Realization Pathway of Multi-Agent Green Attention on Corporate Green Innovation

Against the backdrop of escalating global environmental challenges and mounting pressure from diverse stakeholders, understanding the pathways through which multi-agent green attention influences corporate green innovation has become critical. This paper uses the panel data of A-share listed companies in China’s manufacturing industry from 2013 to 2022, and constructs a dynamic structural equation model to analyze the paths of multi-objects’ green concern on the realization of enterprises’ green innovation. It is found that green concern subjects such as ESG disclosure, media attention and public attention outside the enterprise indirectly promote the green management innovation and green technology innovation of the enterprise by influencing the mediating variable of executives’ green cognition. Meanwhile, the green culture within the enterprise as a moderator variable significantly enhances the influence of executives’ green perceptions on the green management innovation of the enterprise. The study shows that executives of some listed manufacturing companies in China still have insufficient knowledge of green development, and the concept of sustainable development has not yet fully penetrated into the top management of enterprises. This study complements the theoretical framework for understanding the collective influence of multi-stakeholder environmental concerns on corporate green innovation, while providing a theoretical basis and practical guidance for advancing corporate green transformation.