Media attention, green technology innovation and industrial enterprises’ sustainable development: The moderating effect of environmental regulation

Abstract

Media attention is a driver of green technology innovation, and green technology innovation is crucial to industrial enterprises seeking sustainable development in China. Yet the existing literature has paid scant attention to the effect mechanism underlying this process. We explore the relationship between media attention (MA), green technology innovation (GTI) and enterprise sustainable development (ESD), as well as the role of environmental regulation as a potential moderator. Based on data from 415 Chinese A-shared listed companies spanning 2015–2021, our research shows that: (1) media attention promotes the sustainable development of industrial enterprises; green technology innovation in enterprises has a partly mediating effect; (2) environmental regulation positively moderates the relationship between enterprises’ green technology innovation and sustainable development; (3) the effect of media attention on economic performance exceeds that of enterprises’ social and environmental performance, and the effect of non-negative media attention on sustainability is more significant than that of negative media attention. Our research provides new insight into media attention, green innovation and sustainable development in China.