Media attention, investor attention and corporate innovation investment: Empirical study based on China gem listed companies

Abstract

In the information age, media attention and investor attention have become two important external governance factors affecting corporate innovation investment, and the specific impact mechanism on corporate innovation investment is still unclear. Taking the China GEM listed companies from 2013 to 2017 as the research samples, this paper investigates the direct and interaction effects of media attention and investor attention on innovation investment. The results show that both media attention and investor attention have a significant positive impact on corporate innovation investment; and the interaction between the two also has a significant positive influence on corporate innovation investment, that is, there is a complementary effect between media attention and investor attention. The study will help to improve the external governance mechanism of corporate innovation investment, and provides a new way to solve the problem of insufficient innovation investment of Chinese enterprises.