Media ethics in financial journalism : an investigation into the situation in South Africa

[摘要] ENGLISH ABSTRACT:Financial reporting is one of the most vulnerable sectors of journalism for the occurrence of possibleunethical conduct. Financial journalists handle news with financial value and have access toprivileged market information which confront them with numerous ethical problems, namely the use ofpress releases, the influence of public relations, the use of financial jargon, reporting on shares andthe securities market, journalists' dependence on analysts' opinions and recommendations, thereceipt of freebies and insider trading.This assignment gives an overview of the incidence of unethical conduct in financial reporting inSouth Africa. Ethical principles relevant for financial reporting, namely accuracy, truth and deception,fairness, objectivity and conflict of interest are analysed, discussed and illustrated with incidences ofpossible unethical behaviour in financial reporting.The research method comprised the scrutiny of business sections of newspapers and articles infinance magazines, articles from the World Wide Web, as well as sources on media ethics andbusiness journalism.Accuracy in financial reporting is a necessity for sound journalism. The impact of press releases onaccuracy in financial reporting was investigated, but did not yield sufficient proof that they necessarilylead to inaccurate reporting. Financial journalists' reliance on the opinions and recommendations ofbusiness analysts, however, revealed a significant contribution to inaccurate reporting.A chore journalistic value, truth establishes trust between the media and the public. Financialreporting should promote understanding of the relevant facts, not only for readers with a keen interestin financial matters, but also for the average audience. South African financial journalists useexcessive jargon, arcane financial data and affected language which may confuse and even misleadthe general reader.Share price reporting in South Africa is generally factual and the investigation did not yield anyincidences of share punting among financial journalists. Analysts' reports, however, pose a seriousthreat for media independence as financial journalists rely on their expertise.Conflicts of interest arise when there is conflict between a journalist's professional loyalties andoutside interests. An investigation into possible insider trading in South African financial journalism didnot yield any proof of such incidences. The receipt of freebies, however, remains a grey area becausemost codes of conduct of South African news agencies only prohibit the receipt of freebies which areof more than nominal value.Recommendations include advanced journalism training courses which will enhance journalists'business writing skills and knowledge of basic Economics and finance, columns in financialpublications which explain financial jargon and a greater emphasis on media ethics.

[发布机构] Stellenbosch University