The impact of online media on corporate green innovation: The moderating role of financial regulation

This study explores the relationship between online media and corporate green innovation, with financial regulation serving as a moderating factor. Utilizing a sample of 3,329 Chinese-listed manufacturing companies spanning from 2011 to 2022, we employed a combination of regression analysis and mediation testing to investigate our hypotheses. The results reveal that online media exposure significantly stimulates corporate green innovation, and investor attention positively influences this process. Furthermore, research and development investment acts as a mediator, amplifying online media's promotional effect on corporate green innovation. Importantly, our findings indicate that strengthened financial regulation fosters a robust positive correlation between online media and corporate green innovation. In conclusion, this study highlights the crucial role of online media, investor attention, R&D investment, and financial regulation in driving corporate green innovation, offering insights for policymakers and practitioners aiming to promote sustainable development.