The Relationship Between Media Attention,corporate Social Responsibility And Financial Performance

With the gradual improvement of people’s living standards and the rapid development of Internet technology,people have higher and higher requirements for life,health and production safety.As the guardian of people’s health,the development of pharmaceutical enterprises is widely concerned by the state and society at large,but there are also some social problems and contradictions,such as environmental pollution,product safety and production violations,which all reflect the lack of social responsibility of pharmaceutical enterprises,which in turn affects the sustainable development of pharmaceutical enterprises.The media plays an increasingly important role in society as a bridge for exchanging information between companies and the public.Through in-depth coverage of companies,the media allows relevant stakeholders to understand the companies and provides investors with a basis for decision-making.According to the theory of selective attention,the media reports news with different emotional colours,which have different appeal to the public.Positive or negative reports on enterprises are more likely to attract the public’s attention,and as a watchdog in the market,the media promotes communication between enterprises and the public while also achieving and promoting the long-term development of enterprises.For the public,media coverage provides a more intuitive sense of the fulfillment of corporate social responsibility,representing the contribution made by the company to society and the public,and enabling the company to win widespread social recognition.Under the influence of the epidemic,most pharmaceutical companies actively serve society,take social responsibility and strive to bear it,but there are also some enterprises that do not fulfill their social responsibility sufficiently.In a highly informative society,the fulfillment of social responsibility by enterprises is increasingly critical to the influence of the media.Therefore,this thesis introduces the variable of media attention to study its influence between corporate social responsibility and financial performance,to help enterprises and the public make better development and decisions,and to promote the active fulfillment of social responsibility,establish social responsibility awareness and thus improve financial performance.This thesis investigates the relationship between media attention in the fulfillment of social responsibility and financial performance of companies,using the2016-2020 Hexun.com’s social responsibility scores of listed pharmaceutical companies as the subject of the study,and conducting regression analysis through Stata software.In addition to using the sequential test,the mediating effect test process improved by Zhonglin Wen and Baojuan Ye was used to verify the role of media attention in the influence mechanism of both,and to further distinguish whether positive and negative media messages have the same mediating effect on the argument.The results show that there is a positive relationship between CSR and financial performance,and that the fulfillment of CSR also has a stimulating effect on media attention,with media coverage playing a part in mediating the relationship between CSR and financial performance.Finally,robustness tests were conducted using both methods,and the results were generally consistent with the previous ones,with further research exploring the differences that existed depending on the nature of ownership.Combining the empirical results,the thesis makes recommendations from the perspectives of three different social actors-business,media and government-and points out the shortcomings and research outlook of the thesis.By using media attention indicators,it provides a new direction for corporate business governance and expects the analysis in this thesis to play an inspiring role for more enterprises to actively fulfil their CSR,giving full play to the connotation of CSR spirit and promoting the high-quality development of China’s economy.