Influence of Media Attention on the Quality of Environmental, Social, and Governance Information Disclosure in Enterprises: An Adjustment Effect Based on the Shareholder Relationship Network

As an intermediary in information dissemination and a guide of public opinion, the media represent an important external supervision force in corporate governance. It is very important to fully understand the supporting role of public media in the modernization of environmental governance in China to improve the quality of ESG information disclosure. Based on the data of companies listed on the Shanghai and Shenzhen 300 Index from 2015 to 2020, this paper finds that media attention has a significant positive impact on ESG information disclosure, that is, high-frequency media attention can promote the quality of ESG information disclosure, while different types of media reports can promote the quality of ESG information disclosure. Considering the characteristics of media emotions, it is found that negative media reports can promote the quality of ESG information disclosure. The shareholder relationship network strengthens the positive influence of media attention on the ESG information disclosure of enterprises through the information advantage of a “weak relationship”. These research conclusions reveal the internal influence of media attention on the quality of the ESG information disclosure of enterprises and the regulatory role of the shareholder relationship network to some extent, which provides the governance perspective on and empirical basis for ESG information disclosure research, and it also provides a decision-making reference for promoting the quality of the ESG information disclosure of listed enterprises in China, enriching the theoretical research and practical exploration of ESG information disclosure.