Skip to main content
SpringerLink
Log in

Public environmental attention, media coverage, and corporate green innovation: evidence from heavily polluting industries in China

  • Research Article
  • Published:
Environmental Science and Pollution Research Aims and scope Submit manuscript

Abstract

Against the background of building a multi-environmental co-governance system, it is of great importance to systematically explore how public environmental attention (PEA) affects corporate green innovation (GI). Based on the panel data of Chinese A-share listed enterprises of heavily polluting industries from 2013 to 2020, this paper empirically explores the role of PEA in GI and examines the moderating impacts of media visibility and media favorability. The results indicate that the higher degree of public environmental attention, the more corporate green innovation. After adopting alternative explained variable, instrumental variable analysis and other methods, this conclusion still remains robust. This study also finds that both media visibility (MV) and media favorability (MF) generate significantly positive moderating impacts on the relationship between PEA and GI. Moreover, threshold model tests show that with the increase of MV, the promoting effect of PEA on GI is significantly enhanced, while there exists no threshold for MF. Furthermore, the heterogeneity analysis indicates that PEA mainly prompts symbolic green innovation of enterprises, and the PEA-GI relationship is more obvious in non-state-owned companies and regions with higher marketization process.

This is a preview of subscription content, log in via an institution to check access.

Access this article

Log in via an institution

Price excludes VAT (USA)
Tax calculation will be finalised during checkout.

Instant access to the full article PDF.

Institutional subscriptions

Fig. 1
Fig. 2

Similar content being viewed by others

Notes

  1. In China, 16 sectors are defined as the heavily polluting ones by the Ministry of Environmental Protection, including thermal power, steel, cement, electrolytic aluminum, coal, metallurgical, petrochemical, architectural material, paper-making, brewing, pharmaceutical manufacturing, fermentation, textile, leather, and mining sectors.

References

  • Almeida CMVB, Sevegnani F, Agostinho F, Liu G, Yang Z, Coscieme L, Giannetti BF (2018) Accounting for the benefits of technology change: replacing a zinc-coating process by a water-based organo-metallic coating process. J Clean Prod 174:170–176

    Article  CAS  Google Scholar 

  • Al-Twaijry A, Brierley JA, Gwilliam DR (2003) The development of internal audit in Saudi Arabia: an institutional theory perspective. Crit Perspect Account 14(5):507–531

    Article  Google Scholar 

  • Arthur PJM, Neil TC (2006) China’s environmental governance in transition. Env Polit 15(2):149–170

    Article  Google Scholar 

  • Bansal P, Clelland I (2004) Talking trash: legitimacy, impression management, and unsystematic risk in the context of the natural environment. Acad Manag J 47(1):93–103

    Article  Google Scholar 

  • Barnett ML (2014) Why stakeholders ignore firm misconduct: a cognitive view. J Manag 40(3):676–702

    Google Scholar 

  • Barwick PJ, Li S, Lin L, Zou E (2019) From fog to smog: the value of pollution information. National Bureau of Economic Research

    Book  Google Scholar 

  • Brav A, Jiang W, Ma S, Tian X (2018) How does hedge fund activism reshape corporate innovation? J Financ Econ 130(2):237–264

    Article  Google Scholar 

  • Brown N, Deegan C (1998) The public disclosure of environmental performance information: a dual test of media agenda setting theory and legitimacy theory. Account Bus Res 29(1):21–41

    Article  Google Scholar 

  • Buysse K, Verbeke A (2003) Proactive environmental strategies: a stakeholder management perspective. Strateg Manag J 24(5):453–470

    Article  Google Scholar 

  • Chen Y, Ma Y (2021) Does green investment improve energy firm performance? Energy Policy 153(1):112252

    Article  Google Scholar 

  • Chen X, Yi N, Zhang L, Li D (2018) Does institutional pressure foster corporate green innovation? Evidence from China’s top 100 companies. J Clean Prod 188:304–311

    Article  Google Scholar 

  • Chen Z, Zhang X, Chen F (2021) Do carbon emission trading schemes stimulate green innovation in enterprises? Evidence from China. Technol Forecast Soc Chang 168:120744

    Article  Google Scholar 

  • Chen Z, Jin J, Li M (2022) Does media coverage influence firm green innovation? The moderating role of regional environment. Technol Soc 70:102006

    Article  Google Scholar 

  • Cheng J, Liu Y (2018) The effects of public attention on the environmental performance of high-polluting firms: based on big data from web search in China. J Clean Prod 186:335–341

