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<p>This study integrates the attention-based view with institutional theory to explore the dynamic effects of strategic attention breadth on firms' carbon reduction performance, particularly under the moderating influence of carbon trading policies. Using a panel dataset of 949 Chinese listed firms from 2009 to 2023, our analysis uncovers a dual effect: while strategic attention breadth enables firms to identify diverse opportunities and improve carbon reduction performance, this positive impact gradually weakens or even reverses under stringent carbon trading policies. Employing machine learning-based text analysis of over 3,699 management discussion and analysis texts, the study reveals that institutional pressures increase resource dilution, resource misallocation, and decision-making complexity, thereby undermining the benefits of broader attention. By offering a deeper understanding of how regulatory environments reshape cognitive resource allocation, this study not only extends the attention-based view to environmental management but also provides actionable insights for firms and policymakers navigating regulatory complexities to enhance sustainability outcomes.</p>

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Strategic attention breadth and carbon reduction performance: The role of carbon trading policies in resource allocation

  • 期刊论文

  • 发表日期：

    2026年2月16日

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  • Chaojie Zheng,
  • Jianzu Wu

摘要

This study integrates the attention-based view with institutional theory to explore the dynamic effects of strategic attention breadth on firms' carbon reduction performance, particularly under the moderating influence of carbon trading policies. Using a panel dataset of 949 Chinese listed firms from 2009 to 2023, our analysis uncovers a dual effect: while strategic attention breadth enables firms to identify diverse opportunities and improve carbon reduction performance, this positive impact gradually weakens or even reverses under stringent carbon trading policies. Employing machine learning-based text analysis of over 3,699 management discussion and analysis texts, the study reveals that institutional pressures increase resource dilution, resource misallocation, and decision-making complexity, thereby undermining the benefits of broader attention. By offering a deeper understanding of how regulatory environments reshape cognitive resource allocation, this study not only extends the attention-based view to environmental management but also provides actionable insights for firms and policymakers navigating regulatory complexities to enhance sustainability outcomes.