IDEAS home Printed from https://ideas.repec.org/a/eee/eneeco/v131y2024ics0140988324001038.html
   My bibliography  Save this article

New media environment, green technological innovation and corporate productivity: Evidence from listed companies in China

Author

Listed:
  • Sun, Jianhua
  • Hou, Shaobo
  • Deng, Yuxia
  • Li, Huaicheng

Abstract

Amid new media growth in China, the environment of media information becomes an emerging factor in corporate production, while corporate green technological innovation has both signal and substance attributes in production decisions. However, few studies discuss this phenomenon, and clarifying the mechanisms between the new media environment (NME), green technological innovation (GTI), and corporate productivity is essential to enhance enterprise competitiveness. To investigate the new media environment, green technological innovation, and their synergy effect on corporate production performance, this paper employs a semi-parametric method to measure corporate total factor productivity. Then, we employ the online news data to measure the new media environment with different types of attitudes, and the green innovation authorization, application, and citation data to substitute for the quantity and quality of green technology. We employ the listed companies in China from 2010 to 2021 as our study subjects. The results demonstrate that (i) the NME and GTI have significant and positive effects on corporate productivity; (ii) the synergy effect of NME and GTl has a significant and positive effect on corporate productivity. After endogeneity and robustness tests, the conclusions of (i) and (ii) are still valid. (iii) Heterogeneity exists in (i) - (ii) due to the NME and GTl aspects, corporate factor intensive, and locations. Based on these findings, we propose implications for business and government administration.

Suggested Citation

  • Sun, Jianhua & Hou, Shaobo & Deng, Yuxia & Li, Huaicheng, 2024. "New media environment, green technological innovation and corporate productivity: Evidence from listed companies in China," Energy Economics, Elsevier, vol. 131(C).
    • Handle: RePEc:eee:eneeco:v:131:y:2024:i:c:s0140988324001038
    DOI: 10.1016/j.eneco.2024.107395
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0140988324001038
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.eneco.2024.107395?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Díaz, Antonio & Escribano, Ana, 2021. "Sustainability premium in energy bonds," Energy Economics, Elsevier, vol. 95(C).
    2. Sengupta, Aditi, 2012. "Investment in cleaner technology and signaling distortions in a market with green consumers," Journal of Environmental Economics and Management, Elsevier, vol. 64(3), pages 468-480.
    3. Shahnazi, Rouhollah, 2021. "Do information and communications technology spillovers affect labor productivity?," Structural Change and Economic Dynamics, Elsevier, vol. 59(C), pages 342-359.
    4. Paul Beaudry & David A. Green & Ben M. Sand, 2018. "In Search of Labor Demand," American Economic Review, American Economic Association, vol. 108(9), pages 2714-2757, September.
    5. Shen, Zhiyang & Wu, Haitao & Bai, Kaixuan & Hao, Yu, 2022. "Integrating economic, environmental and societal performance within the productivity measurement," Technological Forecasting and Social Change, Elsevier, vol. 176(C).
    6. Zhang, Peng & Deschenes, Olivier & Meng, Kyle & Zhang, Junjie, 2018. "Temperature effects on productivity and factor reallocation: Evidence from a half million chinese manufacturing plants," Journal of Environmental Economics and Management, Elsevier, vol. 88(C), pages 1-17.
    7. Gergely Nyilasy & Harsha Gangadharbatla & Angela Paladino, 2014. "Perceived Greenwashing: The Interactive Effects of Green Advertising and Corporate Environmental Performance on Consumer Reactions," Journal of Business Ethics, Springer, vol. 125(4), pages 693-707, December.
    8. He, Yu & Zhu, Xiaobo & Zheng, Huan, 2022. "The influence of environmental protection tax law on total factor productivity: Evidence from listed firms in China," Energy Economics, Elsevier, vol. 113(C).
    9. Yunguo Lu & Lin Zhang, 2023. "Environmental information disclosure and firm production: evidence from the estimated efficiency of publicly listed firms in China," Journal of Productivity Analysis, Springer, vol. 59(1), pages 99-119, February.
    10. Becchetti, Leonardo & Manfredonia, Stefano, 2022. "Media, reputational risk, and bank loan contracting," Journal of Financial Stability, Elsevier, vol. 60(C).
