The impact of corporate social responsibility on financial performance: Evidence from media attention

Abstract

This study investigates the relationship between corporate social responsibility (CSR) and financial performance (FP) among Chinese A-share listed companies from 2016 to 2022, using a fixed-effects model and focusing on the mediating role of media attention. The findings reveal that CSR performance significantly improves FP, and the robustness test supports this result. Simultaneously positive media attention mediates this relationship, as high-quality CSR initiatives attract stakeholder interest through favorable media coverage, thereby improving FP. Conversely, negative media attention does not mediate the CSR-FP relationship but directly harms FP. Heterogeneity analysis indicates that CSR performance significantly impacts FP in non-heavily polluting enterprises but not in heavily polluting ones. This research underscores the importance of media strategy in corporate governance and highlights the pathways through which CSR influences financial outcomes.