Corporate Losses, Media Attention and CSR Diversity: Evidence from Topic Modeling

Based on the financial data and CSR reports of China’s A-share listed companies from 2009-2023 we measure CSR disclosure diversity using LDA.

Our findings robustly indicate that corporate losses significantly drive CSR disclosure diversity. The interaction term regression shows that media attention plays a monitoring role and significantly inhibits firms from increasing CSR disclosure diversity in loss scenarios, especially neutral and negative media attention. Furthermore, we find that this monitoring effect is more pronounced in firms that are themselves more diverse in CSR disclosure.

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