Media Attention,Corporate Social Responsibility And Business Performance

Since the 18 th CPC national congress,the party and government have attached great importance to strengthening the construction of corporate social responsibility.From a macro perspective,the third plenary session of the 18 th CPC central committee included social responsibility in the resolution on comprehensively deepening the reform of state-owned enterprises,which marks that corporate social responsibility has officially risen to the level of national strategy.For the first time,the fifth plenary session of the 18 th CPC central committee proposed to enhance the awareness of the state,the rule of law and social responsibility,and raise the awareness of social responsibility to the same important position as the awareness of the state and the rule of law.From the micro point of view,sasac issued the "guidance on state-owned enterprises to better fulfill their social responsibilities";The newly added rules on economic responsibility audit for leading party and government officials and leaders of state-owned enterprises clearly state that they will focus on environmental and social benefits during their tenure,environmental protection,improvement of people's livelihood,natural resource management and other social responsibilities.The strong advocacy of the state has made people realize that corporate social responsibility is of great importance,and the fulfillment of social responsibility is one of the obligations of enterprises.With the public and media attention to social responsibility,some scholars have studied the relationship between corporate social responsibility and corporate performance.Enterprises to perform social responsibility can produce all kinds of spending,would increase the cost of enterprise,in turn,affect the enterprise profit,but if the enterprise fails to perform the social responsibility,the negative influence on its brand image and public trust,the resulting lack of the resources of stakeholders,such as the government's policy support,staff of human resources and preferential loans of creditors will make the enterprise have a huge economic losses.In addition,the high permeability and wide dissemination of modern media in the information age also make some researchers interested in the impact of media attention on related issues.When the media disseminates information to the public,it will be accompanied by a certain public opinion effect,which will not only have an impact on the public,but also on enterprises.Based on this,this paper explores the impact of corporate social responsibility on corporate performance from the perspective of stakeholders,and whether media attention plays a moderating role in this impact.This article selects the Shanghai and shenzhen A shares in 2013-2016 the ST listed company as sample,using multivariate linear regression model,from two aspects of financial performance and market performance to explore socialresponsibility to fulfill its influence on enterprise performance,and on the basis of baidu search network media measured media attention,and to explore the media attention in social responsibility impact on enterprise performance adjustment.The empirical results show that CSR performance has a significant positive effect on corporate financial performance and market performance,and media attention has strengthened the relationship between CSR performance and corporate performance.The main contribution of this paper is to introduce media attention as a moderating variable to explore the impact of corporate social responsibility and corporate performance.Previous studies on corporate social responsibility and corporate performance are relatively more,but there are few articles introducing media coverage of this variable.In addition,this paper also puts forward specific Suggestions from the perspectives of enterprises,government and media,hoping that through the analysis of this paper,enterprises can better fulfill their social responsibilities and media can play a better role.