References
[1]. China ESG Research Institute. (2024). 2024 white paper on the development of ESG in China (pp. 3-6).
[2]. Zhang, Y., Meng, X., & Wang, X. (2024). A study on the influence mechanisms and management strategies of media attention on the risk of stock price crash. Journal of Financial Development Research, 2024(8), 34-43. https://doi.org/10.19647/j.cnki.37-1462/f.2024.08.004
[3]. Yin, L., & Zhang, J. (2025). Media attention, investor sentiment, and corporate funding term mismatch. East China Economic Management, 39(1), 106-116. https://doi.org/10.19629/j.cnki.34-1014/f.240430003
[4]. Luo, L., Liu, Y. C., Li, H., Yang, X. F., & Ma, M. Y. (2021). The third domain: How do informal and formal institutions promote green production. Resources and Environment in Arid Areas, 35(6), 8-14.
[5]. He, F., Guo, X., & Yue, P. (2024). Media coverage and corporate ESG performance: Evidence from China. International Review of Financial Analysis, 91, 103003.
[6]. Zyglidopoulos, S. C., Georgiadis, A. P., Carroll, C. E., & Siegel, D. S. (2012). Does media attention drive corporate social responsibility?. Journal of business research, 65(11), 1622-1627.
[7]. Jie, G., & Jiahui, L. (2023). Media attention, green technology innovation and industrial enterprises’ sustainable development: The moderating effect of environmental regulation. Economic Analysis and Policy, 79, 873-889.
[8]. Yang, R., Zhang, Y., & Lai, M. (2024). Digital empowerment, manufacturing agglomeration, and enterprise growth. Industrial Economic Review, 15(5), 89-109. https://doi.org/10.14007/j.cnki.cjpl.2024.05.005
[9]. Kaniel, R., & Parham, R. (2017). WSJ Category Kings–The impact of media attention on consumer and mutual fund investment decisions. Journal of Financial Economics, 123(2), 337-356.
[10]. Guidolin, M., & Pedio, M. (2021). Media attention vs. sentiment as drivers of conditional volatility predictions: An application to Brexit. Finance Research Letters, 42, 101943.
[11]. Guldiken, O., Tupper, C., Nair, A., & Yu, H. (2017). The impact of media coverage on IPO stock performance. Journal of Business Research, 72, 24-32.
[12]. Cahan, S. F., Chen, C., Chen, L., & Nguyen, N. H. (2015). Corporate social responsibility and media coverage. Journal of Banking & Finance, 59, 409-422.
[13]. Ahern, K. R., & Sosyura, D. (2014). Who writes the news? Corporate press releases during merger negotiations. The Journal of Finance, 69(1), 241-291.
[14]. Zhang, X., Xue, F., & Yang, M. (2025). Analysis of the impact of ESG performance on corporate growth: From the perspective of financing constraints and operating efficiency. Western China, (1), 15-25.
[15]. Wen, H., Ho, K. C., Gao, J., & Yu, L. (2022). The fundamental effects of ESG disclosure quality in boosting the growth of ESG investing. Journal of International Financial Markets, Institutions and Money, 81, 101655.
[16]. Zhou, X., Wang, D., & Zhang, J. (2025). Digital transformation, green innovation persistence, and corporate ESG performance. Friends of Accounting, (3), 100-109.
[17]. Henisz, W., Koller, T., & Nuttall, R. (2019). Five ways that ESG creates value. McKinsey Quarterly, 4, 1-12.
[18]. Chen, Z., & Xie, G. (2022). ESG disclosure and financial performance: Moderating role of ESG investors. International Review of Financial Analysis, 83, 102291.
[19]. Freeman, R. E. (2010). Strategic management: A stakeholder approach. Cambridge university press.
[20]. Aydoğmuş, M., Gülay, G., & Ergun, K. (2022). Impact of ESG performance on firm value and profitability. Borsa Istanbul Review, 22, S119-S127.
[21]. Chen, S., Song, Y., & Gao, P. (2023). Environmental, social, and governance (ESG) performance and financial outcomes: Analyzing the impact of ESG on financial performance. Journal of environmental management, 345, 118829.
[22]. Apergis, N., Poufinas, T., & Antonopoulos, A. (2022). ESG scores and cost of debt. Energy Economics, 112, 106186.
