An Empirical Study on Institutional Ownership, Media Attention and Extreme Stock Price Volatility

Yanyuan Cui

doi:10.47297/wspdecWSP2515-797303.20261006

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An Empirical Study on Institutional Ownership, Media Attention and Extreme Stock Price Volatility

10卷第6期

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An Empirical Study on Institutional Ownership, Media Attention and Extreme Stock Price Volatility
An Empirical Study on Institutional Ownership, Media Attention and Extreme Stock Price Volatility
Zhonglan International Engineering Consulting Group Co., Ltd. Lanzhou, Gansu, 730030, China
2026年10卷第6期页码：14-19
纸质出版：2026-06-30
DOI：10.47297/wspdecWSP2515-797303.20261006
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Yanyuan Cui. (2026). An Empirical Study on Institutional Ownership, Media Attention and Extreme Stock Price Volatility. 发展经济学, 10(6), 14-19.

Cui Yanyuan.An Empirical Study on Institutional Ownership, Media Attention and Extreme Stock Price Volatility[J].Development Economics of China,2026,10(06):14-19.
Yanyuan Cui. (2026). An Empirical Study on Institutional Ownership, Media Attention and Extreme Stock Price Volatility. 发展经济学, 10(6), 14-19. DOI： 10.47297/wspdecWSP2515-797303.20261006.

Cui Yanyuan.An Empirical Study on Institutional Ownership, Media Attention and Extreme Stock Price Volatility[J].Development Economics of China,2026,10(06):14-19. DOI： 10.47297/wspdecWSP2515-797303.20261006.

摘要

Abstract

Taking A-share listed firms in Shanghai and Shenzhen stock exchanges from 2016 to 2025 as research samples

this paper constructs a negative-binomial panel regression model based on information asymmetry theory and principal-agent theory to empirically examine the inhibitory effect of institutional investor ownership on extreme stock price volatility and the mediating role of media attention. The results show that

first

the overall shareholding ratio of institutional investors is significantly negatively correlated with extreme stock price volatility. By virtue of advantages in information mining and participation in corporate governance

institutional investors effectively mitigate agency conflicts and information frictions and perform the function of a market stabilizer. Second

media attention exerts a partial mediating effect in the above relationship. Institutional investor ownership indirectly reduces the risk of extreme stock price volatility by attracting media coverage and strengthening public opinion supervision

and the mediating effect accounts for 13.26% of the total effect. From the collaborative perspective of institutional governance and media governance

this paper expands the research boundary of influencing factors of stock price volatility

and provides micro-level empirical evidence for regulatory authorities to optimize investor structure and improve the risk prevention and control system of capital markets.

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references

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