From government subsidies to media attention: A study of corporate environmental protection investment strategies driven by these two factors

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2025-05-09 DOI:10.1016/j.irfa.2025.104319

Yu Deng , Chenming Yu , Shengyang Zhong

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引用次数: 0

Abstract

The article selects the panel data of 4319 listed companies in A-share from 2010 to 2022, empirically examines the relationship between government subsidies and corporate environmental protection investment by using two-way fixed-effects model, explores the role of government subsidies on corporate environmental protection investment by using mediated-effects model and assumes that media attention is one of the conduction pathways, and this paper concludes that government subsidies have a significant positive effect on corporate environmental protection investment and may further enhance corporate environmental protection investment by promoting the level of media attention. This paper concludes that government subsidies have a significant positive effect on corporate environmental investment, and may further enhance corporate environmental investment by promoting the level of media attention. This means that government subsidies not only directly affect the environmental investment behavior of enterprises, but also may increase public attention and recognition through media reports and publicity, thus further motivating enterprises to increase environmental investment. Therefore, the government should increase the subsidy, and at the same time, the relevant regulatory authorities should standardize the disclosure of environmental accounting information to provide an effective basis for government subsidies.

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从政府补贴到媒体关注：这两个因素驱动下的企业环保投资策略研究

本文选取2010 - 2022年a股4319家上市公司的面板数据，运用双向固定效应模型实证检验政府补贴与企业环保投资的关系，运用中介效应模型探究政府补贴对企业环保投资的作用，并假设媒体关注是传导途径之一。本文得出政府补贴对企业环保投资具有显著的正向作用，并可能通过提高媒体关注度进一步提升企业环保投资。本文的结论是，政府补贴对企业环境投资具有显著的正向作用，并可能通过提高媒体关注水平进一步提升企业环境投资。这意味着政府补贴不仅直接影响企业的环境投资行为，还可能通过媒体报道和宣传增加公众的关注度和认可度，从而进一步激励企业加大环境投资。因此，政府应加大补贴力度，同时，相关监管部门应规范环境会计信息披露，为政府补贴提供有效依据。

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

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.