Top management team media exposure and corporate ESG performance: Evidence from China

• Media exposure is divided into positive and negative parts for in-depth study. • TMEP promotes ESG, while TMEN inhibits it. • TMTP mitigates the impact of TMEN on ESG, without effect on TMEP. • TSN exhibits an amplifier effect on the impacts of TME. • SOEs are more susceptible to media influence than non-SOEs. This study begins with the central role of enhancing corporate Environmental, Social, and Governance (ESG) performance in sustainable development strategies. It focuses on the interaction mechanism between media exposure of top management team (TMT) and corporate ESG performance. This study aims to examine how TMT media exposure (TME) impacts corporate ESG performance and to reveal the regulatory role of TMT power (TMTP) and TMT social network (TSN). Using data from Chinese A-share listed companies spanning 2015 to 2022, this study employs a two-way fixed effects model, variable substitution, propensity score matching, two-stage least squares, and the Heckman two-stage method for analysis and robustness testing. The study findings show that: (1) TMT positive media exposure significantly enhances corporate ESG performance, while negative coverage notably suppresses it; (2) TMTP significantly weakens the negative association between negative coverage and ESG performance, yet it has no significant regulatory impact on the positive association from positive coverage; (3) TSN demonstrates an “amplifier” effect, which strengthens the promoting role of positive coverage and aggravate the inhibiting role of negative exposure. Accordingly, targeted policy implications are proposed for enterprises, executives, media and the government. These include establishing full-time media communication departments, integrating ESG goals into decision-making frameworks, balancing report objectivity and accelerating ESG legislation. This study offers both theoretical foundations and practical strategies for companies to enhance their ESG management in the context of complex public opinion. This study emphasizes the importance of leveraging executive leadership to build a strong and positive ESG reputation.