Tracing the Shifting Materiality of ESG Issues: Insights from Media Attention

Farah Sraj and Eduardo Schiehll ()
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Farah Sraj: Department of Accounting, HEC-Montréal, 3000, Chemin de la Côte-Sainte-Catherine, Bureau 5509, Montréal, QC H3T 2A7, Canada
Eduardo Schiehll: Department of Accounting, HEC-Montréal, 3000, Chemin de la Côte-Sainte-Catherine, Bureau 5509, Montréal, QC H3T 2A7, Canada

Sustainability, 2025, vol. 17, issue 16, 1-24

Abstract: We analyze ESG-related news coverage to examine media attention patterns as a reflection of stakeholders’ perceived salience of ESG issues at both the industry and firm levels, offering insights into the evolving nature of ESG materiality. Using longitudinal data visualization over an 11-year period, we show that media attention to ESG issues varies significantly over time and across firms within the same industry. While some issues receive consistent attention, others exhibit shifting patterns, signaling changing stakeholders’ perceived salience. Focusing on SASB-informed financially material ESG issues, we also show that perceived salience varies even among high-relevance topics. Some firms align with their industry’s patterns, while others diverge markedly, reinforcing the view that ESG materiality is both dynamic and firm-specific. These insights suggest that static ESG materiality assessment frameworks may be insufficient for informing long-term sustainability strategies or corporate disclosure practices. For investors, our results underscore the value of media-based ESG signals in complementing traditional materiality assessments. Acknowledging the evolving nature of ESG materiality is essential for firms and investors aiming to develop ESG strategies that respond to shifts in stakeholders’ perceived salience of ESG issues.

Keywords: stakeholders; ESG; media attention; materiality; evolving expectations; dynamic materiality (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2025
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