Environmental information disclosure and corporate innovation: The "Inverted U-shaped" regulating effect of media attention

Based on the data of Chinese A-share listed companies from 2011 to 2019, this paper uses the multiple regression method to explore the relationship between environmental information disclosure and corporate innovation, which is divided into exploratory innovation and exploitative innovation according to heterogeneity and investigates the impact of media attention on the relationship. The results show that: (1) Environmental information disclosure significantly promotes corporate innovation. (2) Environmental information disclosure promotes exploratory innovation more significantly than exploitative innovation. (3) Media attention has an "inverted U-shaped" regulating effect on the relationship between environmental information disclosure and corporate innovation. This study is expected to guide enterprises to scientifically carry out environmental information disclosure activities and direct the media to play its role in information dissemination and external corporate governance. Additionally, it can provide new ideas for corporate innovation.