In the context of China’s rapid economic development, corporate pollutant emissions are increasing, underscoring the imperative for further enhancement of corporate environmental performance. Given the significance of high-tech enterprises in the environmental domain, this study examines the impact of investor attention on the corporate environmental performance of Chinese high-tech enterprises. This study utilized data from 463 high-tech enterprises in mainland China from 2011 to 2022 and employed the dynamic panel generalized method of moments (GMM) technique. The findings indicate that investor attention has a negative impact on the corporate environmental performance of high-tech enterprises. This research also finds that both media attention and coverage sentiment mitigate the negative relationship between investor attention and environmental performance of high-tech firms. Heterogeneity analysis reveals that in the sample of IT service industry, heightened media attention exacerbates the negative impact of investor attention on corporate environmental performance, and media coverage sentiment exhibits no significant moderating effect. Within samples of non-polluting and state-owned enterprises, increased media coverage sentiment amplifies the negative impact of investor attention on corporate environmental performance. This paper suggests that policymakers should foster a media environment that supports accurate and thorough environmental reporting while businesses should proactively engage with media to align investor perceptions with sustainable environmental practices.

As a major emerging economy, China government debt burden on local governments remains substantial, so enhance fiscal self-sufficiency and debt sustainability is so important. Utilizing panel data spanning from 2004 to 2020 across 29 provincial-level governments in China, this study employs the SYS-GMM approach to empirically validate the significant negative impact of digital infrastructure development on governments’ fiscal self-sufficiency rates. Furthermore, the research shows the significant positive mediating role of technological expenditure efficiency between digital infrastructure and fiscal self-sufficiency, implying that digital infrastructure can enhance fiscal self-sufficiency by augmenting technological innovation efficiency. Under the moderating effect mechanism, fiscal decentralization positively moderates the relationship between digital infrastructure and fiscal self-sufficiency. Heterogeneity analysis reveals that the impact of digital infrastructure on fiscal self-sufficiency is more pronounced in high-density regions. At the same time, its effect is less significant in low-density areas, indicating regional disparities in China’s digital infrastructure development. The contribution of this study is grounded in fiscal decentralization theory, policy recommendations advocate granting local governments greater autonomy over tax categories and broadening their fiscal revenue. Concurrent efforts should be directed towards deepening reforms in the fiscal and taxation systems, as well as budget management mechanisms.

This study examines the association between inclusive finance and digital transformation among Chinese pollution-intensive enterprises, whose digital upgrading remains constrained despite extensive policy support for the digital economy. The analysis draws on a panel of 1,251 Chinese A-share-listed enterprises and 10,451 firm-year observations from 2011 to 2023. Panel regression models are estimated, with two-step system GMM serving as the primary estimator to account for persistence and potential endogeneity. Inclusive finance is positively associated with enterprise digital transformation. Further estimates indicate positive associations with artificial intelligence, big data, cloud computing, and digital technology applications, whereas the estimate for blockchain technology is statistically insignificant. Both the coverage breadth and use depth of inclusive finance are positively related to digital transformation. The main result remains robust across industrial groups and geographic regions. Heterogeneity estimates further show that the positive association is stronger among state-owned and high-tech pollution-intensive enterprises. These findings support financial policies that expand both the accessibility and substantive use of inclusive financial services while tailoring digital transformation support to firms’ ownership structures and technological capabilities.