{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,6,26]],"date-time":"2026-06-26T07:49:34Z","timestamp":1782460174942,"version":"3.54.5"},"reference-count":51,"publisher":"Institute for Operations Research and the Management Sciences (INFORMS)","issue":"2","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Information Systems Research"],"published-print":{"date-parts":[[2026,6]]},"abstract":"<jats:p>Despite the increasing attention associated with ESG investing, a natural yet overlooked question is how investors would react to the ESG performance of firms, given that investors\u2019 activities can ultimately impact firm performance. Utilizing data from multiple sources, we empirically find that ESG performance positively predicts future social media attention, but it has no predictive ability for future social media sentiment. Furthermore, the significant positive association between ESG and social media attention holds for both ESG downgrade events and ESG upgrade events. Moreover, the positive association between ESG and social media attention is driven by the environmental and social factors, whereas the uncorrelation between ESG and social media sentiment is determined by the social and governance factors. These findings urge managers to pay close attention to keeping and improving their firms\u2019 ESG advantage. They help managers shed light on the picture of the return of their firms\u2019 investment in ESG by taking investor behavior into account. Besides, ESG\u2019s inability in predicting social media sentiment also indicates retail investors\u2019 limited awareness of the importance of ESG currently. Therefore, it is pressing for regulators to take actions to boost the function of sustainable investing and ESG values.<\/jats:p>","DOI":"10.1287\/isre.2022.0251","type":"journal-article","created":{"date-parts":[[2025,10,15]],"date-time":"2025-10-15T17:18:45Z","timestamp":1760548725000},"page":"1323-1336","source":"Crossref","is-referenced-by-count":2,"title":["Attention or Sentiment: How Social Media React to ESG?"],"prefix":"10.1287","volume":"37","author":[{"ORCID":"https:\/\/orcid.org\/0000-0003-0690-2331","authenticated-orcid":false,"given":"Xiaoquan (Michael)","family":"Zhang","sequence":"first","affiliation":[{"name":"Department of Decisions, Operations and Technology, CUHK Business School, The Chinese University of Hong Kong, Shatin, Hong Kong, China"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-2321-9086","authenticated-orcid":false,"given":"DaPeng","family":"Xu","sequence":"additional","affiliation":[{"name":"Department of Electronic Business, South China University of Technology, Guangzhou 510006, China"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"ORCID":"https:\/\/orcid.org\/0000-0001-5612-182X","authenticated-orcid":false,"given":"Hong","family":"Hong","sequence":"additional","affiliation":[{"name":"Advanced Institute of Business, Tongji University, Shanghai 200092, China"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Kalok","family":"Chan","sequence":"additional","affiliation":[{"name":"College of Business, City University of Hong Kong, Kowloon, Hong Kong, China"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"109","reference":[{"key":"B1","unstructured":"Allianz (2018) ESG investor sentiment study. Report, Allianz, Minneapolis."},{"key":"B2","unstructured":"Alva (2020) What\u2019s the difference between CSR and ESG? Accessed May 23, 2021, https:\/\/www.alva-group.com\/blog\/whats-the-difference-between-csr-and-esg\/."},{"key":"B3","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2004.00662.x"},{"key":"B4","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhm079"},{"key":"B5","doi-asserted-by":"crossref","unstructured":"Berg F, Koelbel JF, Pavlova A, Rigobon R (2022) ESG confusion and stock returns: Tackling the problem of noise. NBER Working Paper No. 30562, National Bureau of Economic Research, Cambridge, MA.","DOI":"10.3386\/w30562"},{"key":"B6","doi-asserted-by":"publisher","DOI":"10.1016\/j.jocs.2010.12.007"},{"key":"B7","doi-asserted-by":"publisher","DOI":"10.1016\/0024-6301(96)00041-6"},{"key":"B8","doi-asserted-by":"publisher","DOI":"10.1016\/j.jbankfin.2015.07.004"},{"key":"B9","doi-asserted-by":"publisher","DOI":"10.1287\/mnsc.2013.1863"},{"key":"B10","unstructured":"Chen J (2021) Environmental, social, and governance (ESG) criteria. Accessed May 22, 2021, https:\/\/www.investopedia.com\/terms\/e\/environmental-social-and-governance-esg-criteria.asp."