The impact of Corporate Social Responsibility disclosure, media sentiment, and financial performance: Empirical evidence from Chinese listed companies

As the global economy undergoes increasing pressure for transformation and investors place greater emphasis on sustainability, CSR disclosure has become an increasingly important element for assessing a company’s reputation, reliability, and transparency over time. Serving as a channel for companies to convey environmental, social, and governance (ESG) practices, CSR may increase financial results in addition to improving a company’s reputation. In recent years, academic interest in the CSR–FP nexus has expanded substantially. Nevertheless, the mechanisms underlying this link need further explored, especially within China’s unique institutional and media setting. This study selected Chinese companies listed on the A-share market between 2014 and 2023 as its object of research, explored the impact of CSR on financial performance, and tested the regulatory role of media sentiment in more detail. By introducing media sentiment as a key external variable, this study aims to address the existing research's lack of attention to the information transmission environment. Additionally, it aims to expand the theoretical scope of research on CSR and performance, providing a theoretical basis and empirical reference for companies to optimise information disclosure strategies and enhance market performance.

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