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The Role of Corporate Reputation and Media Authority in Rumor Clarification——An Empirical Study on Coping with the Security Market Rumor |
ZHANG Ning1,LIU Chun lin1 |
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Abstract Clarification announcements are often used to rebut market rumors. However, clarification announcements make nothing clear in the Chinese stock market, which is caused by some factors. The paper carries out a study on two types of important factors. The results show that, the denial wording in clarification announcements can influence their effectiveness. Moreover, their relationship will be moderated simultaneously by corporate reputation and media authority. When the corporate has bad reputation, or rumors are released from authoritative media, the denial wording shows stronger influence. The conclusions verify the effectiveness of psychology theories in stock market, and expand the scope of financial market research. In the
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Received: 18 October 2011
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Corresponding Authors:
ZHANG Ning
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