How Is Economic News Tone Driven: An Analysis of the Longitudinal Data (1998–2017) of Korean Economic News

This study examined what drives the tone of media coverage. In particular, this study measured who and what causes the tone of news change and how it is done through a 20-year longitudinal data analysis of Korean economic news. The analysis results are as follows. First, the tone of Korean economic news showed a similar pattern with no significant difference between the headlines and leads. Second, the tone of economic news during the same period showed a different pattern according to the ideology of the media. Third, the current economic situation had a greater impact on the tone of economic news than did any potential economic situation of the future. Fourth, economic index change had a greater effect on tone change in economic news than did levels of economic conditions. The effect of changes in the economic index affecting the tone of economic news was greater than the simple lagged levels. Fifth, the positive outlook index for the future economy had no effect on the tone change of economic news, but the negative outlook index had a distinct effect on the same. Sixth, the economic news coverage of the Korean Broadcasting System (KBS), a public broadcaster, had the most statistically significant positive effect on the overall economic news tone change, whereas the commercial broadcaster Seoul Broadcasting System (SBS) had a statistically significant negative effect. This study multidimensionally confirmed the causes and consequences that affect the change of the tone of Korean national economy news and discussed the norms of Korean economic journalism.