Financial journalism in Malta : an evaluation

Abstract

Financial journalism is significantly important in today's rapidly changing business world, especially in the case of a developing country like Malta, where a sound practice of financial journalism is essential in creating an awareness of prevailing business and economic conditions and investing opportunities available. The objectives of this dissertation are to determine the current state of financial journalism in Malta, analyse the significance of financial journalism, as currently practiced, to both investors and investment advisors and to analyse various aspects that are deemed necessary for improvements in financial journalism to be brought about in the future. The study finds that a sufficient market for the information provided by the financial media already exists. However, the daily coverage of financial matters is quite limited and many local 'financial journalists' are not perceived to maintain a high level of independence and objectivity when reporting. Furthermore, the level of critical, sceptical analysis used by them when providing financial information is relatively low. Generally speaking, financial journalism is not deemed to report adequately to the local market, and its current state is seen to be at a fair level. Information provided by the financial media is somewhat significant to investors, but this significance tends to fall in the case of more sophisticated (in terms of business related matters) readers and investment advisers, implying that the local financial media is unable to provide its more sophisticated readers with relevant and useful information. Amongst other things, the study recommends the introduction of qualified financial journalists into the field, providing timely, accurate and value added information, as well as an increase in the daily coverage of local business and finance.