Media ESG Attention and Enterprises'Digital Cross-Border M&As
As the ESG(Environmental,Social and Governance)concept has gradually become an international consensus,it is worth exploring whether media attention to corporate ESG actions can form a favorable informal institutional environment,shape the re-sponsible international image of enterprises,and thus promote the increase in the number and scale of enterprises'digital cross-border mergers and acquisitions(M&As).This paper selects Chinese A-share listed companies from 2015 to 2022 as the research sample,and systematically analyzes the impact of media ESG attention on enterprises'digital cross-border M&As and its mecha-nism.The research results show that media ESG attention has a significant and robust positive effect on enterprises'digital cross-border M&As,and this effect is achieved by shaping the external ESG reputation of enterprises and accelerating the digital trans-formation of enterprises.Heterogeneity analysis shows that enterprises with high management team heterogeneity,enterprises from sensitivity industries,cross-industry acquisitions,and technology-based acquisitions benefit more from the promotion effect of media ESG attention on digital M&As.Meanwhile,media attention to the environmental dimension has a stronger incentive effect on digital M&As.Based on the complementary analysis of formal and informal institutions,the results indicate that media ESG at-tention and government ESG governance have a complementary effect in promoting enterprises'digital cross-border M&As,while media ESG attention and government digital procurement have a substitutional effect.The research conclusions provide useful in-sights for enterprises to enhance their international discourse power by ESG practice,and for the government to build institutional advantages for the"going global"of the digital economy by combining media functions.
万方数据
维普
