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Informal ESG governance: Media sentiment and green transition impression management

Author

Listed:
  • Hao, Chengwei
  • Hu, Tao
  • Lei, Xue
  • Wu, Zheng
  • Huang, Yongjian

Abstract

Amid global sustainable development and China's dual carbon goals, corporate green transformation often suffers from talking more and acting less, hindering sustainability progress. While external supervision can reduce green transition impression management, the impact of ESG media sentiment on this behavior remains unclear. This study examines the effect of ESG media sentiment on green transition impression management in Chinese A-share listed companies from 2009 to 2022. We find that positive ESG media sentiment significantly reduces corporate green transition impression management by attracting investor attention, enhancing environmental transparency, and improving reputation. The suppression effect is stronger in companies with lower audit quality, fewer female directors, and higher environmental regulatory pressure. These results underscore the informal governance role of ESG media sentiment in capital markets and provide valuable insights for regulators aiming to use market forces and public opinion to promote genuine green transformation.

Suggested Citation

  • Hao, Chengwei & Hu, Tao & Lei, Xue & Wu, Zheng & Huang, Yongjian, 2026. "Informal ESG governance: Media sentiment and green transition impression management," Economic Modelling, Elsevier, vol. 162(C).
    • Handle: RePEc:eee:ecmode:v:162:y:2026:i:c:s0264999326001847
    DOI: 10.1016/j.econmod.2026.107655
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    Keywords

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    JEL classification:

    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • Q50 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - General
    • Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy

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