Corporate social responsibility and media coverage

Cahan, Steven F.; Chen, Chen; Chen, Li; Nguyen, Nhut H.

doi:10.1016/j.jbankfin.2015.07.004

Cited by 365Corporate Social Responsibility ReportingCorporate Identity and ReputationPublic Relations and Crisis Communication

Corporate social responsibility and media coverage

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Cahan, Steven F., Chen, Chen, Chen, Li, Nguyen, Nhut H.·2015·Journal of Banking & Finance

DOI 10.1016/j.jbankfin.2015.07.004

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Managers have incentives to use CSR as a tool to manage the public image of the firm.
“Firms with a stronger CSR reputation tend to receive more favorable media coverage, which provides managers with incentives to use CSR as a tool to manage the public image of the firm (Cahan et al. 2015).”
From Mandatory CSR and sustainability reporting: economic analysis and literature review (2021) · cites this paper as Cahan et al. 2015
Firms with a stronger CSR reputation tend to receive more favorable media coverage.
“Firms with a stronger CSR reputation tend to receive more favorable media coverage, which provides managers with incentives to use CSR as a tool to manage the public image of the firm (Cahan et al. 2015).”
From Mandatory CSR and sustainability reporting: economic analysis and literature review (2021) · cites this paper as Cahan et al. 2015
Firms that report good ESG scores generate a favorable reputation and report a higher firm value.
“Firms that report good ESG scores generate a favorable reputation and report a higher firm value (Cahan et al., 2015;Fatemi et al., 2018) [38,45].”
From Voluntary Disclosure of Carbon Emissions and Sustainable Existence of Firms: With a Focus on Human Resources of Internal Control System (2021) · cites this paper as Cahan et al., 2015

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Earnings management and the underperformance of seasoned equity offerings11We thank Brad Barber (the referee), Randy Beatty, Vic Bernard, K.C. Chan, Kent Daniel, M. DeFond, Laura Field, David Heike, Chuan Yang Hwang, Jonathan Karpoff, S.P. Kothari, Charles Lee, Wayne Mikkelson (the editor), Tim Opler, Krishna Palepu, K. Ramesh, Jay Ritter, Terry Shevlin, Doug Skinner, Sheridan Titman, Ross Watts, Jerry Zimmerman, and seminar participants at the University of California Finance and Accounting Conference (Davis, March 1995), the NBER Corporate Finance Conference (Boston, August 1995), the Center for Research in Security Prices Seminar (Chicago, October 1995), the American Finance Association Conference (San Francisco, 1996), the American Accounting Association Conference (Chicago, August 1996), the University of Michigan, and the University of Rochester for helpful comments and discussions.
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“Aligned with agency theory arguments, this strand highlights that higher CSR investments tend to reduce the total compensation for CEOs (Cahan et al., 2015; Cai et al., 2011; Jian & Lee, 2015).”
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“, 2017), and positive coverage following high CSR performance leads to higher Tobin’s q and lower cost of capital (Cahan et al., 2015).”
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“More socially responsible firms receive more favorable news reportage overall; there is a stronger relation between CSR and media favorability when incentives to improve a firm’s media image are high (Cahan et al. 2015). Nyilasy et al. (2014) showed that media attention will lead different cognition of governments and…”
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Corporate Social Responsibility And Marketing Performance
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“However, with the rapid development of internet technologies and the prosperity of social media, information can be quickly disseminated through various channels to different groups of people (Dickson and Ekman, 2008; Dyck et al., 2008; Cahan et al., 2015).”
Background
ESG performance and corporate fraudulence: Evidence from China
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“This is consistent with Cahan et al. (2015), who argue that firms with good ESG performance attract beneficial publicity while realizing greater firm value or lower cost of capital.”
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“Moreover, prior studies analyze how ESG affects risks (Oikonomou, Brooks, and Pavelin 2012; Lins, Servaes, and Tamayo 2017), media coverage (Cahan et al. 2015), and credit ratings (Oikonomou, Brooks, and Pavelin 2014).”
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“In particular, Cahan et al. (2015) find that excellent ESG performance generates favorable publicity.”
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CSR Disclosure and Investor Behavior: A Proposed Framework and Research Agenda
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“On the other hand, the active fulfillment of social responsibility can send positive signals to the market about the good business performance of the company, which indicates that the company is capable of participating in social responsibility activities with its resources and helps to attract positive media attentio…”
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“Although Chih et al. (2010) do not find significant results on this relationship for a broad set of international firms from the financial industry, they do find that financial institutions engage more in CSR when competition is more intense, in order to gain a competitive advantage. Wu and Shen (2013) discuss three p…”
Influential
It is Not Only What You Say, But How You Say It: ESG, Corporate News, and the Impact on CDS Spreads
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“The media will make positive publicity for companies that actively undertake social responsibility (Cahan et al., 2015).”
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“…macro perspective, CSR as a social appeal, will be significantly affected by the external environment and institutional factors, such as public opinion environment, media attention, and marketization process (Cahan et al., 2015; Chen et al., 2019; El Ghoul et al., 2019; Zyglidopoulos et al., 2012).”
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“The researchers who advocate a ‘positive relationship’ contend that firms that advocate more CSR activities do not have to face high labour malingering and can generate greater customer loyalty (Cahan et al., 2015; Eccles et al., 2014; Fatemi et al., 2015; Filbeck et al., 2009; Freeman, 1984; Gutsche, 2016; Lo & Sheu,…”
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“Not only this, firms act in a more socially responsible manner toward favorable media coverage and use CSR to actively manage their public image (Cahan et al. 2015).”
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Does Media Exposure Affect Financial Reporting Quality Through Auditors?
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Authors: Cahan, S. F., Chen, C., Chen, L., & Nguyen, N. H.
Affiliations: University of Auckland (NZ)
Massey University (NZ)
Corresponding author: Cahan, Steven F.
ORCID: Cahan, Steven F.
Chen, Chen
Chen, Li
Nguyen, Nhut H.
Venue: Journal of Banking & Finance
Publisher: Elsevier BV
Published: 2015-10
Volume: 59
Pages: 409-422
ISSN: 0378-4266 (ISSN-L)
DOI: 10.1016/j.jbankfin.2015.07.004
OpenAlex: W1744998595
Cited by: 365
References: 57
Citations by year: 2026: 30 · 2025: 73 · 2024: 45 · 2023: 52 · 2022: 42 · 2021: 33 · 2020: 28 · 2019: 29 · 2018: 13 · 2017: 16 · 2016: 2 · 2015: 1 · 2012: 1
FWCI: 29.88
Type: journal article
Language: en
Open access: green
papers.ssrn.com
Licence: www.elsevier.com/tdm/userlicense/1.0/ (tdm)
Locations: Journal of Banking & Finance (publishedVersion)
SSRN Electronic Journal (submittedVersion)
RePEc: Research Papers in Economics (submittedVersion)
ANU Open Research (Australian National University) (submittedVersion)
Topics: Social Sciences › Business, Management and Accounting › Strategy and Management › Corporate Social Responsibility Reporting
Social Sciences › Business, Management and Accounting › Strategy and Management › Corporate Identity and Reputation
Social Sciences › Communication › Public Relations and Crisis Communication
Keywords: corporate social responsibility, media coverage, investor sentiment, seasoned equity offerings, business valuation, cost of capital, media slant

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