Corporate Social Responsibility, Media Attention And Financial Performance-Empirical Evidence From Heavy Polluting Industry Listed Companies

For a long time,companies take profits as their core objective at the cost of other stakeholders' interest,which results in a lack of social responsibility.This is especially true of the heavy polluting industries that have a big environmental impact.In recent years,the problems of food safety,production safety and environmental pollution have happened frequently and attracted wide attention and strong condemnation from the society.Therefore,scholars are conducting ever deeper studies on CSR(corporate social responsibility).Some scholars have studied the relationship between CSR and financial performance.After that,some researchers have shown interest in the effect media attention has on relevant issues.Media spread information to the public and affect the public opinions at the same time.This has influence not only on the public but also on the companies.So in the above background,this thesis,taking heavy polluting industry listed companies as samples,studies the effect their social responsibility has on their financial performance and discusses whether media attention can regulate the effect or not.This thesis will prompt companies to shoulder their CSR consciously,urge media to have desired effects and facilitate the development of harmonious society.This thesis aims to study the effect CSR has on corporate financial performance and discusses whether media attention can regulate the effect or not.This thesis chooses three years'(2013-2015)data of A-share heavy polluting listed companies as samples and processes the data using the method of empirical research and the software of Excel and SPSS.Firstly a hypothesis is formulated by reading and sorting literature both at home and abroad and analyzing relevant concepts and theories.Then this thesis tries to prove the hypothesis by the method of multiple linear regression.Lastly this thesis reaches the conclusion: the better a heavy polluting listed company shoulders its CSR,the better its financial performance is;the more the current media report on a company,the bigger the stimulating effect CSR has on its financial performance;and previous media reports have an even bigger effect than current ones.Besides,this thesis puts forward some suggestions for companies,media and government.It is hoped that the analysis in this thesis can prompt heavy polluting listed companies to better shoulder their CSR and urge media to better perform its function so that companies can see a bigger increase in financial performance and realize long-term development.