Peng Cheng, Fu Wenting, Jiang Hui, Zou Yu
Center for International Business and Economy, School of International Finance and Trade, Sichuan International Studies University, Chongqing, China.
School of Economics and Business Administration, Chongqing University, Chongqing, China.
Front Psychol. 2022 Oct 10;13:985727. doi: 10.3389/fpsyg.2022.985727. eCollection 2022.
China is accelerating green and low-carbon transformation and promoting high-quality economic development. To effectively contribute to the improvement of global environmental quality and enhance enterprises' awareness of environmental responsibility in the process of outbound investment, China strongly advocates that enterprises should comply with the environmental protection laws and regulations of host countries and try to strengthen local environmental protection as investing abroad. However, inadequate attention has been paid to the factors influencing green preferences in corporate outbound investment. Therefore, using a sample of Chinese A-share listed companies from 2008 to 2019, this paper aims to empirically analyze whether the quality of environmental information disclosure (QEID) affects enterprises' green preference of outbound investment (OIGP), and the influence mechanism of QEID on the enterprises' OIGP by analyzing the mediating effects of green technology innovation and media attention. It is found that QEID significantly promotes corporate OIGP. In terms of influence mechanism, QEID promotes firms' OIGP by restraining media attention, while the mediating role of green technology innovation in the effect of QEID on firms' OIGP is manifested as the masking effect. In addition, it is found that these influence mechanisms are different among enterprises with different property rights and different life cycle stages.
中国正在加速绿色低碳转型，推动经济高质量发展。为有效助力全球环境质量改善，提升企业在对外投资过程中的环境责任意识，中国大力倡导企业遵守东道国环境保护法律法规，并在对外投资时努力加强当地环境保护。然而，企业对外投资中影响绿色偏好的因素却未得到充分关注。因此，本文以2008年至2019年中国A股上市公司为样本，旨在实证分析环境信息披露质量（QEID）是否影响企业对外投资的绿色偏好（OIGP），并通过分析绿色技术创新和媒体关注的中介效应，探讨QEID对企业OIGP的影响机制。研究发现，QEID显著促进了企业的OIGP。在影响机制方面，QEID通过抑制媒体关注来促进企业的OIGP，而绿色技术创新在QEID对企业OIGP的影响中起到的中介作用表现为掩盖效应。此外，研究还发现，这些影响机制在不同产权和不同生命周期阶段的企业中存在差异。
