Corporate Environmental Responsibility,Media Attention And Financial Performance

In recent years,the construction of ecological civilization has been incorporated into the "five in one" overall layout,the concept of green development leads high-quality development,and a community of shared future has been built to realize the benign interaction between economy and ecology.The implementation of a series of major national strategies continues to promote the comprehensive green transformation of China's economy and society,and the overall environmental quality presents a stable and good trend.At present,China's ecological governance is still in the critical period of carrying forward.As an important economic entity to promote social development,enterprises should become the "main force" of ecological protection.However,the reality is that in 2019,China issued more than 160000 environmental administrative punishment decisions,with a fine of more than 10 billion yuan.These environmental violations always exist,seriously hindering the sustainable development of our country.In addition,previous scholars mostly ignored the important role of media in social supervision and information transmission.Therefore,the study of the relationship between corporate environmental responsibility(CER)and corporate financial performance(CPF),and paying more attention to the moderating effect of media on the relationship will help to open a new development idea of ecological priority and promote the transformation of ecological value to economic value.Firstly,based on the current macro strategy of ecological civilization construction and the status quo of the fulfillment of CER,this paper puts forward the problems,and reviews the literature and puts forward hypotheses.Secondly,the paper selects Shanghai and Shenzhen Ashare listed companies from 2010 to 2019 as samples,and constructs two-way fixed effect models to control "industry year" and "individual year" with financial data and environmental information as objects,and uses hierarchical regression method to test the regulatory effect.Thirdly,the study uses stata16.0 software to empirically test the correlation between CER and CPF,as well as the moderating effect of media attention on the correlation between them,and further uses the methods of substitution variable,change model and variable lag to test the robustness.Finally,we analyze the difference of media attention regulation under different property rights.The empirical results show that: CER can significantly promote CPF,and media attention has a positive moderating effect on the relationship between CER and CPF.When media attention is high,CER has a more obvious promoting effect on CPF.Further analysis shows that the nature of property rights has a moderating effect on the relationship between CER,media attention and CPF,and in non-state-owned enterprises,media attention has a stronger promoting effect on the relationship between CER and CPF.In theory,this study enriches the relevant literature of CER and CPF.In practice,it puts forward the following management enlightenment in practice.First,enterprises must pay attention to and consciously fulfill their environmental responsibilities;second,enterprises should effectively play the synergistic role of environmental responsibilities and public opinion publicity in enterprise management to achieve a win-win virtuous circle between enterprises and society;third,further improve the environmental governance system and increase the cost of environmental violations;fourth,promote the implementation of voluntary environmental regulations to reduce the cost of environmental compliance;fifth,strengthen media supervision and give full play to the strength of the masses.This paper holds that through multiple measures and efforts,the ecological environment investment can be avoided to become meaningless investment and invalid investment,so as to make enterprises firm in the confidence of "promoting economy with green",provide reference for the national system to build an all-round and multi-level environmental governance system,help to realize the organic unity of ecological protection and economic development,and provide powerful support for China's high-quality and sustainable development.