摘要
以沪深A股上市企业2009—2023年的数据为研究依据,分析媒体关注对企业ESG“漂绿”行为的作用路径及影响机制。研究发现,无论是媒体标题关注还是媒体内容关注均能有效抑制企业ESG“漂绿”行为。机制分析发现,媒体关注通过提升碳信息披露水平、培养耐心资本,显著约束企业ESG“漂绿”行为。进一步分析发现,客观中立或合理质疑的媒体关注更能有效监督约束企业ESG“漂绿”行为;公众关注度与媒体关注具有协同效应,会强化对ESG“漂绿”行为的约束作用;媒体关注对企业ESG“漂绿”行为的抑制作用在东部地区及低社会责任信息披露质量的企业中更加显著,媒体标题关注对非高新技术企业的抑制作用更为显著,而媒体内容关注则在高新技术企业中监督效应更为突出。相关结论为进一步优化ESG治理框架、规范企业策略性信息披露行为提供了理论依据。
Using data from Shanghai and Shenzhen A-share listed companies between 2009 and 2023,this study analyses the causal pathways and influence mechanisms through which media attention impacts corporate ESG greenwashing behavior.Findings reveal that both headline-level and content-level media attention effectively curbs corporate ESG greenwashing behavior.Mechanism analysis indicates that media scrutiny significantly restrains such behavior by enhancing carbon disclosure standards and fostering patient capital.Further analysis shows that objectively neutral or reasonably skeptical media coverage proves more effective in supervising and constraining corporate ESG greenwashing behavior;Public attention exhibits synergistic effects with media attention,amplifying the constraining influence on ESG greenwashing behavior.The inhibitory effect of media attention on corporate ESG greenwashing behavior is more pronounced in eastern regions and among firms with low social responsibility disclosure quality.Headline-focused media attention exerts a stronger deterrent effect on non-high-tech enterprises,while content-focused media attention demonstrates more pronounced supervisory effects within high-tech enterprises.These findings provide theoretical foundations for refining ESG governance frameworks and making strategic corporate disclosure practices.
作者
韩光强
唐世新
Han Guangqiang;Tang Shixin
出处
《金融理论与实践》
北大核心
2025年第10期53-66,共14页
Financial Theory and Practice
基金
辽宁省科技厅软科学项目“辽宁省产学研知识创新联盟风险管理与运行优化研究”(2022JH4/10100038)
渤海大学研究生创新基金项目“企业财务杠杆对绿色创新与全要素生产率的跨期互动影响研究”(YJC2024-022)
辽宁省教育厅基本科研项目“数智化转型驱动下现代化产业体系构建研究——基于辽宁省战略性新兴产业与传统产业融合与对比分析”(LJ142510167001)的阶段性成果。
