First-movers and industry shakeups: How public newspapers define value

Abstract

With profitability for newspapers waning, publications are seeking new investments to bolster their bottom lines. At the same time, newspaper executives are experiencing pressures to generate new value from “first-mover advantages”—the company’s uptake of new products, processes, or markets. This research examines 4 years of 10-K filings from a sample of the United States’ publicly owned newspapers, finding that corporate newspapers expanded notions of value to encompass the impact of their newsgathering operations.