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| Research on the Spillover Effects of Peer Positive Environmental Protection Narratives for Green Investments |
| QIAN Ming，LYU Minghan，SHEN Yi |
| 1. Nanjing University of Science and Technology, Nanjing, China; 2. Shanghai National Accounting Institute, Shanghai, China; 3. Nanjing Forestry University, Nanjing, China |
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Abstract This study used machine-learning based word vector technology to build an environmental dictionary, measured corporate positive environmental protection narratives (PEN), and then examined the spillover effect of peer PEN on corporate green investments (GI). Results show that peer PEN has a positive effect on GI, but this effect is constrained by the reliability of peer information and the financing constraints of focal enterprises. Mechanism analysis shows that competition stimulation and confidence transmission contribute to the abovementioned effect. Furthermore, the study finds that the focal firm is more susceptible to the influence of peer PEN with a higher proportion of forward-looking, innovative and specific information, and confirms that the spillover effect of peer PEN does not significantly differ in different carries. In addition, the study shows the predictive capability of PEN for green innovation.
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Received: 11 January 2023
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