环境、社会、治理媒体的报道是否影响所有权的广度？

IF 9.1 2区管理学 Q1 BUSINESS

Corporate Social Responsibility and Environmental Management Pub Date : 2025-06-26 DOI:10.1002/csr.70044

Sehee Kim, Meeok Cho, Hye-yeong Lee

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引用次数: 0

摘要

本研究探讨环境、社会与治理（ESG）媒体报导是否以及如何影响股东的投资决策。我们发现，ESG媒体报道增加了大股东和小股东的数量，并且这种正相关关系在小股东中比大股东更为明显。研究结果对于包括ESG绩效（即ESG评级）或可持续性报告发布、异常ESG媒体报道和两阶段最小二乘回归在内的替代研究设计是稳健的。总体而言，这些结果支持议程设置理论下ESG媒体报道在资本市场中的信息作用。

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Does Environmental, Social, Governance Media Coverage Influence the Breadth of Ownership?

This study investigates whether and how environmental, social, and governance (ESG) media coverage affects shareholders' investment decision. We find that ESG media coverage increases the number of both majority and minority investors, and that this positive association is more pronounced for minority shareholders than majority shareholders. The findings are robust to alternative research designs with the inclusion of either ESG performance (i.e., ESG ratings) or the issuance of sustainability reports, abnormal ESG media coverage, and two-stage least squares regression. Overall, these results support the informational role of ESG media coverage in capital markets under agenda-setting theory.

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来源期刊

Corporate Social Responsibility and Environmental Management Multiple-

CiteScore

17.20

自引率

16.30%

发文量

189

期刊介绍： Corporate Social Responsibility and Environmental Management is a journal that publishes both theoretical and practical contributions related to the social and environmental responsibilities of businesses in the context of sustainable development. It covers a wide range of topics, including tools and practices associated with these responsibilities, case studies, and cross-country surveys of best practices. The journal aims to help organizations improve their performance and accountability in these areas. The main focus of the journal is on research and practical advice for the development and assessment of social responsibility and environmental tools. It also features practical case studies and evaluates the strengths and weaknesses of different approaches to sustainability. The journal encourages the discussion and debate of sustainability issues and closely monitors the demands of various stakeholder groups. Corporate Social Responsibility and Environmental Management is a refereed journal, meaning that all contributions undergo a rigorous review process. It seeks high-quality contributions that appeal to a diverse audience from various disciplines.