1 is the monetary amount of ads being purchased by company c on newspaper n the month before, pr _ d c,t −1 is a dummy which equals one if company c issued a press release on day t-1, and ε nct is the error term. In order to properly take into account the fact that the error term might be serially correlated within company-newspaper pairs (even after controlling for company and newspaper fixed effects) and hence overestimate the precision of our results, we correspondingly cluster the standard errors at the (company × newspaper) level. 7 Our regression output is displayed in Table 3, whereas we proceed by expanding the set of explanatory variables. Thus in column [1] we simply control for purchased ads, we then add the press release dummy in column [2] and the interaction between this dummy and ads in column [3].

In column [4] we add the two ownership dummies for Corriere and Stampa we have mentioned above.

Across all specifications advertising expenditure is positively and significantly correlated with media coverage. The effect is actually smaller in size when controlling for ownership links (column [4]). In terms of magnitudes, a coefficient of 0.002 in columns [1]-[3] implies that an additional expenditure 6 Standard errors are clustered at the (company × newspaper level), in order to account for withincluster correlation in the error term.

7 See Bertrand et al. (2004).

340 of 50,000 euros per month by a given company (somewhat less than a standard deviation) is associated with one additional article every one thousand about that company. Since on average there are around 13,000 total articles per month, this correlation translates in an increase of about 13 articles per month.

The issuance of a press release is a very significant (and positive) predictor of newspaper coverage, across all specifications. When not controlling for the interaction between ads and press releases (i.e.

in column [2]), an additional press release is associated with around one and a half additional article mentioning that company every one thousand.

Column [3] shows that the interaction between press releases and advertising is positive and significant at the 5% confidence level. The effect is more strongly significant (and still positive) when controlling for the ownership dummies (column [4]). The magnitude of the conditional effect can be calculated as follows: at the mean level of monthly ads (about 25,000 euros per month) an additional press release is associated with 1.375 additional articles every one thousand (0.12 +

0.0007 x 25). On average, if a firm doubles the amount of advertising, the effect rises to 1.55 additional articles every one thousand. It would jump to around 2 additional articles every one thousand when considering a standard-deviation increase (i.e., around 66,000 euros per month).

The discrepancy in the size and significance of those findings when controlling or not controlling for the ownership dummies is consistent with the fact that companies holding a stake in a given newspaper are not constrained by the issuance of press releases in affecting media coverage about themselves.

In columns [5]-[9] we proxy “residual” real world events pertaining to a company (i.e. those not captured by the issuance of a press release) by controlling for rc,t −1, the absolute daily return of stock c on day t − 1, by itself and interacted with advertising expenditure. 8 It must be noticed that sample size decreases, since we are only considering days that are immediately preceded by a trading day, i.e. we do not include Sundays and Mondays in the sample.

We find that larger absolute returns are significantly correlated with wider media coverage: in column [5] a coefficient of about 3 implies that a one percentage point increase in the absolute daily return is associated with an increase of 0.03 percentage points in the amount of coverage.

The coefficient on the interaction term between monthly ad expenditure and the absolute stock return would be informative about whether newspaper coverage of a given company differentially reacts to the same stock return as a function of the amount of ads purchased by that company on that newspaper. In column [6] we find that this coefficient is positive and significant at ordinary confidence level. To get a sense of the magnitude of the estimated effect, consider a one standard deviation increase in the amount of ad purchases: the reactivity of newspaper coverage to the absolute stock return would jump from 2.151 to 3.67, i.e. it would increase by more than 70 percent.

However, the interaction term is not statistically significant in column [7], i.e. when controlling for the ownership dummies. One should also notice that the significance and magnitude of the ads variable, the press release dummy and the interaction term between the latter is practically unaltered when controlling for past absolute return.

A relevant concern here is that the estimated reactivity of newspaper coverage to the absolute stock return -by itself and interacted with ads purchases- does disguise different correlations in the case of positive vs. negative returns. In columns [8] and [9] we address this issue by separately considering positive and negative returns, properly interacted with lagged ads purchases. In fact, both

–  –  –



Pages:     | 1 |   ...   | 64 | 65 || 67 | 68 |   ...   | 175 |


Similar works:

«THE FUTURE OF AL-QAEDA RESULTS OF A FORESIGHT PROJECT Think recycling This document is printed with environmentally friendly ink World Watch: Expert Notes series publication No. 2013-05-01 This report contains the results of a research project led by the academic outreach program of the Canadian Security Intelligence Service (CSIS) to explore the future of the Al-Qaeda phenomenon. It consists of alternative future scenarios developed during a workshop, as well as four original papers written by...»

«SVEUČILIŠTE U ZAGREBU FILOZOFSKI FAKULTET Studij antropologije Diplomski rad FORENZIČNO ANTROPOLOŠKA ANALIZA PERIMORTALNIH TRAUMA NA KASNOSREDNJOVJEKOVNOM NALAZIŠTU UDBINA SVETI JAKOV Mentor: Studentica: Prof. dr. sc. Mario Šlaus Vlasta Vyroubal 2 KAZALO SAŽETAK 1. UVOD 1.1. Važnost učestalosti i distribucije perimortalnih trauma u arheološkim populacijama 1.2. Kratak pregled razvoja antropologije i antropoloških analiza u Hrvatskoj. 5 1.3. Razlikovanje izmeñu perimortalnih trauma...»