    Article  Google Scholar 

  • Clarkson PM, Li Y, Richardson GD, Vasvari FP (2008) Revisiting the relation between environmental performance and environmental disclosure: an empirical analysis. Acc Organ Soc 33(4-5):303–327

    Article  Google Scholar 

  • Cleff T, Rennings K (1999) Determinants of environmental product and process innovation. Eur Environ 9(5):191–201

    Article  Google Scholar 

  • Cohen-Cline H, Turkheimer E, Duncan GE (2015) Access to green space, physical activity and mental health: a twin study. J Epidemiol Community Health 69(6):523–529

    Article  Google Scholar 

  • Cordeiro JJ, He L, Conyon M, Shaw TS (2013) Informativeness of performance measures and Chinese executive compensation. Asia Pac J Manag 30(4):1031–1058

    Article  Google Scholar 

  • Dai L, Shen R, Zhang B (2021) Does the media spotlight burn or spur innovation? Rev Acc Stud 26(1):343–390

    Article  Google Scholar 

  • Dang J, Motohashi K (2015) Patent statistics: A good indicator for innovation in China? Patent subsidy program impacts on patent quality. China Economic Review 35:137–155 (in Chinese)

    Article  Google Scholar 

  • Deephouse DL (2000) Media reputation as a strategic resource: an integration of mass communication and resource-based theories. J Manag 26(6):1091–1112

    Google Scholar 

  • Du Y, Li Z, Du J, Li N, Yan B (2019) Public environmental appeal and innovation of heavy-polluting enterprises. J Clean Prod 222:1009–1022

    Article  Google Scholar 

  • Feng Y, Zou L, Yuan H, Dai L (2022) The spatial spillover effects and impact paths of financial agglomeration on green development: evidence from 285 prefecture-level cities in China. J Clean Prod 340:130816

    Article  Google Scholar 

  • Feng Y, Yuan H, Liu Y (2023) The energy-saving effect in the new transformation of urbanization. Econ Anal Policy 78:41–59

    Article  Google Scholar 

  • Fiss PC, Zajac EJ (2006) The symbolic management of strategic change: sensegiving via framing and decoupling. Acad Manag J 49:1173–1193

    Article  Google Scholar 

  • Giacomini D, Zola P, Paredi D, Mazzoleni M (2020) Environmental disclosure and stakeholder engagement via social media: state of the art and potential in public utilities. Corp Soc Responsib Environ Manag 27(4):1552–1564

    Article  Google Scholar 

  • Graf-Vlachy L, Oliver AG, Banfield R, Konig A, Bundy J (2020) Media coverage of firms: background, integration, and directions for future research. J Manag 46(1):36–69

    Google Scholar 

  • Graham J, Harvey C, Rajgopal S (2005) The economic implications of corporate financial reporting. J Account Econ 40:3–73

    Article  Google Scholar 

  • Han C, Chen Z, Wang Z (2020) Study on the mechanism of firms’ pollution reduction under the constraint of energy-saving target. China Ind Econ 10:43–61

    Google Scholar 

  • Hu J, Huang N, Shen HT (2020) Can market-incentive environmental regulation promote corporate innovation? A natural experiment based on China’s carbon emissions trading mechanism. J Financ Res 01:171–189

    Google Scholar 

  • Huang L, Lei Z (2021) How environmental regulation affect corporate green investment: evidence from China. J Clean Prod 279:123560

    Article  Google Scholar 

  • Jia M, Zhang Z (2015) News visibility and corporate philanthropic response: evidence from privately owned Chinese firms following the Wenchuan Earthquake. J Bus Ethics 129:93–114

    Article  Google Scholar 

  • Kölbel JF, Busch T, Jancso LM (2017) How media coverage of corporate social irresponsibility increases financial risk? Strateg Manag J 38:2266–2284

    Article  Google Scholar 

  • Krieger B, Zipperer V (2022) Does green public procurement trigger environmental innovation? Res Policy 51:104516

    Article  Google Scholar 

  • Li Q, Xiao Z (2020) Heterogeneous environmental regulation tools and green innovation incentives: evidence from green patents of listed companies. Econ Res J 55(09):192–208

    Google Scholar 

  • Li WJ, Zheng MN (2016) Is it substantive innovation or strategic innovation? Impact of macroeconomic policies on micro-enterprises’ innovation. Econ Res J 51(04):60–73