},{"key":"B11","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2021.09.004"},{"key":"B12","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhu001"},{"key":"B13","doi-asserted-by":"publisher","DOI":"10.1086\/680089"},{"key":"B14","doi-asserted-by":"publisher","DOI":"10.1287\/isre.2019.0910"},{"key":"B15","doi-asserted-by":"publisher","DOI":"10.1016\/j.dss.2009.07.013"},{"key":"B16","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2012.01776.x"},{"key":"B17","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2011.01679.x"},{"key":"B18","doi-asserted-by":"publisher","DOI":"10.25300\/MISQ\/2018\/14268"},{"key":"B19","doi-asserted-by":"publisher","DOI":"10.1111\/isj.12150"},{"key":"B20","doi-asserted-by":"publisher","DOI":"10.1287\/mnsc.2014.2038"},{"issue":"8","key":"B21","first-page":"521","volume":"17","author":"Gholami R","year":"2016","journal-title":"J. Assoc. Inform. Systems"},{"key":"B22","doi-asserted-by":"publisher","DOI":"10.1287\/isre.2014.0531"},{"issue":"5","key":"B23","first-page":"1128","volume":"21","author":"Han Y","year":"2020","journal-title":"J. Assoc. Inform. Systems"},{"key":"B24","doi-asserted-by":"publisher","DOI":"10.1002\/smj.2464"},{"key":"B25","doi-asserted-by":"publisher","DOI":"10.1287\/isre.2021.0997"},{"key":"B26","doi-asserted-by":"publisher","DOI":"10.1002\/smj.2268"},{"key":"B27","unstructured":"J.P. Morgan (2020) Why COVID-19 could prove to be a major turning point for ESG investing. Report, J.P. Morgan Research, J.P. Morgan, New York."},{"key":"B28","doi-asserted-by":"publisher","DOI":"10.1016\/j.dss.2014.08.001"},{"issue":"5","key":"B29","first-page":"1115","volume":"21","author":"Ketter W","year":"2020","journal-title":"J. Assoc. Inform. Systems"},{"key":"B30","first-page":"123","volume":"44","author":"Kranz J","year":"2022","journal-title":"Comm. Assoc. Inform. Systems"},{"issue":"5","key":"B31","first-page":"1153","volume":"21","author":"Lausen J","year":"2020","journal-title":"J. Assoc. Inform. Systems"},{"key":"B32","doi-asserted-by":"publisher","DOI":"10.1016\/j.jacceco.2024.101719"},{"key":"B33","doi-asserted-by":"publisher","DOI":"10.25300\/MISQ\/2013\/37.4.15"},{"key":"B34","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2010.01625.x"},{"key":"B35","doi-asserted-by":"publisher","DOI":"10.1287\/isre.1120.0462"},{"key":"B36","doi-asserted-by":"publisher","DOI":"10.1002\/smj.2219"},{"key":"B37","doi-asserted-by":"publisher","DOI":"10.1080\/07421222.2018.1440774"},{"key":"B38","doi-asserted-by":"publisher","DOI":"10.25300\/MISQ\/2013\/37:4.3"},{"key":"B39","doi-asserted-by":"publisher","DOI":"10.2307\/20721412"},{"key":"B40","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2020.11.001"},{"key":"B41","doi-asserted-by":"publisher","DOI":"10.1016\/j.jsis.2009.06.001"},{"key":"B42","doi-asserted-by":"publisher","DOI":"10.25300\/MISQ\/2013\/37.4.13"},{"key":"B43","doi-asserted-by":"publisher","DOI":"10.1287\/mnsc.1120.1630"},{"key":"B44","unstructured":"U.S. SIF Foundation (2020) Report on US sustainable and impact investing trends. Report, U.S. SIF Foundation, Washington, DC."},{"key":"B45","doi-asserted-by":"publisher","DOI":"10.1007\/s10551-017-3679-z"},{"key":"B46","doi-asserted-by":"publisher","DOI":"10.1016\/j.dss.2019.113097"},{"key":"B47","doi-asserted-by":"publisher","DOI":"10.2307\/20721413"},{"key":"B48","unstructured":"Wikipedia (2021) Environmental, social and corporate governance. Accessed May 23, 2021, https:\/\/en.wikipedia.org\/wiki\/Environmental,_social_and_corporate_governance."},{"key":"B49","unstructured":"World Business Council for Sustainable Development (1998) WBCSD stakeholder dialogue on CSR. Press release, World Business Council for Sustainable Development, Geneva."},{"key":"B50","unstructured":"World Business Council for Sustainable Development (2016) World business council for sustainable development: Corporate social responsibility. Report, World Business Council for Sustainable Development, Geneva."},{"key":"B51","doi-asserted-by":"publisher","DOI":"10.25300\/MISQ\/2013\/37.4.03"}],"container-title":["Information Systems Research"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/pubsonline.informs.org\/doi\/pdf\/10.1287\/isre.2022.0251","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2026,6,26]],"date-time":"2026-06-26T07:25:44Z","timestamp":1782458744000},"score":1,"resource":{"primary":{"URL":"https:\/\/pubsonline.informs.org\/doi\/10.1287\/isre.2022.0251"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2026,6]]},"references-count":51,"journal-issue":{"issue":"2","published-print":{"date-parts":[[2026,6]]}},"alternative-id":["10.1287\/isre.2022.0251"],"URL":"https:\/\/doi.org\/10.1287\/isre.2022.0251","relation":{},"ISSN":["1047-7047","1526-5536"],"issn-type":[{"value":"1047-7047","type":"print"},{"value":"1526-5536","type":"electronic"}],"subject":[],"published":{"date-parts":[[2026,6]]}}}