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When will the "green" reputation be realized? Media attention, ESG ratings, and corporate financing costs

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  • Ge, Houyu
  • Wang, Siyu
  • Ding, Yi

Abstract

This study explores the relationship between media attention (MA), ESG ratings, and corporate financing costs (FC). Through empirical analysis of A-share listed companies in China from 2011 to 2023, the research finds: First, MA has a significant negative impact on corporate FC; second, ESG ratings play a moderating role between MA and corporate FC, with the moderating effect exhibiting heterogeneity between heavily polluting and non-heavily polluting enterprises; third, the financial background of directors and senior executives also moderates the relationship between MA and corporate FC, similarly showing heterogeneity across heavily polluting and non-heavily polluting firms; fourth, executive compensation moderates the relationship between MA and corporate FC, with heterogeneity present in this relationship between heavily polluting and non-heavily polluting enterprises. This study provides a theoretical basis and practical recommendations for policymakers and corporate managers to enhance the corporate financing environment.

Suggested Citation

  • Ge, Houyu & Wang, Siyu & Ding, Yi, 2026. "When will the "green" reputation be realized? Media attention, ESG ratings, and corporate financing costs," Finance Research Letters, Elsevier, vol. 97(C).
    • Handle: RePEc:eee:finlet:v:97:y:2026:i:c:s154461232600351x
    DOI: 10.1016/j.frl.2026.109821
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