德勤－复旦会计论坛系列264期讲座信息
时间：2025年 12月23日（周二）下午13:30
地点：史带楼303教室
主持人: 张新 教授
报告人: Emma Wang（Cornell University）
题 目: Media Attention to ESG Controversies and Earnings Announcements
摘 要: This study provides novel evidence on how media reporting of earnings announcements changes following heightened media attention to firms’ ESG controversies. We find that news outlets shift away from focusing solely on earnings toward incorporating ESG controversies in earnings-related articles and adopting a more negative tone. This shift in earnings coverage and tone is more pronounced when firms are involved in material ESG incidents, but does not vary significantly
with the nature of the earnings surprises. Left-leaning media outlets are more likely to exhibit the shift in coverage, while media outlets across the political spectrum use a more negative tone. Moreover, heightened media attention to ESG controversies is associated with a lower earnings response coefficient, which is primarily driven by left-leaning media coverage. Finally, we find no evidence of post-announcement drift or reversal, suggesting that media attention to ESG controversies facilitates the market’s incorporation of subsequent earnings news.
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