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The impact of media attention on firm ESG decisions: the role of sinful industries

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  • Gu, LiHan
  • Li, QingLi

Abstract

The media plays a crucial role in disseminating information. Utilizing a large sample of publicly listed firms in China, this study empirically examines the association between the number of media news and corporate ESG initiatives. The results provide strong evidence that increased media exposure enhances firms’ ESG outcomes, with the effect being particularly pronounced for sinful firms. Furthermore, the study identifies stock price efficiency and financing constraints as key mechanisms through which media influences firms’ ESG behavior. These findings are reinforced by multiple robustness tests, contributing to the expanding body of research on the media role and ESG practices.

Suggested Citation

  • Gu, LiHan & Li, QingLi, 2025. "The impact of media attention on firm ESG decisions: the role of sinful industries," Finance Research Letters, Elsevier, vol. 85(PC).
    • Handle: RePEc:eee:finlet:v:85:y:2025:i:pc:s1544612325013431
    DOI: 10.1016/j.frl.2025.108086
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