Supply chain spillover, media attention, and breakthrough innovation

This paper conducts an empirical examination based on data from China's A-share listed companies from 2009 to 2023, systematically investigating the baseline effects, differential impacts, and intrinsic mechanisms of supply chain spillovers and media attention on firms' breakthrough innovations. The research findings indicate that both supply chain spillovers and media attention have a notable inhibitory effect on firms' breakthrough innovations. Additionally, media attention significantly moderates the relationship between supply chain spillovers and firms' breakthrough innovations. Heterogeneity analysis reveals that the inhibitory effects of supply chain spillovers and media attention on firms' breakthrough innovations exhibit heterogeneous characteristics between high-tech and non-high-tech industries.