Media oversight and corporate performance: a systematic review of financial and non-financial outcomes

Media oversight has become increasingly important in corporate governance, yet this evolving field has not been systematically synthesized. This review employs the Theory-Context-Characteristics-Methods (TCCM) framework to examine the dominant theories, contexts, characteristics, and methods in studies of media oversight and corporate performance published between 2008 and 2024. Based on a systematic analysis and synthesis of 74 articles, the review reveals the predominance of single-theory approaches, particularly those drawing on signaling theory and agenda-setting theory, and the geographic concentration of empirical research in China and the United States. Additionally, the findings indicate that media oversight is associated with corporate performance primarily through informational, governance, and reputational mechanisms, while the strength and direction of these relationships vary with media attributes, firm-level characteristics, and institutional environments. Furthermore, this review formulates a future research agenda within the TCCM framework, emphasizing the need to extend research to underrepresented emerging economies, integrate multiple theoretical perspectives, and adopt innovative methods. This review contributes to corporate governance research by providing an integrated account of the media as an external governance mechanism, its relationship with corporate financial and non-financial performance.