Research on ESG Information Disclosure, Media Supervision, and Financial Risk of Real Estate Enterprises: Empirical Evidence from Chinese A-Share Listed Companies

ESG information is an important non-financial indicator about corporate governance, social responsibility, and environmental protection. The disclosure of ESG information is related to the sustainable development of real estate enterprises. Whether media supervision has a moderating effect on the relationship between the two is a topic worthy of study. This paper selects 2014–2023 real estate listed companies and related ESG rating information to empirically study the relationship between the two. The results show that (1) ESG information disclosure increases the financial risk of real estate enterprises in the short term. (2) Media coverage can adjust the role of ESG information on the financial risk of real estate enterprises. This study provides a reference for real estate enterprises to achieve high-quality development of new productivity through media supervision and ESG information disclosure under the new development concept.