Impact of media green attention on firm green transformation: evidence from firm-level financial news in China
摘要
As an important channel for information dissemination, newspaper and internal media plays an irreplaceable role in guiding public opinion, shaping firm image and market reputation. This study measures the media green attention (MGA) and firm green transformation (FGT) from seven dimensions using textual analysis technology, and then explores the nexus and influence mechanism between MGA and FGT from the firm-level green financial news. The empirical results demonstrate that an increase of the MGA significantly enhance the FGT level, promotes firm green technology innovation and social responsibility, and greater MGA greatly amplifies the promoting effect on the FGT via enhancing firm green innovation and social responsibility. This positive nexus between MGA and FGT are influenced by ownership type, polluting firms and different media type and study periods, exhibiting obvious divergences. Those valuable findings are favorable to boost the effective green transformation policies from local governments, improve the supervisory effect from newspapers and online media, and thus promote the FGT performance.