    11. Du, Kerui & Cheng, Yuanyuan & Yao, Xin, 2021. "Environmental regulation, green technology innovation, and industrial structure upgrading: The road to the green transformation of Chinese cities," Energy Economics, Elsevier, vol. 98(C).
    12. Siyu Ren & Yu Hao & Haitao Wu, 2023. "Digitalization and environment governance: does internet development reduce environmental pollution?," Journal of Environmental Planning and Management, Taylor & Francis Journals, vol. 66(7), pages 1533-1562, June.
    13. Ufuk Akcigit & Salomé Baslandze & Stefanie Stantcheva, 2016. "Taxation and the International Mobility of Inventors," American Economic Review, American Economic Association, vol. 106(10), pages 2930-2981, October.
    14. Dayuan Li & Linna Xin & Xiaohong Chen & Shenggang Ren, 2017. "Corporate social responsibility, media attention and firm value: empirical research on Chinese manufacturing firms," Quality & Quantity: International Journal of Methodology, Springer, vol. 51(4), pages 1563-1577, July.
    15. Shangguan, Yiwen & Feng, Qiyangfan, 2024. "Environmental bonuses of employment protection: Evidence from labor contract law in China," Energy Economics, Elsevier, vol. 129(C).
    16. Philippe Aghion & Ufuk Akcigit & Antonin Bergeaud & Richard Blundell & David Hemous, 2019. "Innovation and Top Income Inequality," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 86(1), pages 1-45.
    17. Song, Malin & Peng, Licheng & Shang, Yuping & Zhao, Xin, 2022. "Green technology progress and total factor productivity of resource-based enterprises: A perspective of technical compensation of environmental regulation," Technological Forecasting and Social Change, Elsevier, vol. 174(C).
    18. Cao, Yuqiang & Hu, Yong & Liu, Qian & Lu, Meiting & Shan, Yaowen, 2023. "Job creation or disruption? Unraveling the effects of smart city construction on corporate employment in China," Technological Forecasting and Social Change, Elsevier, vol. 195(C).
    19. Olley, G Steven & Pakes, Ariel, 1996. "The Dynamics of Productivity in the Telecommunications Equipment Industry," Econometrica, Econometric Society, vol. 64(6), pages 1263-1297, November.
    20. Bajo, Emanuele & Raimondo, Carlo, 2017. "Media sentiment and IPO underpricing," Journal of Corporate Finance, Elsevier, vol. 46(C), pages 139-153.
    21. Ho, Kung-Cheng & Shen, Xixi & Yan, Cheng & Hu, Xiang, 2023. "Influence of green innovation on disclosure quality: Mediating role of media attention," Technological Forecasting and Social Change, Elsevier, vol. 188(C).
    22. Adam B. Jaffe & Karen Palmer, 1997. "Environmental Regulation And Innovation: A Panel Data Study," The Review of Economics and Statistics, MIT Press, vol. 79(4), pages 610-619, November.
    23. Gao, Qiang & Cheng, Changming & Sun, Guanglin, 2023. "Big data application, factor allocation, and green innovation in Chinese manufacturing enterprises," Technological Forecasting and Social Change, Elsevier, vol. 192(C).
    24. Yue, Jun & Li, Yilin, 2023. "Media attention and corporate greenwashing behavior: Evidence from China," Finance Research Letters, Elsevier, vol. 55(PB).
    25. Davide Proserpio & Georgios Zervas, 2017. "Online Reputation Management: Estimating the Impact of Management Responses on Consumer Reviews," Marketing Science, INFORMS, vol. 36(5), pages 645-665, September.
    26. J. van den Bergh & J. Castro & S. Drews & F. Exadaktylos & J. Foramitti & F. Klein & T. Konc & I. Savin, 2021. "Designing an effective climate-policy mix: accounting for instrument synergy," Climate Policy, Taylor & Francis Journals, vol. 21(6), pages 745-764, July.
    27. Cui, Xin & Wang, Panpan & Sensoy, Ahmet & Nguyen, Duc Khuong & Pan, Yuying, 2022. "Green Credit Policy and Corporate Productivity: Evidence from a Quasi-natural Experiment in China," Technological Forecasting and Social Change, Elsevier, vol. 177(C).
