Green media coverage and corporate green innovation

IF 2.2 3区管理学 Q2 BUSINESS, FINANCE

Journal of Business Finance & Accounting Pub Date : 2024-04-06 DOI:10.1111/jbfa.12802

Jie Gao, Huiying Wu, Jiaxing You, Meg Smith

引用次数: 0

Abstract

We examine the effect of media coverage of corporate environmental activities on corporate green innovation. Using a large sample of corporate news coverage over the period 2001–2019, we find a positive relationship between green media coverage and the green innovation of a corporation but a negative one between nongreen media coverage and green innovation. These results are robust to a battery of sensitivity tests, including the instrumental approach and propensity score matching method. We examine and verify two well-documented general channels through which the media influences corporate behaviors, namely, the financial constraint mitigation and external governance. More importantly, we examine channels specifically related to green media coverage and find that green media coverage strengthens the effect of pressure imposed by the government and the public for green innovation. Taken together, our results suggest that the media plays a distinctive role in green innovation through its particular attention to the environment.

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绿色媒体报道与企业绿色创新

我们研究了媒体对企业环保活动的报道对企业绿色创新的影响。通过使用 2001-2019 年间的大量企业新闻报道样本，我们发现绿色媒体报道与企业的绿色创新之间存在正相关关系，而非绿色媒体报道与绿色创新之间存在负相关关系。这些结果在一系列敏感性测试（包括工具方法和倾向得分匹配法）中都是稳健的。我们研究并验证了媒体影响企业行为的两个有据可查的一般渠道，即财务约束缓解和外部治理。更重要的是，我们研究了与绿色媒体报道具体相关的渠道，发现绿色媒体报道加强了政府和公众对绿色创新施加压力的效果。总之，我们的研究结果表明，媒体通过对环境的特别关注，在绿色创新中发挥着独特的作用。

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

Journal of Business Finance & Accounting BUSINESS, FINANCE-

CiteScore

4.40

自引率

17.20%

发文量

期刊介绍： Journal of Business Finance and Accounting exists to publish high quality research papers in accounting, corporate finance, corporate governance and their interfaces. The interfaces are relevant in many areas such as financial reporting and communication, valuation, financial performance measurement and managerial reward and control structures. A feature of JBFA is that it recognises that informational problems are pervasive in financial markets and business organisations, and that accounting plays an important role in resolving such problems. JBFA welcomes both theoretical and empirical contributions. Nonetheless, theoretical papers should yield novel testable implications, and empirical papers should be theoretically well-motivated. The Editors view accounting and finance as being closely related to economics and, as a consequence, papers submitted will often have theoretical motivations that are grounded in economics. JBFA, however, also seeks papers that complement economics-based theorising with theoretical developments originating in other social science disciplines or traditions. While many papers in JBFA use econometric or related empirical methods, the Editors also welcome contributions that use other empirical research methods. Although the scope of JBFA is broad, it is not a suitable outlet for highly abstract mathematical papers, or empirical papers with inadequate theoretical motivation. Also, papers that study asset pricing, or the operations of financial markets, should have direct implications for one or more of preparers, regulators, users of financial statements, and corporate financial decision makers, or at least should have implications for the development of future research relevant to such users.