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Corporate social responsibility, media attention and firm value: empirical research on Chinese manufacturing firms

Author

Listed:
  • Dayuan Li

    (Central South University)

  • Linna Xin

    (Central South University)

  • Xiaohong Chen

    (Central South University
    Hunan University of Commerce)

  • Shenggang Ren

    (Central South University)

Abstract

Alongside the ever-increasing development of the global economy, firms worldwide have gradually realized the importance of corporate social responsibility (CSR) in business practices. But there are hot debates on whether CSR pays off, and how does CSR contribute to firm value remains unclear. The direct test of the relationship between CSR and firm value seems to be imprecise and spurious since it may be influenced by many indirect factors. This study aims to demonstrate whether corporate social responsibility is positively or negatively associated with firm value, and to specify the mechanisms of the relationship from a media attention perspective. The manufacturing industry in China provides the background for this study. To test the proposed hypotheses, data was gathered for manufacturing firms listed on the Shanghai Stock Exchange from 2011 to 2013. Empirical results indicate that CSR performance is positively related to firm value, and that media attention has a mediating effect between CSR and firm value.

Suggested Citation

  • Dayuan Li & Linna Xin & Xiaohong Chen & Shenggang Ren, 2017. "Corporate social responsibility, media attention and firm value: empirical research on Chinese manufacturing firms," Quality & Quantity: International Journal of Methodology, Springer, vol. 51(4), pages 1563-1577, July.
    • Handle: RePEc:spr:qualqt:v:51:y:2017:i:4:d:10.1007_s11135-016-0352-z
    DOI: 10.1007/s11135-016-0352-z
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    5. Zhou, Qiaomei & Mei, Qiang & Liu, Suxia & Wang, Qiwei, 2020. "Dual-effects of core enterprise management and media attention on occupational health and safety of small and medium suppliers in China," Technology in Society, Elsevier, vol. 63(C).
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    7. Yawen Gao & Jibao Gu & Hefu Liu, 2019. "Interactive effects of various institutional pressures on corporate environmental responsibility: Institutional theory and multilevel analysis," Business Strategy and the Environment, Wiley Blackwell, vol. 28(5), pages 724-736, July.
    8. Chun Jiang & Qiang Fu, 2019. "A Win-Win Outcome between Corporate Environmental Performance and Corporate Value: From the Perspective of Stakeholders," Sustainability, MDPI, vol. 11(3), pages 1-18, February.
    9. Ma Zhong & Rong Xu & Xinyi Liao & Shuangli Zhang, 2019. "Do CSR Ratings Converge in China? A Comparison Between RKS and Hexun Scores," Sustainability, MDPI, vol. 11(14), pages 1-20, July.
    10. Dolores Gallardo-Vázquez & Luis Enrique Valdez-Juárez & Ángela María Castuera-Díaz, 2019. "Corporate Social Responsibility as an Antecedent of Innovation, Reputation, Performance, and Competitive Success: A Multiple Mediation Analysis," Sustainability, MDPI, vol. 11(20), pages 1-28, October.

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