ESG disclosure,media attention and financial performance—heterogeneity analysis based on regional digitalization level and industry environmental sensitivity
This study explores how ESG disclosure impacts financial performance of Chinese com-panies from 2012 to 2022 using moderation effect model,quantile regression and mediation effect model.The benchmark regression results based on the full sample show that ESG disclosure has a significant positive impact on financial performance and media attention plays a negative modera-ting role in the relationship between ESG disclosure and financial performance.Further using quantile regression,this paper finds that media attention has a more significant negative modera-ting effect only on companies with higher levels of ESG disclosure.The heterogeneity analysis shows that,among companies in high digitalization regions and non-environmentally sensitive in-dustries,ESG disclosure contributes more significantly to improved financial performance.Mech-anism testing shows that ESG disclosure improves financial performance mainly by alleviating firms'financing constraints and enhancing firms'green innovation.
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