    CAS  Google Scholar 

  • Li Q, Liu G, Cai B, Leamon G, Liu LC, Chen ZA et al (2017) Public awareness of the environmental impact and management of carbon dioxide capture, utilization and storage technology: the views of educated people in China. Clean Techn Environ Policy 19(8):2041–2056

    Article  Google Scholar 

  • Li G, Xue Q, Qin J (2022) Environmental information disclosure and green technology innovation: empirical evidence from China. Technol Forecast Soc Chang 176:121453

    Article  Google Scholar 

  • Li W, Li WN, Seppänen V, Koivumäki T (2023) Effects of greenwashing on financial performance: moderation through local environmental regulation and media coverage. Bus Strateg Environ 32(1):820–841

    Article  Google Scholar 

  • Lian G, Xu A, Zhu Y (2022) Substantive green innovation or symbolic green innovation? The impact of ER on enterprise green innovation based on the dual moderating effects. J Innov Knowl 7(3):100203

    Article  Google Scholar 

  • Liang T, Zhang YJ, Qiang W (2022) Does technological innovation benefit energy firms’ environmental performance? The moderating effect of government subsidies and media coverage. Technol Forecast Soc Chang 180:121728

    Article  Google Scholar 

  • Liao Z (2018) Environmental policy instruments, environmental innovation and the reputation of enterprises. J Clean Prod 171:1111–1117

    Article  Google Scholar 

  • Liao X, Shi X (2018) Public appeal, environmental regulation and green investment: evidence from China. Energy Policy 119:554–562

    Article  Google Scholar 

  • Lin YT, Huang RT, Yao X (2021) Air pollution and environmental information disclosure: an empirical study based on heavy polluting industries. J Clean Prod 278:124313

    Article  CAS  Google Scholar 

  • Liu MH, Li YX (2022) Environmental regulation and green innovation: evidence from China’s carbon emissions trading policy. Financ Res Lett 48:103051

    Article  Google Scholar 

  • Liu W, Wang Z (2017) The effects of climate policy on corporate technological upgrading in energy intensive industries: evidence from China. J Clean Prod 142:3748–3758

    Article  Google Scholar 

  • Liu JK, Xiao YY (2022) China’s environmental protection tax and green innovation: Incentive effect or crowding-out effect? Econ Res J 57(01):72–88

    Google Scholar 

  • Liu N, Van Rooij B, Lo CWH (2018) Beyond deterrent enforcement styles: Behavioral intuitions of Chinese environmental law enforcement agents in a context of challenging inspections. Public Adm 96(3):497–512

    Article  Google Scholar 

  • Liu Y, Wang A, Wu Y (2021) Environmental regulation and green innovation: evidence from China’s new environmental protection law. J Clean Prod 297(1):126698

    Article  Google Scholar 

  • Liu GQ, Yang ZQ, Zhang F, Zhang N (2022) Environmental tax reform and environmental investment: a quasi-natural experiment based on China’s environmental protection tax law. Energy Econ 109:106000

    Article  Google Scholar 

  • Lu ZN, Chen H, Hao Y, Wang J, Song X, Mok TM (2017) The dynamic relationship between environmental pollution, economic development and public health: evidence from China. J Clean Prod 166:134–147

    Article  Google Scholar 

  • Ma YQ, Zhao LK, Yang HY, Tang GQ (2021) Air pollution and enterprise green innovation: Based on the empirical evidence of A-share listed companies in China’s heavy pollution industry. Ind Econ Res 06:116–128

    Google Scholar 

  • Mcleod J, Glynn CJ, Griffin RJ (1987) Communication and energy conservation. J Environ Educ 18(3):29–37

    Article  Google Scholar 

  • Meng T, Pan J, Yang P (2017) Conditional receptivity to citizen participation: evidence from a survey experiment in China. Comp Polit Stud 50(4):399–433

    Article  Google Scholar 

  • Murillo-Luna JL, Garcés-Ayerbe C, Rivera-Torres P (2008) Why do patterns of environmental response differ? A stakeholders’ pressure approach. Strateg Manag J 29(11):1225–1240

    Article  Google Scholar 

  • Qin Y, Zhu H (2018) Run away? Air pollution and emigration interests in China. J Popul Econ 31(1):235–266

    Article  Google Scholar 

  • Ren SG, Zheng JJ, Liu DH, Chen XH (2019) Does emissions tradingsystem improve firm’s total factor productivity—evidence from Chinese listed companies. China Ind Econ 5:5–23 (in Chinese)

