The interaction between improvements of business environment, investor attention, and the high-quality development of tourism enterprises

This study utilizes data from tourism enterprises spanning 2008 to 2023 to investigate the intricate relationships among business environment improvements, investor attention, and the high-quality development of tourism enterprises. The findings indicate that the optimization of the business environment significantly promotes the high-quality development of tourism enterprises, demonstrating a robust positive correlation between the two. In stark contrast, investor attention exhibits a significant negative correlation with high-quality development, suggesting that increased investor attention may, to some extent, inhibit the advancement of these enterprises. Further analysis of the moderating effects reveals that improvements in the business environment play a critical moderating role in the relationship between investor attention and high-quality development. Moreover, heterogeneity analysis shows that the impact of business environment improvements as a moderator varies significantly between firms that receive standard audit opinions and those that do not, as well as across enterprises located in eastern, central, and western regions. These findings provide new insights into the factors influencing the development of tourism enterprises and offer important theoretical and practical implications for both enterprises formulating development strategies and governments aiming to optimize the business environment.