Can media sentiment on news of corporate executives affect ESG performance?:Empirical study on A-share listed companies
In recent years,ESG characterized by environmental protection,social responsibility and corporate governance has garnered extensive attention from both domestic and international investors.To investigate whether the media sentiment on news of corporate executives can influence executives'response and consequently affect corporate ESG performance,this study,based on upper echelons theory and stakeholder theory,utilizes data from A-share listed companies between 2009 and 2022 to examine the potential impact and mechanism of media sentiment in news of executives on corporate ESG performance.Moreover,the relationship between executives'overcompensation,financing constraints and media sentiment on these news reports is tested through mediating effects.The research findings indicate that the more positive the news coverage of corporate executives,the better the corporate ESG performance,with this effect being more significant in non-state-owned enterprises.Mechanism analysis reveals that positive media coverage of executives enhances corporate ESG performance by reducing agency costs and alleviating corporate financing constraints.Further research discovers that companies receiving more positive news coverage and demonstrating better ESG performance yield higher stock returns and are more preferred by institutional investors in stockholding.
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