CORPORATE SOCIAL RESPONSIBILITY DISCLOSURE, MEDIA COVERAGE AND FINANCIAL PERFORMANCE: AN EMPIRICAL ANALYSIS IN THE CHINESE CONTEXT

Lu Wang, Yanxi Li and Xiaochong Li
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Lu Wang: Faculty of Management and Economics, Dalian University of Technology, Dalian 116024, P. R. China
Yanxi Li: Faculty of Management and Economics, Dalian University of Technology, Dalian 116024, P. R. China
Xiaochong Li: Faculty of Management and Economics, Dalian University of Technology, Dalian 116024, P. R. China

The Singapore Economic Review (SER), 2024, vol. 69, issue 01, 251-268

Abstract: Incorporating instrumental views of corporate social responsibility (CSR), this paper analyzes CSR in the Chinese context to reveal the media-based mechanism, which clarifies how corporate social responsibility disclosure (CSRD) generates shareholder value. Our results show that firms with better CSRD attract more attention in the media, and high CSRD is positively related to corporate financial performance (CFP), partially mediated by the media coverage. With further investigation, we find that the mediating effect of media coverage is significant only in customer-sensitive industries. This study implies that the strategic use of CSRD to create economic benefits for firms may be of value to managers and investors who desire to understand the effect of CSR and media coverage on firm financial performance.

Keywords: Chinese context; corporate social responsibility; financial performance; media coverage (search for similar items in EconPapers)
JEL-codes: G10 M14 (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1142/S0217590820500423

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