    Google Scholar 

  • Ren S, Sun H, Zhang T (2021) Do environmental subsidies spur environmental innovation? Empirical evidence from Chinese listed firms. Technol Forecast Soc Chang 173:121123

    Article  Google Scholar 

  • Ren S, He D, Yan J, Zeng H, Tan J (2022a) Environmental labeling certification and corporate environmental innovation: the moderating role of corporate ownership and local government intervention. J Bus Res 140:556–571

    Article  Google Scholar 

  • Ren S, Huang M, Liu DH, Yan J (2022b) Understanding the impact of mandatory CSR disclosure on green innovation: evidence from Chinese listed firms. Br J Manag 34(2):576–594

    Article  Google Scholar 

  • Shipilov AV, Greve HR, Rowley TJ (2019) Is all publicity good publicity? The impact of direct and indirect media pressure on the adoption of governance practices. Strateg Manag J 40:1368–1393

    Article  Google Scholar 

  • Song DY, Zhu WB, Ding H (2022) Can firm digitalization promote green technological innovation? An examination based on listed companies in heavy pollution industries. J Financ Econ 48(04):34–48

    Google Scholar 

  • Stein J (1988) Takeover threats and managerial myopia. J Polit Econ 96:61–80

    Article  Google Scholar 

  • Stock J, Yogo M (2002) Testing for weak instruments in linear IV regression, vol 14. NBER Technical Working Papers, pp 80–108

    Book  Google Scholar 

  • Suchman MC (1995) Managing legitimacy: strategic and institutional approaches. Acad Manag Rev 20(3):571–610

    Article  Google Scholar 

  • Sun J, Xu L, Hu J (2021) The influence of informal environmental regulation on enterprise green technology innovation from the perspective of environmental responsibility: a mediated regulation model. J Technol Econ 40:10–22 (in Chinese)

    Google Scholar 

  • Tao F, Zhao JY, Zhou H (2021) Does environmental regulation improve the quantity and quality of green innovation: evidence from the target responsibility system of environmental protection. China Ind Econ 2:136–154 (in Chinese)

    Google Scholar 

  • Tian LH, Guan X, Li Z, Li X (2022) Reform of environmental protection fee-to-tax and enterprise environmental protection investment: a quasi-natural experiment based on the implementation of the environmental protection tax law. J Financ Econ 48(09):32–46

    Google Scholar 

  • Wang X, Wang Y (2021) The impact of environmental governance policy on green innovation: evidence from China’s quasi-natural experiment. J Financ Res 10:134–152

    Google Scholar 

  • Wang Y, Zhao J (2018) Money vote: the impact of public environmental attention on asset prices in different industries. J Manage World 34(09):46–57 (in Chinese)

    Google Scholar 

  • Wang XL, Fan G, Hu LP (2019) Marketization index of China’s provinces: NERI report 2018. Social Sciences Academic Press, Beijing, China

    Google Scholar 

  • Wang BC, Ma A, Ma Y (2020) Environmental regulation, environmental investment and sustainable business model innovation of enterprises. Soft Science 34(04):44–50

    Google Scholar 

  • Wang QJ, Wang HJ, Chang CP (2022) Environmental performance, green finance and green innovation: what’s the long-run relationships among variables? Energy Econ 110:106004

    Article  Google Scholar 

  • Wei J, Ouyang Z, Chen H (2017) Well known or well liked? The effects of corporate reputation on firm value at the onset of a corporate crisis. Strateg Manag J 38(10):2103–2120

    Article  Google Scholar 

  • Wu L, Yang M, Sun K (2022) Impact of public environmental attention on environmental governance of enterprises and local governments. China Popul Resour Environ 32(2):1–14

    Google Scholar 

  • Xia L, Gao S, Wei J, Ding QY (2022) Government subsidy and corporate green innovation—does board governance play a role? Energy Policy 161:112720

    Article  Google Scholar 

  • Xu BC, Pan CW, Li SH (2020) Does environmental regulation inhibit the scale expansion of China’s firms? J China Univ Geosci 20(02):74–91

    Google Scholar 

  • Yuan H, Zou L, Feng Y (2023) How to achieve emission reduction without hindering economic growth? The role of judicial quality. Ecol Econ 209:107839

    Article  Google Scholar 

  • Zhang C, Lv BF, Peng G, Liu Y (2012) A study on correlation between web search data and CPI. J Manag Sci China 15(07):50-59+70

