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Media attention and financial returns to ESG performance

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  • Zhang, Lei
  • Chen, Jie
  • Zeng, Hongrui

Abstract

This study investigates the impact of corporate environmental, social, and governance (ESG) practices on firm performance and the moderating role of media attention in this relationship. Using panel data from Chinese A-share listed firms, strong ESG engagement significantly improves economic value added (EVA) and overall financial performance. Media attention amplifies this positive effect by enhancing information transparency, strengthening stakeholder oversight, and reinforcing reputational incentives. Additional analyses reveal that the ESG-performance relationship is more pronounced among nonstate-owned enterprises and firms operating in less energy-intensive industries, indicating that ownership structure and industry characteristics condition the economic value of ESG initiatives.

Suggested Citation

  • Zhang, Lei & Chen, Jie & Zeng, Hongrui, 2026. "Media attention and financial returns to ESG performance," Finance Research Letters, Elsevier, vol. 91(C).
    • Handle: RePEc:eee:finlet:v:91:y:2026:i:c:s1544612326000036
    DOI: 10.1016/j.frl.2026.109471
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