How does investor attention affect corporate technology investment and innovation efficiency?

Abstract

Amid profound transformations in the global economic architecture and the accelerating pace of technological disruption, heightened investment in innovation has emerged as a strategic imperative for corporate competitiveness. This study systematically examines the impact of investor attention on corporate innovation behavior using panel data from listed companies during 2011–2022. The findings reveal that investor attention exerts a significantly positive influence on both corporate technological investment and innovation efficiency. Mechanistic analysis demonstrates that digital transformation serves as a key transmission channel through which investor attention enhances technological investment, while improvements in internal control quality emerge as the pivotal mechanism for boosting innovation efficiency. Under financing constraints, investor attention further amplifies its stimulative effect on corporate technological investment by alleviating external funding pressures. This research provides novel empirical evidence for understanding how capital markets can foster innovation-driven real economic development, offering important implications for refining innovation incentive mechanisms.