Media Pressure and Corporate Green Innovation: The Roles of Munificence, Dynamism, and Complexity

As environmental issues become increasingly prominent, corporate green innovation has emerged as a key driver of sustainable development. The media, acting as an external supervisory force, plays a crucial role in corporate environmental management. However, existing research lacks a systematic investigation into the mechanisms and conditions through which media pressure influences corporate green innovation. This study aims to analyze the impact of media pressure on corporate green innovation through the lens of stakeholder theory and further explore the moderating role of industry environments. Using publicly available data from A-share listed manufacturing firms in China between 2015 and 2019, a panel data regression model is employed to empirically examine the relationship between media pressure and corporate green innovation. Additionally, industry richness, dynamism, and complexity are introduced as moderating variables to test their moderating effects on the relationship between media pressure and green innovation. The empirical results show that media pressure significantly promotes corporate green innovation. However, in more dynamic, complex, or resource-rich industry environments, the motivation for green innovation under media pressure weakens, leading to lower innovation investment. This study contributes to the literature on the relationship between stakeholders and green innovation, particularly regarding the differential effects across various industry contexts. The findings provide valuable insights for governments and regulatory bodies in designing policies that promote sustainable innovation practices in corporations.