School of Management, Cranfield University, Bedfordshire, MK430AL, UK.
School of Economics and Statistics, Guangzhou University, Guangzhou, 510006, China.
J Environ Manage. 2024 Dec;371:123294. doi: 10.1016/j.jenvman.2024.123294. Epub 2024 Nov 11.
The digital economy is rising at an unprecedented pace, becoming a key driver of the comprehensive transformation and upgrading of the global economy and society. Existing research widely demonstrates the multifaceted positive impacts of green investment on corporate development. However, amid the wave of digital transformation, in-depth studies on how digital transformation specifically influences corporate green investment decisions-particularly from the emerging perspective of Online Public Opinion attention-remain insufficient. To address this gap, this study focuses on data from Chinese A-share listed companies between 2007 and 2022. It innovatively integrates the perspective of Online Public Opinion attention, utilizing the powerful capabilities of deep learning models in artificial intelligence to construct a public opinion attention index. This index aims to accurately and comprehensively capture the dynamic changes in investor sentiment and attention, thereby exploring the relationship between public opinion attention, corporate digital transformation, and green investment behavior. Empirical analysis shows that as corporate digital transformation progresses, investments in environmentally sustainable projects increase. Moreover, attention from online public opinion attention positively influences this relationship. The combination of digital transformation and online public opinion attention exhibits a synergistic effect in promoting environmentally friendly investments. Mechanism analysis reveals that public opinion attention influences corporate green investment through pathways involving digital transformation and public attention to environmental protection. Heterogeneity analysis results indicate that state-owned enterprises show a positive effect on their green investments during the digital transformation process. For companies with strong technological capabilities, digital transformation also significantly drives green investment. Additionally, the impact of digital transformation in promoting environmentally friendly investments is particularly pronounced in the economically developed eastern regions of China, while it is relatively weaker in the less-developed central and western regions. Furthermore, robustness and endogeneity tests confirm the reliability of these conclusions. This study not only enriches the theoretical research in the fields of digital transformation and green investment but also provides new tools for companies to consider Online Public Opinion Attention during their digital transformation process.
数字经济正以前所未有的速度崛起，成为全球经济和社会全面转型升级的关键驱动力。现有研究广泛证明了绿色投资对企业发展的多方面积极影响。然而，在数字转型的浪潮中，深入研究数字转型如何具体影响企业绿色投资决策——特别是从新兴的网络舆情关注度视角——仍然不足。为了解决这一差距，本研究以 2007 年至 2022 年中国 A 股上市公司的数据为基础。该研究创新性地整合了网络舆情关注度的视角，利用人工智能深度学习模型的强大功能构建了一个舆情关注度指数。该指数旨在准确全面地捕捉投资者情绪和关注度的动态变化，从而探索舆情关注度、企业数字化转型和绿色投资行为之间的关系。实证分析表明，随着企业数字化转型的推进，对环境可持续项目的投资增加。此外，网络舆情关注度正向影响这种关系。数字化转型和网络舆情关注度的结合在促进环保投资方面具有协同效应。机制分析表明，舆情关注度通过数字转型和公众对环境保护的关注两条路径影响企业绿色投资。异质性分析结果表明，国有企业在数字化转型过程中对绿色投资表现出积极影响。对于技术实力较强的公司，数字化转型也显著推动了绿色投资。此外，数字化转型在促进环保投资方面的影响在中国经济发达的东部地区尤为明显，而在欠发达的中部和西部地区则相对较弱。此外，稳健性和内生性检验证实了这些结论的可靠性。本研究不仅丰富了数字转型和绿色投资领域的理论研究，还为企业在数字化转型过程中考虑网络舆情关注度提供了新的工具。
