Against the backdrop of rising volatility in global capital markets and the growing influence of media, understanding how media attention shapes stock price crash risk is of both theoretical and practical importance. Using data from Chinese A-share listed firms, this study examines the impact of media supervision on stock price crash risk. The results show that greater media attention significantly increases the likelihood of stock price crashes. Mechanism analyses suggest that media coverage amplifies investor pessimism and managerial negative sentiment, leading to the accumulation of bad news and increased information asymmetry, thereby intensifying crash risk. Media pressure also affects firms’ information disclosure quality, constituting an additional transmission channel. Moreover, the study identifies a nonlinear effect: moderate media attention enhances information transparency and reduces the probability of stock price crashes. Overall, this research advances understanding of how media influences extreme downside risk and offers policy implications for promoting more regulated media reporting, improving information transparency, and strengthening investor education.
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