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| Can Investors' Attention Promote Green Innovation Performance? The Mediating Effect of Financing Constraints and the Moderating Effect of Environmental Regulation |
| Han Guowen,Gan Yutian |
| (Economics and Management School,Wuhan University, Wuhan 430072, China) |
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Abstract Green innovation is characterized by its wide range of applications, and it is often used as inputs by other industries, and spawns new innovations in the application field. To achieve high-quality development, green innovation is a must. From the perspective of sustainable development, it is necessary to use technological means and innovative production capacity to promote green development, so the support of green technological innovation is inseparable. Furthermore, promoting green technology innovation will demand immense investment, which requires green financial support. At the same time, Chinese investors are paying more and more attention to corporate social responsibility, and take it seriously when making investment decisions, especially its environmental connotation which requires enterprises to reduce damage and pollution by technological innovation, upgrading, reducing energy consumption and emissions, etc., instead of sacrificing the environment for economic benefits.#br#On the basis of theories of information asymmetry, legitimacy, corporate innovation and ecological modernization, this paper analyzes the impact of investor attention on green innovation, the mediating effect of financing constraints, and the moderating effect of environmental regulation, and proposes three hypotheses. It employs the panel data of China's A-share listed companies from 2011 to 2020, the Internet search index as a proxy variable for investors' attention, and the number of corporate green patents as a proxy variable for green innovation performance to systematically discuss whether investors'attention could promote innovation performance and transmission path. Based on previous conclusions, this study subdivides attention dimension, industry dimension, and regional dimension for further analysis, and conducts replacement test and lag test to prove the rationality of the conclusion.#br#It is found that first, investor attention can significantly improve the green innovation capability of listed companies, which is reflected in the quantity and quality of green innovation. Second, financing constraints play a significant intermediary role between investors' concerns and green innovation performance. Investors' attention to companies can alleviate information asymmetry, reduce financing constraints and stimulate the vitality of green innovation. Third, environmental regulation can be used as an effective moderator to enhance the role of investors in green innovation of enterprises. If the local environmental regulation is rigid, the company will be more sensitive to investors' concerns and promote green technology innovation. Fourth, the negative attention of investors has a greater effect on the green innovation performance of enterprises than the positive attention, indicating that the negative public opinion of investors has caused certain pressure on enterprises and urges enterprises to carry out green innovation. The degree of informatization in the eastern areas is relatively high, so investor attention has a greater impact on green innovation compared with that in the west. In terms of industry heterogeneity, the impact of investor attention on high-polluting industries on green innovation performance is significantly lower than that in non-high-polluting industries, and high-polluting enterprises are not inclined to green innovation under the pressure of investors' attention.#br#This paper strives to make new expansions on the basis of existing research. It innovatively combines investor attention with green innovation performance. In addition, this paper also considers that investors' attention to enterprises can be divided into positive attention and negative attention, and further analyzes the subdivision dimension of investors' attention attributes. Then, this paper introduces the intermediary variable of financing constraints to study the transmission mechanism. It has studied the impact of media and other information intermediaries on corporate innovation, but has not clarified the intermediate mechanism, and has not explored the impact of retail investors' behavior on online platforms on corporate green innovation performance at a micro level. Therefore, adding the mediation effect can strengthen the ductility of the logic chain and make the article more persuasive. Environmental regulation is an external factor of the enterprise, affecting the green innovation activities of enterprises, so that the paper is more capable to reflect the current state of the economy and society. It can also promote the diversification of research related to the green innovation of enterprises, and provide feasible and targeted suggestions for enterprises to undertake social responsibilities and achieve sustainable development. At the same time, research on the social concern of corporate green governance can effectively trace the feasible path of environmental governance, which is conducive to a more comprehensive and profound understanding of the role of investors' concerns in corporate social responsibility and the promotion of online public opinion on corporate development and even the macro economy.#br#
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Received: 16 August 2021
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