Media Attention,ESG Performance and Corporate Value Creation——Empirical Data Based on A-share Heavy Pollution Industry
Whether good ESG performance can improve corporate performance and bring"visualization"value is a key factor influ-encing the choice of ESG practices for heavily polluting companies.This paper selects the data of A-share listed compa-nies in heavy pollution industry in Shanghai and Shenzhen from 2011 to 2021 as the research sample,and explores the effect of ESG performance on corporate performance through empirical research,and analyzes how media attention affects ESG on corporate performance by taking media attention as the moderating variable and distinguishing the effect of differ-ent media emotions.It is found that good ESG performance can improve firm performance;the higher the media attention a firm receives,the more obvious the effect of ESG on firm performance.However,further research finds that the effect of ESG on firm performance may be limited when the overall media sentiment is negative or neutral.Heterogeneity tests show that ESG has a more significant effect on firm performance in non-state-owned firms,and the higher the degree of marketization,the better the effect of ESG on firm performance.These findings are important references for heavy pollu-ting enterprises to make ESG practice decisions.
万方数据