«1 MARCO POLO on Netflix John Fusco: Creator/Executive Producer/Co-Showrunner John Fusco has an enduring interest in the spiritual aspects of warrior cultures and acknowledges a common “red thread” that runs through Native American and Eastern philosophy. Before Marco Polo, he was perhaps best known for writing the screenplays for the blockbusters Young Guns (featuring Emilio Estevez as Billy the Kid) and sequel, Young Guns II —which put a modern spin on the classic Western formula. His...»

«Gobierno Bolivariano Ministerio del Poder Popular para Transporte y Comunicaciones de Venezuela RAPPORT FINAL WEST CARIBBEAN AIRWAYS DC-9-82 (MD-82) IMMATRICULE HK4374X MACHIQUES, VENEZUELA 16 AOÛT 2005 Ce document est une traduction de l’espagnol vers le français du rapport final sur l’accident survenu le 16 août 2005 à Machiques, Venezuela, au DC9-82 immatriculé HK-4374X exploité par la compagnie West Caribbean Airways. Aussi précise que puisse être la traduction, le rapport...»

«1 Transcript of the Seminar held at Guildhall on 5 June 2013 Members present: Speakers panel: Joan Walley MP (Chair) Catherine McGuinness, Deputy Chairman, Energy and Peter Aldous MP Sustainability (Policy & Resources) Sub Panel Neil Carmichael MP Richard Burrell, CEO, Aggregated Micro Power Mark Lazarowicz MP Mark Campanale, Carbon Tracker Initiative Caroline Lucas MP Shaun Kingsbury, CEO, Green Investment Bank Mr Mark Spencer MP Michael Mainelli, Z/Yen Ltd Dr Alan Whitehead MP Robert...»

«J. Child Lang. 32 (2005), 249–268. f 2005 Cambridge University Press doi:10.1017/S0305000904006786 Printed in the United Kingdom Infants can use distributional cues to form syntactic categories* L O U A N N G E R K E N, R A C H E L W I L S O N University of Arizona AND WILLIAM LEWIS California State University, Fresno (Received 10 July 2003. Revised 16 March 2004) ABSTRACT Nearly all theories of language development emphasize the importance of distributional cues for segregating words and...»

«Moral panics and the social construction of deviant behavior: a theory and application to the case of ritual child abuse. Sociological Perspectives Fall/1998 Victor, Jeffrey S.STATEMENT OF THE PROBLEM The past offers numerous examples of collective behavior during which widespread, fearful rumors and accusations about dangerous deviants resulted in false accusations of crime against many innocent people. Various terms have been used to label this form of collective behavior: persecution,...»

«808 #16 Manual R2 1 of 6 Simple Instructions for 808 HD Car Key Micro Camera (#16) Thank you for your purchase of our 808 Car Key Micro-camera (#16). If this is the first time you are using a product of this kind, please follow the simple instructions. We believe you will love this little gadget once you get to know how it works and discover the amazing video quality that such a tiny camera can produce. How the #16 808 HD Car Key Micro Camera originated In 2010 Tom Frank created a thread,...»

«Utopia, Dystopia and Disenchantment in three Eurocentric narratives of Africa: Ensaio Haggard's King Solomon's Mines, Conrad's Heart of Darkness and Naipaul's A Bend in the River Gualter Cunha ‫׀‬ CETAPS – Centre for English, Translation and AngloPortuguese Studies │Universidade do Porto The three novels I selected for this paper may be included in the category, or narrative subgenre, of “narratives of Africa”, whether we intend by that designation those stories, purportedly...»

«ISoRD 2014 CPH FIRST INTERNATIONAL SYMPOSIUM ON ROBUST DESIGN PROCEEDINGS 14TH-15TH AUGUST, 2014 KØBENHAVN, DK TOPICS Robust Design Methodology Robustness Indicators Production Process Capability Tolerance Analysis Parameter sensitivity analysis Reliability engineering Design for Six Sigma Quality Loss Functions Edited By Thomas J. Howard Tobias Eifler ISoRD 2014 CPH ISoRD14 Proceedings 14th-15th August 2014 Copenhagen, Denmark Organised by The Robust Design group, Section Engineering Design &...»

«More than just test scores Henry M. Levin PROSPECTS Quarterly Review of Comparative Education ISSN 0033-1538 Prospects DOI 10.1007/s11125-012-9240-z 1 23 Your article is protected by copyright and all rights are held exclusively by UNESCO IBE. This e-offprint is for personal use only and shall not be self-archived in electronic repositories. If you wish to self-archive your work, please use the accepted author’s version for posting to your own website or your institution’s repository. You...»

«Toolkit 1 Look Different Toolkit Introduction MTV’s Emmy-Award winning “Look Different” campaign helps America’s youth better recognize and challenge hidden racial, gender and anti-LGBT biases, empowering them to create a more equal future. To support our audience in reaching towards a world without prejudice, MTV has built a coalition of the foremost authorities and is tackling this issue on all of our platforms, including on-air programming, social media engagement, innovative digital...»





 
<<  HOME   |    CONTACTS
2016 www.dissertation.xlibx.info - Dissertations, online materials

Materials of this site are available for review, all rights belong to their respective owners.
If you do not agree with the fact that your material is placed on this site, please, email us, we will within 1-2 business days delete him.