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| Research on the Impact of Brokerage WeChat Official Public Account Reports on ESG Performance |
| CHEN Hongtao，HE Renxiang，GAO Xiaoran，CUI Xu |
| Southeast University, Nanjing, China |
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Abstract Under the guidance of public pressure theory and agenda setting theory, and using WeChat official account platform data, this study explores the impact mechanism of brokerage reports on enterprise ESG performance and the moderating role of the number of shareholders. Taking A-share listed companies from 2012 to 2020 as samples, the results of the study indicate that the reports on official account of securities companies have “supervision” effect and “information” effect, significantly improving the ESG performance of enterprises. The increase in shareholder size can amplify the dual effect of brokerage reports on enterprise ESG performance; Among enterprises in non-heavy pollution industries, enterprises with high degree of information asymmetry and enterprises with large scale, brokerage reports play a more significant role in improving the ESG of enterprises.
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Received: 29 November 2022
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