    28. Paul H. Malatesta & Kathryn L. DeWenter, 2001. "State-Owned and Privately Owned Firms: An Empirical Analysis of Profitability, Leverage, and Labor Intensity," American Economic Review, American Economic Association, vol. 91(1), pages 320-334, March.
    29. repec:bla:jfinan:v:59:y:2004:i:3:p:1259-1294 is not listed on IDEAS
    30. Zha, Donglan & Jiang, Pansong & Zhang, Chaoqun & Xia, Dan & Cao, Yang, 2023. "Positive synergy or negative synergy: An assessment of the carbon emission reduction effect of renewable energy policy mixes on China's power sector," Energy Policy, Elsevier, vol. 183(C).
    31. R. H. Coase, 2013. "The Problem of Social Cost," Journal of Law and Economics, University of Chicago Press, vol. 56(4), pages 837-877.
    32. Baloria, Vishal P. & Heese, Jonas, 2018. "The effects of media slant on firm behavior," Journal of Financial Economics, Elsevier, vol. 129(1), pages 184-202.
    33. Alexander Dyck & Adair Morse & Luigi Zingales, 2010. "Who Blows the Whistle on Corporate Fraud?," Journal of Finance, American Finance Association, vol. 65(6), pages 2213-2253, December.
    34. Timothy J. Bartik, 1991. "Who Benefits from State and Local Economic Development Policies?," Books from Upjohn Press, W.E. Upjohn Institute for Employment Research, number wbsle, November.
    35. Wu, YiLin, 2004. "The impact of public opinion on board structure changes, director career progression, and CEO turnover: evidence from CalPERS' corporate governance program," Journal of Corporate Finance, Elsevier, vol. 10(1), pages 199-227, January.
    36. Edeh, Jude N. & Acedo, Francisco J., 2021. "External supports, innovation efforts and productivity: Estimation of a CDM model for small firms in developing countries," Technological Forecasting and Social Change, Elsevier, vol. 173(C).
    37. Baumann, Julian & Kritikos, Alexander S., 2016. "The link between R&D, innovation and productivity: Are micro firms different?," Research Policy, Elsevier, vol. 45(6), pages 1263-1274.
    38. Chen, Zan & Jin, Jun & Li, Meng, 2022. "Does media coverage influence firm green innovation? The moderating role of regional environment," Technology in Society, Elsevier, vol. 70(C).
    39. Wei, Xiahai & Jiang, Feng & Chen, Yu, 2023. "Who pays for environmental protection? The impact of green tax reform on labor share in China," Energy Economics, Elsevier, vol. 125(C).
    40. Lin, Boqiang & Zhang, Aoxiang, 2023. "Government subsidies, market competition and the TFP of new energy enterprises," Renewable Energy, Elsevier, vol. 216(C).
    41. Bai, Dongbei & Hu, Jin & Irfan, Muhammad & Hu, Mingjun, 2023. "Unleashing the impact of ecological civilization pilot policies on green technology innovation: Evidence from a novel SC-DID model," Energy Economics, Elsevier, vol. 125(C).
    42. Brückner, Markus, 2010. "Natural resource dependence, non-tradables, and economic growth," Journal of Comparative Economics, Elsevier, vol. 38(4), pages 461-471, December.
    43. Cao, June & Li, Wenwen & Hasan, Iftekhar, 2023. "The impact of lowering carbon emissions on corporate labour investment: A quasi-natural experiment," Energy Economics, Elsevier, vol. 121(C).
    44. Zhang, Dongyang, 2023. "Subsidy expiration and greenwashing decision: Is there a role of bankruptcy risk?," Energy Economics, Elsevier, vol. 118(C).
    45. Dai, Xiaoyong & Sun, Zao, 2021. "Does firm innovation improve aggregate industry productivity? Evidence from Chinese manufacturing firms," Structural Change and Economic Dynamics, Elsevier, vol. 56(C), pages 1-9.
    46. Michael E. Porter & Claas van der Linde, 1995. "Toward a New Conception of the Environment-Competitiveness Relationship," Journal of Economic Perspectives, American Economic Association, vol. 9(4), pages 97-118, Fall.
