Investor Attention,ESG Performance and Corporate Digital Technology Innovation
Taking China's A-share listed enterprises as the research sample,and the digital technology patents of enterprises were identified through text analysis to characterize the quantity and quality level of China's enterprises'digital technology innovations.It is found that investor attention can promote the"quantity and quality"of digital technology innovation,and this conclusion still holds after controlling for endogeneity and conducting robustness tests.In terms of the mechanism of action,enterprises obtaining more investor attention can promote the"quantitative and qualitative upgrading"of their digital technology innovation by alleviating their own financing constraints and promoting the advancedization of their own human capital.The"cohort effect"of digital transformation of enterprises in the same industry and the same region can positively moderate the promotion effect of investor's attention on the"quantitative and qualitative upgrading"of enterprises'digital technological innovation.Further analysis reveals that the"quantitative and qualitative upgrading"effect of investor attention on digital technology innovation is more obvious for enterprises with better quantitative or qualitative performance in digital technology innovation and larger enterprise scale;high-quality ESG(environmental,social,and governance)performance can boost the"quantitative and qualitative upgrading"effect of investor attention on digital technology innovation.This study verifies the effect of investor attention on digital technology innovation of enterprises.The enabling effect of investor attention on enterprise digital technology innovation is verified,which can provide insights for the policy formulation of China's digital technology innovation as well as the strategic decision-making of enterprise digital technology innovation and ESG development.
investor attentionESG(environmental,social,and governance)performancedigital technology innovationfinancing constraintsadvanced human capital
万方数据
维普
