Towards a circular framing model in financial journalism: the relationships between financial journalists, news frames, and stakeholders in China in the digital age

Abstract

Framing studies, conventionally, have tilted towards investigating framing effects in political news communication. However, it is often overlooked how news frames emerge and affect investors in the neighbouring news type – financial news communication - even though it is significant for understanding financial events with huge potential to impact everyone’s financial status. This thesis addresses the gaps by examining the comprehensive process of financial news framing and identifying the fundamental mechanisms that shape it, in a less-researched context of China. Drawing on theories of framing, dual-system processing, and the hierarchy of influences, this thesis proposes a theoretical framework, the circular framing model in financial journalism. This thesis tests this model through four empirical studies. The qualitative study, relying on 24 expert interviews, confirms the circular framing model by integrating the newly identified frame-sourcing with the conventional frame-building and frame-setting. It also reveals an interconnected network among multiple influence forces, with a confluence between two dominant forces – the extra-media force and the individual forces in financial journalism. The between-subjects experiments on frame-sourcing (N = 126) and frame-setting (N = 256) examine the direct effects of source frames and news frames, as well as the mediating effects of emotions and cognition, respectively, on journalists’ intended frames and investors’ investment intentions. Results show that the frame valence and complexity can impact recipients’ reactions – whether on financial journalists’ or investors’ reactions at emotional, cognitive, and behavioural levels. And recipients’ behavioural intentions are influenced through emotional mediation rather than cognitive congruence. The within-subjects experiment on frame-building (N = 113) investigates the moderating role of editors and PR professionals in the link between journalists’ intended frames in mind and news frames in presentation. Results show that editors at different influence levels can moderate the relationship between journalist frames and news frames in both interpretation patterns and valence. It also presents that PRs at different influence levels can only moderate valence, not interpretation patterns. This thesis also demonstrates how various theories and research paradigms, along with multiple methods, can be applied within a single thesis. This research has broader implications. Theoretically, it sheds new light on framing, emotional and cognitive processing, hierarchy of influences, and the roles of financial journalists. Methodologically, it contributes to an innovative multi-method design. In practice, it provides guidance to financial media, corporates, investors, and policymakers.

Date of Award	15 Nov 2026
Original language	English
Awarding Institution	University of Nottingham
Supervisor	Shixin Zhang (Supervisor), Hang Zhou (Supervisor) & Charles Yichu Wang (Supervisor)