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周静. 媒体关注与重污染行业上市公司ESG表现研究[J]. 中国林业经济, 2023, (3): 46-52. DOI: 10.13691/j.cnki.cn23-1539/f.2023.03.009
引用本文: 周静. 媒体关注与重污染行业上市公司ESG表现研究[J]. 中国林业经济, 2023, (3): 46-52. DOI: 10.13691/j.cnki.cn23-1539/f.2023.03.009
ZHOU Jing. Media Attention and ESG Performance of Heavy Polluters[J]. China Forestry Economics, 2023, (3): 46-52. DOI: 10.13691/j.cnki.cn23-1539/f.2023.03.009
Citation: ZHOU Jing. Media Attention and ESG Performance of Heavy Polluters[J]. China Forestry Economics, 2023, (3): 46-52. DOI: 10.13691/j.cnki.cn23-1539/f.2023.03.009

媒体关注与重污染行业上市公司ESG表现研究

Media Attention and ESG Performance of Heavy Polluters

  • 摘要: 选取沪深A股重污染行业2009—2021年上市公司为初始研究样本,深入考察了媒体关注对重污染企业ESG表现的影响及其内在作用机理。实证结果表明:媒体关注与企业ESG表现存在着显著的正向关系,即媒体关注度越高,企业的ESG表现也就越高。这一结论经过系列内生性检验和稳健性检验后仍然成立。进一步研究表明,媒体关注度可以有效提升公司内部的治理水平并增加机构投资者对重污染企业的外部监督,从而提升重污染企业的ESG表现。

     

    Abstract: As an important emerging force in the capital market in China,the media plays an increasingly important role in the dissemination of information and supervision of public opinion.This paper selected listed companies in the heavy pollution industry in Shanghai and Shenzhen A-shares from 2009—2021 as the initial research sample,which examined in depth the impact of media attention on ESG performance of heavy pollution companies and its intrinsic mechanism of action.The empirical results showed that there was a significant positive relationship between media attention and corporate ESG performance,the higher the media attention,the higher the corporate ESG performance.This finding still held after series of endogeneity tests and robustness tests.Further research showed that media attention could effectively improve the internal governance of firms and increase the external monitoring of heavily polluting firms by institutional investors,thus enhancing the ESG performance of heavily polluting firms.

     

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