[23]. Li, T. T., Wang, K., Sueyoshi, T., & Wang, D. D. (2021). ESG: Research progress and future prospects. Sustainability, 13(21), 11663.
[24]. Cohen, G. (2023). The impact of ESG risks on corporate value. Review of Quantitative Finance and Accounting, 60(4), 1451-1468.
[25]. Krueger, P., Sautner, Z., Tang, D. Y., & Zhong, R. (2024). The effects of mandatory ESG disclosure around the world. Journal of Accounting Research, 62(5), 1795-1847.
[26]. Lu, F., & Chen, H. (2023). Industrial internet, enterprise growth and enterprise value creation . Economic Management, 45(1), 5-24. https://doi.org/10.19616/j.cnki.bmj.2023.01.001
[27]. Chai, S., Cao, M., Li, Q., Ji, Q., & Liu, Z. (2023). Exploring the nexus between ESG disclosure and corporate sustainable growth: Moderating role of media attention. Finance Research Letters, 58, 104519.
[28]. Yu, C., Song, A., & Yu, F. (2024). Media attention and corporate risk-taking: Evidence from China. International Review of Economics & Finance, 93, 1459-1482.
[29]. Lin, Y., & Li, S. (2025). Supply chain resilience, ESG performance, and corporate growth. International Review of Economics & Finance, 97, 103763.
[30]. Zheng, C., Lyu, J., & Li, W. (in press). Government environmental attention and corporate ESG performance: The mediating role of top management team's environmental awareness and corporate innovation. Science & Technology Progress and Policy. Advance online publication.
[31]. Pang, R., & Wang, H. (2025). How does supply chain innovation affect enterprise ESG performance? — A quasi-natural experiment from supply chain innovation and application pilot work. Journal of Xi'an Jiaotong University (Social Sciences Edition), 45(1), 13-26. https://doi.org/10.15896/j.xjtuskxb.202501002
[32]. Liu, J., & Li, R. (2019). Research on the influence of media attention on innovation behavior of publishing enterprises. China Publishing Journal, (22), 11-17.
Cite this article
Luo,H. (2025). The Impact of Media Attention on Corporate ESG Performance. Advances in Economics, Management and Political Sciences,189,45-54.
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References
[1]. China ESG Research Institute. (2024). 2024 white paper on the development of ESG in China (pp. 3-6).
[2]. Zhang, Y., Meng, X., & Wang, X. (2024). A study on the influence mechanisms and management strategies of media attention on the risk of stock price crash. Journal of Financial Development Research, 2024(8), 34-43. https://doi.org/10.19647/j.cnki.37-1462/f.2024.08.004
[3]. Yin, L., & Zhang, J. (2025). Media attention, investor sentiment, and corporate funding term mismatch. East China Economic Management, 39(1), 106-116. https://doi.org/10.19629/j.cnki.34-1014/f.240430003
[4]. Luo, L., Liu, Y. C., Li, H., Yang, X. F., & Ma, M. Y. (2021). The third domain: How do informal and formal institutions promote green production. Resources and Environment in Arid Areas, 35(6), 8-14.
[5]. He, F., Guo, X., & Yue, P. (2024). Media coverage and corporate ESG performance: Evidence from China. International Review of Financial Analysis, 91, 103003.
[6]. Zyglidopoulos, S. C., Georgiadis, A. P., Carroll, C. E., & Siegel, D. S. (2012). Does media attention drive corporate social responsibility?. Journal of business research, 65(11), 1622-1627.
[7]. Jie, G., & Jiahui, L. (2023). Media attention, green technology innovation and industrial enterprises’ sustainable development: The moderating effect of environmental regulation. Economic Analysis and Policy, 79, 873-889.
[8]. Yang, R., Zhang, Y., & Lai, M. (2024). Digital empowerment, manufacturing agglomeration, and enterprise growth. Industrial Economic Review, 15(5), 89-109. https://doi.org/10.14007/j.cnki.cjpl.2024.05.005
[9]. Kaniel, R., & Parham, R. (2017). WSJ Category Kings–The impact of media attention on consumer and mutual fund investment decisions. Journal of Financial Economics, 123(2), 337-356.
[10]. Guidolin, M., & Pedio, M. (2021). Media attention vs. sentiment as drivers of conditional volatility predictions: An application to Brexit. Finance Research Letters, 42, 101943.
