Environmental Credit Ratings, Media Attention, and Corporate Value

ABSTRACT Environmental credit regulation employs credit mechanisms and a multi‐actor collaborative governance framework to enhance environmental management. Drawing on the resource‐based view and agenda‐setting theory and focusing on Chinese A‐share listed firms from 2013 to 2023, this study examines the impact of environmental credit ratings on corporate value and the moderating role of media attention. The results indicate that higher environmental credit ratings significantly enhance corporate value. Media attention positively moderates the relationship between environmental credit ratings and corporate value. The value‐enhancing effect of environmental credit ratings is stronger for firms receiving greater media attention. The mechanism analysis reveals that environmental credit ratings promote corporate value by attracting green institutional investors, reducing operational risk, and enhancing market competitiveness. This study provides pathways for value enhancement among green transition firms in emerging markets. It also extends the theoretical framework of corporate value determinants, offering evidence that supports global corporate sustainability‐driven value creation.