Media uncertainty and risk-taking

Jiexiang Huang*, Helen Roberts, Eric K.M. Tan

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

1 Citation (Scopus)


This study investigates the association between uncertain media tone and risk-taking measures that capture CEO risk-taking incentives, corporate investment, and financial policies. The study predicts that CEOs who attract greater uncertain media tone have more risk-taking incentives. We find a positive association between uncertain media tone and R&D expenditures and financial leverage, and a negative association between uncertain media tone and capital expenditure. Our results are robust to endogeneity concerns and further tests, and demonstrate the importance of uncertainty to executive decision-making. The study documents a potential missing link between uncertain media tone, CEO discretion, and firm risk-taking activities.

Original languageEnglish
Article number102930
JournalInternational Review of Financial Analysis
Publication statusPublished - Jan 2024


  • CEO risk-taking incentives
  • Corporate policies
  • Investment and financial risk
  • Uncertain media tone


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