    47. Kesen Zhang & Zhen Pan & Mukund Janardhanan & Imran Patel, 2023. "Relationship analysis between greenwashing and environmental performance," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 25(8), pages 7927-7957, August.
    48. Chen, Yi-Chun & Hung, Mingyi & Wang, Yongxiang, 2018. "The effect of mandatory CSR disclosure on firm profitability and social externalities: Evidence from China," Journal of Accounting and Economics, Elsevier, vol. 65(1), pages 169-190.
    49. Laura Xiaolei Liu & Ann E. Sherman & Yong Zhang, 2014. "The Long-Run Role of the Media: Evidence from Initial Public Offerings," Management Science, INFORMS, vol. 60(8), pages 1945-1964, August.
    50. Drews, Stefan & Exadaktylos, Filippos & van den Bergh, Jeroen C.J.M., 2020. "Assessing synergy of incentives and nudges in the energy policy mix," Energy Policy, Elsevier, vol. 144(C).
    51. Zhou, Tao & Huang, Xuhui & Zhang, Ning, 2023. "The effect of innovation pilot on carbon total factor productivity: Quasi-experimental evidence from China," Energy Economics, Elsevier, vol. 125(C).
    52. Lingyun He & Chen Wu & Xiaolei Yang & Jiao Liu, 2019. "Corporate social responsibility, green credit, and corporate performance: an empirical analysis based on the mining, power, and steel industries of China," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 95(1), pages 73-89, January.
    53. Gu, Haoran & Yang, Shenggang & Xu, Zhaoyi & Cheng, Cheng, 2023. "Supply chain finance, green innovation, and productivity: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 78(C).
    54. Klomp, Jeroen, 2013. "Government interventions and default risk: Does one size fit all?," Journal of Financial Stability, Elsevier, vol. 9(4), pages 641-653.
    55. Tian, Gloria Y. & Twite, Garry, 2011. "Corporate governance, external market discipline and firm productivity," Journal of Corporate Finance, Elsevier, vol. 17(3), pages 403-417, June.
    56. Li, Zhenghui & Huang, Zimei & Su, Yaya, 2023. "New media environment, environmental regulation and corporate green technology innovation:Evidence from China," Energy Economics, Elsevier, vol. 119(C).
    57. Li, Yanxi & Yu, Conghui & Shi, Jinyan & Liu, Yuanyuan, 2023. "How does green bond issuance affect total factor productivity? Evidence from Chinese listed enterprises," Energy Economics, Elsevier, vol. 123(C).
    58. Choi, Wonseok & Chung, Chune Young, 2023. "Does better firm information disclosure enhance institutional blockholder monitoring on information asymmetry? Evidence from 10-K readability," International Review of Financial Analysis, Elsevier, vol. 90(C).
    59. Ordeñana, Xavier & Vera-Gilces, Paúl & Zambrano-Vera, Jack & Jiménez, Alfredo, 2024. "The effect of high-growth and innovative entrepreneurship on economic growth," Journal of Business Research, Elsevier, vol. 171(C).
    60. Yan, Zheming & Zou, Baoling & Du, Kerui & Li, Ke, 2020. "Do renewable energy technology innovations promote China's green productivity growth? Fresh evidence from partially linear functional-coefficient models," Energy Economics, Elsevier, vol. 90(C).
    61. Liu, Baixiao & McConnell, John J. & Xu, Wei, 2017. "The power of the pen reconsidered: The media, CEO human capital, and corporate governance," Journal of Banking & Finance, Elsevier, vol. 76(C), pages 175-188.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Wang, Hong & Hu, Xuechen & Li, Hailing, 2023. "Regional production restriction policy and firms’ green transition: Evidence from Beijing-Tianjin-Hebei region," Energy, Elsevier, vol. 282(C).
    2. Li, Zhenghui & Huang, Zimei & Su, Yaya, 2023. "New media environment, environmental regulation and corporate green technology innovation:Evidence from China," Energy Economics, Elsevier, vol. 119(C).
    3. Zhang, Yijun & Li, Xiaoping & Song, Yi & Jiang, Feitao, 2021. "Can green industrial policy improve total factor productivity? Firm-level evidence from China," Structural Change and Economic Dynamics, Elsevier, vol. 59(C), pages 51-62.
