Journal
INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS
Volume 91, Issue -, Pages -Publisher
ELSEVIER SCIENCE INC
DOI: 10.1016/j.irfa.2023.103003
Keywords
Media coverage; ESG; Corporate social responsibility; Corporate governance
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This study examines the impact of media coverage on corporate ESG performance in China and finds that media coverage plays an effective supervisory role in improving corporate ESG performance. The study suggests that increasing analysts' attention and deterring agency costs contribute to the improvement in ESG performance.
In the context of increasing concern about climate issues, corporate environmental, social and governance (ESG) performance has received widespread attention from the public. Our study focuses on empirically analyzing the effects of media coverage on corporate ESG performance in China. The findings suggest that media coverage plays an effective supervisory role in improving corporate ESG performance. This finding is robust after addressing the potential endogeneity issues. Furthermore, we find that media coverage improves by increasing analysts' attention and deterring agency costs. Our results provide effective suggestions to help enterprises achieve carbon peaking and carbon neutrality goals and to help the media play an effective supervisory role in achieving sustainable development.
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