[11]. Guldiken, O., Tupper, C., Nair, A., & Yu, H. (2017). The impact of media coverage on IPO stock performance. Journal of Business Research, 72, 24-32.
[12]. Cahan, S. F., Chen, C., Chen, L., & Nguyen, N. H. (2015). Corporate social responsibility and media coverage. Journal of Banking & Finance, 59, 409-422.
[13]. Ahern, K. R., & Sosyura, D. (2014). Who writes the news? Corporate press releases during merger negotiations. The Journal of Finance, 69(1), 241-291.
[14]. Zhang, X., Xue, F., & Yang, M. (2025). Analysis of the impact of ESG performance on corporate growth: From the perspective of financing constraints and operating efficiency. Western China, (1), 15-25.
[15]. Wen, H., Ho, K. C., Gao, J., & Yu, L. (2022). The fundamental effects of ESG disclosure quality in boosting the growth of ESG investing. Journal of International Financial Markets, Institutions and Money, 81, 101655.
[16]. Zhou, X., Wang, D., & Zhang, J. (2025). Digital transformation, green innovation persistence, and corporate ESG performance. Friends of Accounting, (3), 100-109.
[17]. Henisz, W., Koller, T., & Nuttall, R. (2019). Five ways that ESG creates value. McKinsey Quarterly, 4, 1-12.
[18]. Chen, Z., & Xie, G. (2022). ESG disclosure and financial performance: Moderating role of ESG investors. International Review of Financial Analysis, 83, 102291.
[19]. Freeman, R. E. (2010). Strategic management: A stakeholder approach. Cambridge university press.
[20]. Aydoğmuş, M., Gülay, G., & Ergun, K. (2022). Impact of ESG performance on firm value and profitability. Borsa Istanbul Review, 22, S119-S127.
[21]. Chen, S., Song, Y., & Gao, P. (2023). Environmental, social, and governance (ESG) performance and financial outcomes: Analyzing the impact of ESG on financial performance. Journal of environmental management, 345, 118829.
[22]. Apergis, N., Poufinas, T., & Antonopoulos, A. (2022). ESG scores and cost of debt. Energy Economics, 112, 106186.
[23]. Li, T. T., Wang, K., Sueyoshi, T., & Wang, D. D. (2021). ESG: Research progress and future prospects. Sustainability, 13(21), 11663.
[24]. Cohen, G. (2023). The impact of ESG risks on corporate value. Review of Quantitative Finance and Accounting, 60(4), 1451-1468.
[25]. Krueger, P., Sautner, Z., Tang, D. Y., & Zhong, R. (2024). The effects of mandatory ESG disclosure around the world. Journal of Accounting Research, 62(5), 1795-1847.
[26]. Lu, F., & Chen, H. (2023). Industrial internet, enterprise growth and enterprise value creation . Economic Management, 45(1), 5-24. https://doi.org/10.19616/j.cnki.bmj.2023.01.001
[27]. Chai, S., Cao, M., Li, Q., Ji, Q., & Liu, Z. (2023). Exploring the nexus between ESG disclosure and corporate sustainable growth: Moderating role of media attention. Finance Research Letters, 58, 104519.
[28]. Yu, C., Song, A., & Yu, F. (2024). Media attention and corporate risk-taking: Evidence from China. International Review of Economics & Finance, 93, 1459-1482.
[29]. Lin, Y., & Li, S. (2025). Supply chain resilience, ESG performance, and corporate growth. International Review of Economics & Finance, 97, 103763.
[30]. Zheng, C., Lyu, J., & Li, W. (in press). Government environmental attention and corporate ESG performance: The mediating role of top management team's environmental awareness and corporate innovation. Science & Technology Progress and Policy. Advance online publication.
[31]. Pang, R., & Wang, H. (2025). How does supply chain innovation affect enterprise ESG performance? — A quasi-natural experiment from supply chain innovation and application pilot work. Journal of Xi'an Jiaotong University (Social Sciences Edition), 45(1), 13-26. https://doi.org/10.15896/j.xjtuskxb.202501002
[32]. Liu, J., & Li, R. (2019). Research on the influence of media attention on innovation behavior of publishing enterprises. China Publishing Journal, (22), 11-17.