    4. Huang, Hongyun & Mbanyele, William & Wang, Fengrong & Song, Malin & Wang, Yuzhang, 2022. "Climbing the quality ladder of green innovation: Does green finance matter?," Technological Forecasting and Social Change, Elsevier, vol. 184(C).
    5. Cai, Hechang & Wang, Zilong & Zhang, Zhiwen & Xu, Liuyang, 2023. "Does environmental regulation promote technology transfer? Evidence from a partially linear functional-coefficient panel model," Economic Modelling, Elsevier, vol. 124(C).
    6. Xie, Ronghui & Teo, Thompson S.H., 2022. "Green technology innovation, environmental externality, and the cleaner upgrading of industrial structure in China — Considering the moderating effect of environmental regulation," Technological Forecasting and Social Change, Elsevier, vol. 184(C).
    7. Zhao, Xin & Nakonieczny, Joanna & Jabeen, Fauzia & Shahzad, Umer & Jia, Wenxing, 2022. "Does green innovation induce green total factor productivity? Novel findings from Chinese city level data," Technological Forecasting and Social Change, Elsevier, vol. 185(C).
    8. Li, Yanxi & Yu, Conghui & Shi, Jinyan & Liu, Yuanyuan, 2023. "How does green bond issuance affect total factor productivity? Evidence from Chinese listed enterprises," Energy Economics, Elsevier, vol. 123(C).
    9. Fang, Mingyue & Nie, Huihua & Shen, Xinyi, 2023. "Can enterprise digitization improve ESG performance?," Economic Modelling, Elsevier, vol. 118(C).
    10. Tan, Jianhua & Hua, Min & Chan, Kam C., 2024. "Do anticipated government environmental audits improve firm productivity? Evidence from China," Finance Research Letters, Elsevier, vol. 61(C).
    11. Di Giuli, Alberta & Laux, Paul A., 2022. "The effect of media-linked directors on financing and external governance," Journal of Financial Economics, Elsevier, vol. 145(2), pages 103-131.
    12. Lu, Yunguo & Zhang, Lin, 2022. "National mitigation policy and the competitiveness of Chinese firms," Energy Economics, Elsevier, vol. 109(C).
    13. Houdet, Joël & Trommetter, Michel & Weber, Jacques, 2012. "Understanding changes in business strategies regarding biodiversity and ecosystem services," Ecological Economics, Elsevier, vol. 73(C), pages 37-46.
    14. Xu, Le & Yang, Lili & Li, Ding & Shao, Shuai, 2023. "Asymmetric effects of heterogeneous environmental standards on green technology innovation: Evidence from China," Energy Economics, Elsevier, vol. 117(C).
    15. Lin, Boqiang & Xie, Yongjing, 2024. "The role of venture capital in determining the total factor productivity of renewable energy enterprises: In the context of government subsidy reduction," Energy Economics, Elsevier, vol. 132(C).
    16. Yang, Mian & Hong, Yili & Yang, Fuxia, 2022. "The effects of Mandatory Energy Efficiency Policy on resource allocation efficiency: Evidence from Chinese industrial sector," Economic Analysis and Policy, Elsevier, vol. 73(C), pages 513-524.
    17. He, Yu & Zhao, Xiaoling & Zheng, Huan, 2023. "How does the environmental protection tax law affect firm ESG? Evidence from the Chinese stock markets," Energy Economics, Elsevier, vol. 127(PA).
    18. Yang, Chih-Hai & Tseng, Yu-Hsuan & Chen, Chiang-Ping, 2012. "Environmental regulations, induced R&D, and productivity: Evidence from Taiwan's manufacturing industries," Resource and Energy Economics, Elsevier, vol. 34(4), pages 514-532.
    19. Zhang, Dongyang, 2023. "Can environmental monitoring power transition curb corporate greenwashing behavior?," Journal of Economic Behavior & Organization, Elsevier, vol. 212(C), pages 199-218.
    20. Marin, Giovanni & Vona, Francesco, 2021. "The impact of energy prices on socioeconomic and environmental performance: Evidence from French manufacturing establishments, 1997–2015," European Economic Review, Elsevier, vol. 135(C).

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:eneeco:v:131:y:2024:i:c:s0140988324001038. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/eneco .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.