    Google Scholar 

  • Zhang DY, Rong Z, Ji Q (2019) Green innovation and firm performance: evidence from listed companies in China. Resour Conserv Recycl 144:48–55

    Article  Google Scholar 

  • Zhao L, Zhang L, Sun J, He PF (2022) Can public participation constraints promote green technological innovation of Chinese enterprises? The moderating role of government environmental regulatory enforcement. Technol Forecast Soc Chang 174:121198

    Article  Google Scholar 

  • Zheng S, Kahn ME (2017) A new era of pollution progress in urban China? J Econ Perspect 31(1):71–92

    Article  Google Scholar 

  • Zheng SQ, Wan GH, Sun WZ, Luo DL (2013) Public appeal and urban environmental governance. J Manage World 06:72–84 (in Chinese)

    Google Scholar 

  • Zhong Z, Peng B (2022) Can environmental regulation promote green innovation in heavily polluting enterprises? Empirical evidence from a quasi-natural experiment in China. Sustain Prod Consum 30:815–828

    Article  Google Scholar 

  • Zhou B, Ding H (2023) How public attention drives corporate environmental protection: effects and channels. Technol Forecast Soc Chang 191:122486

    Article  Google Scholar 

  • Zhou HH, Wang SL (2016) Study on the influential mechanism of formal and informal environmental regulations on green innovation. Soft Science 30(08):47–51

    Google Scholar 

  • Zyglidopoulos SC, Georgiadis AP, Carroll CE, Siegel DS (2012) Does media attention drive corporate social responsibility? J Bus Res 65(11):1622–1627

    Article  Google Scholar 

Download references

Availability of data and materials

The data and materials generated during and/or analyzed during the current study are available from the corresponding author on reasonable request.

Funding

This work is supported by the National Natural Science Foundation of China (Nos. 72074228, 72104253), the National Social Science Foundation of China (No. 21&ZD103), the Innovation Driven Project of Central South University (No. 2023CXQD037), and the High-end Think Tank Project of Central South University (No. 2022znzk03)

Author information

Authors and Affiliations

  1. School of Business, Central South University, Changsha, 410083, China

    Yuan Geng & Jinyu Chen

  2. Institute of Metal Resources Strategy, Central South University, Changsha, 410083, China

    Jinyu Chen

  3. Xiamen National Accounting Institute, Xiamen, 361000, China

    Tianqi Liu

  4. School of art and design, Hunan University of Humanities, Science and Technology, Loudi, 417000, China

    Dali Tao

Authors
  1. Yuan Geng
    View author publications

    You can also search for this author in PubMed Google Scholar

  2. Jinyu Chen
    View author publications

    You can also search for this author in PubMed Google Scholar

  3. Tianqi Liu
    View author publications

    You can also search for this author in PubMed Google Scholar

  4. Dali Tao
    View author publications

    You can also search for this author in PubMed Google Scholar

Contributions

Yuan Geng: data curation, methodology, validation, writing—original draft preparation. Jinyu Chen: supervision, conceptualization, project administration, writing—reviewing and editing. Tianqi Liu: data curation, investigation, writing—reviewing and editing. Dali Tao: investigation, conceptualization, writing—reviewing and editing.

Corresponding author

Correspondence to Jinyu Chen.

Ethics declarations

Ethical approval and consent to participate

This article does not contain any studies with human participants performed by any of the authors.

Consent for publication

Not applicable

Competing interests

The authors declare no competing interests.

Additional information

Responsible Editor: Arshian Sharif

Publisher’s note

Springer Nature remains neutral with regard to jurisdictional claims in published maps and institutional affiliations.

Rights and permissions

Springer Nature or its licensor (e.g. a society or other partner) holds exclusive rights to this article under a publishing agreement with the author(s) or other rightsholder(s); author self-archiving of the accepted manuscript version of this article is solely governed by the terms of such publishing agreement and applicable law.

Reprints and permissions

About this article

Check for updates. Verify currency and authenticity via CrossMark

Cite this article

Geng, Y., Chen, J., Liu, T. et al. Public environmental attention, media coverage, and corporate green innovation: evidence from heavily polluting industries in China. Environ Sci Pollut Res 30, 86911–86926 (2023). https://doi.org/10.1007/s11356-023-28369-0

Download citation

  • Received:

  • Accepted:

  • Published:

  • Issue Date:

  • DOI: https://doi.org/10.1007/s11356-023-28369-0

Keywords

Search

Navigation