Dynamic impact of media coverage on corporate risk management: Moderating effect of environmental policies and heterogeneity analysis

This paper selects data from Chinese listed companies from 2010 to 2022 as the research sample, aiming to deeply investigate the interrelationships among media coverage, environmental policies, and corporate risk management strategies. The study finds a significant positive correlation between media coverage and corporate risk management; the impact of media coverage on corporate risk management strategies exhibits heterogeneity among enterprises of different ownership types (state-owned and private enterprises) and operating conditions (profitable and loss-making enterprises). The moderating effect test reveals that environmental policies play a moderating role in the relationship between media coverage and corporate risk management strategies, and this moderating effect varies among different enterprises. The mechanism test indicates that management's environmental awareness serves as an intermediary in the relationship between media coverage and corporate risk management. Through the analysis of data at the listed company level, this study provides empirical evidence for a deeper understanding of the dynamic impact of media coverage and environmental policies on corporate risk management strategies. It not only offers empirical insights for enhancing corporate value but also provides valuable empirical insights and strategic guidance for policymakers, managers, and investors in the complex field of corporate risk management.