Unpacking the impact of public attention on green investment: Insights from climate sentiment on social media

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2025-05-12 DOI:10.1016/j.irfa.2025.104325

Yamin Xie , Qixuan Ying

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Abstract

This study examines the impact of public attention on corporate green investment decisions and the mechanisms involved, focusing on the role of climate sentiment. Public attention is measured using the Baidu search index, while corporate green investment is assessed as the ratio of environmental investments to total revenue. A climate sentiment index is constructed using text analysis and lexicon methods. The results indicate that increased public attention significantly enhances corporate green investment, with negative climate sentiment amplifying the effects of public oversight. Non-technology firms exhibit greater responsiveness than technology firms. Additionally, the new “Environmental Protection Law” strengthens the moderating role of sentiment. Firms located in eastern regions and major urban centers demonstrate higher sensitivity to public attention and climate sentiment. This research underscores the critical role of climate sentiment in shaping corporate sustainability strategies, offering new theoretical insights and practical guidance for advancing green finance and sustainable development.

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解读公众关注对绿色投资的影响：来自社交媒体气候情绪的洞察

本研究考察了公众关注对企业绿色投资决策的影响及其机制，重点研究了气候情绪的作用。公众关注度是用百度搜索指数来衡量的，而企业的绿色投资是用环境投资占总收入的比例来评估的。利用文本分析和词汇分析方法构建了气候情绪指数。结果表明，公众关注的增加显著促进了企业绿色投资，负面的气候情绪放大了公众监督的效应。非技术公司比技术公司表现出更强的响应能力。此外，新《环境保护法》加强了情绪的调节作用。位于东部地区和主要城市中心的公司对公众关注和气候情绪表现出更高的敏感性。本研究强调了气候情绪在制定企业可持续发展战略中的关键作用，为推进绿色金融和可持续发展提供了新的理论见解和实践指导。

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.