| In the era of rapid dissemination of information,the media,because of its fast and timely characteristics,has become the disseminator of information,and has affected our lives.However,China’s economy is in the transition period,the legal system and norms still need to be improved,industry self-discipline is not optimistic,so the media as an important part of corporate governance and social supervision.As an external supervisor of corporate governance,the media can influence corporate behavior through news reports,thus affecting corporate performance.While enterprises get media attention,CEOs of corporate leaders also get more and more media attention.As an important decision-maker and representative of an enterprise,CEO can influence the behavior of an enterprise,and thus affect the performance of the enterprise.For the sake of their own and the reputation of the enterprise,the CEO will better perform their duties,reasonable use of media attention to increase the attention of shareholders,the government and other stakeholders to the CEO,so as to smooth the operation and management of the enterprise.Therefore,this paper studies the relationship between CEO media attention,corporate social responsibility and corporate financial performance.At present,most domestic and foreign scholars have studied the influence of CEO reputation on corporate performance and CEO media attention,but few have considered the combination of CEO media attention,corporate social responsibility and corporate financial performance.This paper summarizes the existing research results to discuss the impact of CEO media attention on corporate financial performance and the mediating effect of corporate social responsibility between the two.Taking a-share listed companies in Shanghai and shenzhen from 2010 to 2016 as samples,this paper adopts descriptive statistical analysis,Pearson correlation analysis and multiple regression analysis to study the impact of CEO media attention on corporate financial performance and the mediating effect of corporate social responsibility.Considering the differences in CEO background characteristics,the level of institutional environment and the nature of the enterprise,the paper also considers the moderating effect of CEO background characteristics,institutional environment and nature of the enterprise on CEO media attention on corporate financial performance.Through theoretical analysis and empirical analysis,this paper comes to the following conclusions:(1)Policy-oriented media,market-oriented media,and network-oriented media’s attention to CEOs can significantly improve corporate financial performance.(2)Policy-oriented media,market-oriented media,and network-oriented media’s attention to CEOs can significantly enhance corporate social responsibility.(3)Policy-oriented media,market-oriented media,and network-oriented media focus on CEOs through corporate social responsibility to corporate financial performance,that is,due to media attention,CEOs will focus on improving corporate social responsibility performance,thereby promoting corporate finance Performance improvement.(4)In terms of CEO background characteristics,the smaller the CEO age,the greater the CEO media focus on the improvement of corporate financial performance;the research did not find that CEO education plays a regulatory role in the relationship between CEO media attention and corporate financial performance.(5)Compared with regions with poor institutional environment,CEO media attention can significantly improve corporate financial performance in areas with good institutional environment.(6)Whether in state-owned or non-state-owned enterprises,CEO media attention can significantly improve corporate financial performance. |
