媒体关注与企业ESG信息披露质量

Abstract

Using A-share listed companies from 2015 to 2020 as research samples, this paper empirically tests the relationship between media attention and the quality of ESG information disclosure. This paper found that media attention can significantly improve the quality of ESG information disclosure. The intermediary mechanism test shows that media attention can improve the quality of ESG information disclosure by optimizing the internal control and strengthening the external supervision of enterprises. Heterogeneity test results show that the promotion effect of media attention on the quality of ESG information disclosure is more significant in state-owned enterprises and enterprises with large scale and high environmental sensitivity. Finally, based on the emotional characteristics of media reports, the paper finds that the more optimistic the media sentiment is, the better the ESG information disclosure quality can be promoted. This paper provides a theoretical basis for in-depth understanding of the impact of media attention on ESG information disclosure behavior of enterprises, and also contributes practical guidance to better promote the construction of ESG information disclosure system for listed enterprises in China.