Abstract
The transition towards environmental sustainability in China's energy sector underscores the crucial role of digital financial inclusion and analyst attention. This study employs an empirical analysis of data from listed Chinese energy-sector firms spanning 2011 to 2022, integrating regression models to investigate the impact of digital financial inclusion on green innovation and the moderating role of analyst attention. Findings reveal that digital financial inclusion significantly facilitates green innovation in energy firms, and analyst attention further amplifies this effect. Heterogeneity analysis shows regional differences, with the eastern and central regions benefiting more from digital financial inclusion, while the western region shows no significant effect. Additionally, state-owned enterprises experience a stronger positive impact compared to non-state-owned enterprises. The study highlights the synergistic potential between digital financial mechanisms and market dynamics in driving sustainable practices. Implications extend to policymakers, financial institutions, and energy companies, suggesting that enhancing digital financial access and market visibility of green initiatives can collectively advance sustainability goals within the energy sector, contributing to broader environmental and economic objectives.
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