Environmental Responsibility,media Attention And Corporate Value

In recent years,China’s rapid economic development has caused increasingly serious environmental pollution problems,restricting the health of mankind and sustainable development.Since the 18 th CPC National Congress,China has incorporated the construction of ecological civilization into the national development strategy,and continuously strengthened environmental supervision and governance to promote green development.Under the background of my country’s green economy development,as the main force of environmental protection and pollution treatment,can enterprises actively respond to the construction of national ecological civilization,include the fulfillment of environmental responsibilities in the their business strategy,and achieve the goal of green production transformation and improved corporate value?At the same time,among the factors that affect corporate behavior decisions,media attention is an external governance mechanism.Can corporate fulfill environmental responsibilities to increase media attention? Can the media enhance corporate value by reporting and promoting corporate environmental responsibility information? Focusing on these three issues,this paper studies the relationship between environmental responsibility,media attention and corporate value,and discusses the impact of environmental responsibility on media attention and corporate value under different property rights and different regional development levels.First of all,this paper sorts out the research on the related concepts of environmental responsibility,environmental responsibility and corporate value,environmental responsibility and media attention,environmental responsibility,media attention and corporate value by domestic and foreign scholars.,Stakeholder Theory,Legitimacy Theory,Information Transmission Theory and Reputation Theory are sorted out,the relationship between environmental responsibility,media attention and corporate value is theoretically analyzed,and formulate research hypotheses.Secondly,this paper selects 2015-2019 listed companies in my country’s Shanghai and Shenzhen A-share heavy polluting industries as samples,uses content analysis to establish an environmental responsibility index system from three dimensions of environmental management,environmental reputation,and environmental performance,and selects Tobin Q as an indicator of corporate value.Substitute variables,and introduce the external governance mechanism of media attention as a mediating variable,and build a fixed-effect panel model and a mediating effect model for analysis.Then,using descriptive statistics,correlation analysis,regression analysis,further analysis and other research methods,it analyzes the correlation between environmental responsibility and corporate value,environmental responsibility and media attention,and discusses the relationship between media attention and corporate value.Mediating role,further analyzes property rights and regional heterogeneity,and draws the following conclusions: fulfilling environmental responsibility has a significant positive impact on corporate value and media attention;fulfilling environmental responsibility can enhance corporate value by increasing media attention.Compared with samples from state-owned enterprises and samples from low-green development areas,the performance of environmental responsibilities by non-state-owned enterprises and samples from high-green development areas can better promote corporate value,and both can enhance corporate value through the mediation effect of media attention.Finally,in response to the above conclusions,suggestions are made from five aspects: first,improve environmental protection laws and regulations and strengthen government supervision;second,improve corporate environmental awareness and actively fulfill environmental responsibility;third,improve external market supervision and vigorously play the role of the media;fourth,narrow the differences in the nature of property rights and deeply explore the potential of environmental protection;and fifth,develop differentiated development strategies and accelerate the green transformation of enterprises.