从框架到引导：媒体报道如何促进机构投资者的环境、社会和治理偏好

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE Emerging Markets Review Pub Date : 2024-11-07 DOI:10.1016/j.ememar.2024.101220

Geling Li , Kangjun Ren , Yuhao Qiao , Bao Wu

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引用次数: 0

摘要

媒体报道如何影响机构投资者的环境、社会和公司治理偏好仍是一个悬而未决的问题。我们基于 "从框架到初始化 "的框架来解决这一问题。通过分析 2012 年至 2021 年中国上市公司的 22941 个观测数据集，我们发现正面的媒体报道会吸引具有内在环境、社会和公司治理偏好的机构投资者投资该公司，而负面的媒体报道则会阻碍他们的投资。这意味着机构投资者的环境、社会和公司治理偏好有一个筛选过程。此外，我们的研究结果表明，分析师关注度和公众关注度在媒体报道与机构投资者的环境、社会和公司治理偏好之间的关系中起着关键的中介作用。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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From framing to priming: How does media coverage promote ESG preferences of institutional investors

How media coverage influences the ESG preferences of institutional investors remains an unsettled issue. We tackle this issue based on a framing-to-priming framework. By analyzing a dataset of 22,941 observations from Chinese listed firms from 2012 to 2021, we find that positive media coverage attracts institutional investors with inherent ESG preferences to invest in the firm, whereas negative media coverage discourages their investment. It implies that a screening process underpins the institutional investors' ESG preferences. Moreover, our findings indicate that analyst attention and public attention play pivotal mediating roles in the relationship between media coverage and institutional investors' ESG preferences.

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来源期刊

Emerging Markets Review Multiple-

CiteScore

7.10

自引率

4.20%

发文量

审稿时长

100 days

期刊介绍： The intent of the editors is to consolidate Emerging Markets Review as the premier vehicle for publishing high impact empirical and theoretical studies in emerging markets finance. Preference will be given to comparative studies that take global and regional perspectives, detailed single country studies that address critical policy issues and have significant global and regional implications, and papers that address the interactions of national and international financial architecture. We especially welcome papers that take institutional as well as financial perspectives.