The Impact of Media Attention on Corporate ESG Performance

Research Article
Open access

The Impact of Media Attention on Corporate ESG Performance

Haiqi Luo 1*
  • 1 International Business School, Yunnan University of Finance and Economics, Kunming, China    
  • *corresponding author 3067625397@qq.com
AEMPS Vol.189
ISSN (Print): 2754-1177
ISSN (Online): 2754-1169
ISBN (Print): 978-1-80590-179-2
ISBN (Online): 978-1-80590-180-8

Abstract

Currently, the core directive of China's economic trajectory is "high-quality development", shifting corporate mandates from singular economic performance to integrate with environmental, social, and governance (ESG) factors. This paradigm aligns with the internationally advocated ESG principles. And domestic corporate ESG rating systems are becoming increasingly sophisticated, positioning ESG ratings as a potentially crucial metric for corporate evaluation. This study, utilizing data from Chinese A-share listed companies spanning 2010 to 2022, employs a two-way fixed-effects model, with corporate growth serving as a mediating variable, to investigate the impact of media attention on corporate ESG performance. The empirical findings reveal a significant positive correlation between media attention and corporate ESG performance. Mechanism testing indicates that media attention significantly enhances corporate growth. Heterogeneity analysis demonstrates a more pronounced impact of media attention on non-state-owned enterprises and those located in western regions. This research provides empirical evidence supporting the influence of media attention on corporate ESG ratings, offering a basis for governmental measures to regulate media organizations and refine ESG rating systems. Furthermore, it offers guidance to corporations on enhancing the diversity of ESG practices and effectively leveraging media engagement.

Keywords:

ESG,Media attention,Corporate growth,ESG performance,ESG rating

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.


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.

Data availability

The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.

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About volume

Volume title: Proceedings of ICMRED 2025 Symposium: Effective Communication as a Powerful Management Tool

ISBN:978-1-80590-179-2(Print) / 978-1-80590-180-8(Online)
Editor:Lukáš Vartiak
Conference date: 30 May 2025
Series: Advances in Economics, Management and Political Sciences
Volume number: Vol.189
ISSN:2754-1169(Print) / 2754-1177(Online)

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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.