From government subsidies to media attention: A study of corporate environmental protection investment strategies driven by these two factors

Yu Deng, Chenming Yu and Shengyang Zhong

International Review of Financial Analysis, 2025, vol. 104, issue PA

Abstract: The article selects the panel data of 4319 listed companies in A-share from 2010 to 2022, empirically examines the relationship between government subsidies and corporate environmental protection investment by using two-way fixed-effects model, explores the role of government subsidies on corporate environmental protection investment by using mediated-effects model and assumes that media attention is one of the conduction pathways, and this paper concludes that government subsidies have a significant positive effect on corporate environmental protection investment and may further enhance corporate environmental protection investment by promoting the level of media attention. This paper concludes that government subsidies have a significant positive effect on corporate environmental investment, and may further enhance corporate environmental investment by promoting the level of media attention. This means that government subsidies not only directly affect the environmental investment behavior of enterprises, but also may increase public attention and recognition through media reports and publicity, thus further motivating enterprises to increase environmental investment. Therefore, the government should increase the subsidy, and at the same time, the relevant regulatory authorities should standardize the disclosure of environmental accounting information to provide an effective basis for government subsidies.

Keywords: Government subsidies; Media attention; Corporate environmental investment; Mediating effect (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finana:v:104:y:2025:i:pa:s1057521925004065

DOI: 10.1016/j.irfa.2025.104319

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