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A pathway towards corporate sustainability: Does media attention matter?
Chenhong Zheng1, Fangshun Xiao1, Cong Zeng1
1Economic and Technological Research Institute, State Grid Fujian Electric Power Co., Ltd., Fuzhou, 350000, China.
Heliyon
|August 16, 2024
Summary
Media coverage significantly boosts corporate sustainability and accountability, particularly through print and positive news. This effect is stronger for larger, well-controlled, and manufacturing firms in China, driving green investments and innovation.
Area of Science:
- Business and Economics
- Environmental Studies
- Sociology
Background:
- Corporate sustainability is increasingly vital, driven by both formal and informal institutional factors.
- Understanding the role of informal institutions, such as media, is crucial for promoting sustainable business practices.
Purpose of the Study:
- To empirically investigate the impact of media coverage on corporate Environmental, Social, and Governance (ESG) performance in China.
- To identify the key mechanisms through which media attention influences ESG outcomes.
- To explore how firm-specific characteristics moderate the relationship between media coverage and ESG performance.
Main Methods:
- Analysis of a sample of A-share listed firms in China from 2007 to 2020.
- Econometric examination of the relationship between media coverage (print and online, positive and negative) and ESG performance metrics.
- Mediation analysis to identify environmental investments and green innovation as key mechanisms.
Main Results:
- Media attention positively correlates with enhanced corporate accountability and ESG performance.
- Print media and positive media coverage demonstrate a more significant impact.
- Environmental investments and green innovation are identified as primary transmission channels.
- The impact of media attention is more pronounced for larger firms, those with robust internal controls, firms in the eastern region, and manufacturing enterprises.
Conclusions:
- Media coverage serves as a critical informal institution driving corporate sustainability.
- Targeted media engagement can enhance corporate accountability and promote sustainable development.
- Findings offer insights for policymakers and businesses in developing economies aiming to foster sustainable growth.
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