Going green with digital media attention: Evidence from Chinese A-share listed companies’ environmental performance

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE Research in International Business and Finance Pub Date : 2024-10-10 DOI:10.1016/j.ribaf.2024.102617

Xin Liu, Hui Xu

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Abstract

As an important social force, digital media has become significant for constructing an effective modern environmental governance system. This study investigates the impact of digital media attention on corporate environmental performance (CEP) using data from A-share listed companies from 2008 to 2022. We find that digital media attention boosts CEP, which holds following endogeneity and robustness tests. These mechanisms indicate that digital media attention stimulates firms’ leveraging internal incentives and external deterrence through reputation and intervention mechanisms to boost CEP. Through the dual mechanisms of reputation and intervention, firms correct greenwashing behavior and implement green innovation to achieve sustainable green transformation. Heterogeneity analysis reveals that the environmental governance effects of digital media attention are more significant for firms with high digitalization and far-sighted management. The moderating effects analysis indicates that public environmental awareness and government environmental regulation are significant forces for strengthening digital media to advance green governance.

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借助数字媒体关注实现绿色发展：中国A股上市公司环境绩效的证据

作为一种重要的社会力量，数字媒体对于构建有效的现代环境治理体系具有重要意义。本研究利用 2008 年至 2022 年 A 股上市公司的数据，研究了数字媒体关注度对企业环境绩效（CEP）的影响。我们发现，数字媒体关注度会促进企业环境绩效，这一点在经过内生性和稳健性检验后成立。这些机制表明，数字媒体关注通过声誉机制和干预机制刺激企业利用内部激励和外部威慑来提高 CEP。通过声誉和干预的双重机制，企业纠正了绿色清洗行为，实施了绿色创新，实现了可持续的绿色转型。异质性分析表明，数字媒体关注的环境治理效应对于数字化程度高、管理高瞻远瞩的企业更为显著。调节效应分析表明，公众环境意识和政府环境监管是加强数字媒体推进绿色治理的重要力量。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Research in International Business and Finance BUSINESS, FINANCE-

CiteScore

11.20

自引率

9.20%

发文量

240

期刊介绍： Research in International Business and Finance (RIBAF) seeks to consolidate its position as a premier scholarly vehicle of academic finance. The Journal publishes high quality, insightful, well-written papers that explore current and new issues in international finance. Papers that foster dialogue, innovation, and intellectual risk-taking in financial studies; as well as shed light on the interaction between finance and broader societal concerns are particularly appreciated. The Journal welcomes submissions that seek to expand the boundaries of academic finance and otherwise challenge the discipline. Papers studying finance using a variety of methodologies; as well as interdisciplinary studies will be considered for publication. Papers that examine topical issues using extensive international data sets are welcome. Single-country studies can also be considered for publication provided that they develop novel methodological and theoretical approaches or fall within the Journal''s priority themes. It is especially important that single-country studies communicate to the reader why the particular chosen country is especially relevant to the issue being investigated. [...] The scope of topics that are most interesting to RIBAF readers include the following: -Financial markets and institutions -Financial practices and sustainability -The impact of national culture on finance -The impact of formal and informal institutions on finance -Privatizations, public financing, and nonprofit issues in finance -Interdisciplinary financial studies -Finance and international development -International financial crises and regulation -Financialization studies -International financial integration and architecture -Behavioral aspects in finance -Consumer finance -Methodologies and conceptualization issues related to finance