Media attention and corporate digital transformation

This study examines the impact of media attention on corporate digital transformation and its underlying mechanisms. Based on data from Chinese A-share listed companies in Shanghai and Shenzhen from 2000 to 2022, the study finds that media attention significantly promotes corporate digital transformation. Mechanism analysis reveals that media attention drives digital upgrading through two main channels: alleviating financing constraints and intensifying market competition. Heterogeneity analysis shows that this facilitating effect is more pronounced in firms with higher marketization levels, non-state-owned enterprises, and firms whose executives lack a digital background. Additionally, this study conducted a temporal heterogeneity analysis and found that the impact of media attention on corporate digital transformation varies across different time periods. This study provides a new perspective on the role of media attention in corporate digital transformation and offers theoretical insights for relevant policy formulation.