Online public opinion attention, digital transformation, and green investment: A deep learning model based on artificial intelligence

Abstract

The digital economy is rising at an unprecedented pace, becoming a key driver of the comprehensive transformation and upgrading of the global economy and society. Existing research widely demonstrates the multifaceted positive impacts of green investment on corporate development. However, amid the wave of digital transformation, in-depth studies on how digital transformation specifically influences corporate green investment decisions-particularly from the emerging perspective of Online Public Opinion attention-remain insufficient. To address this gap, this study focuses on data from Chinese A-share listed companies between 2007 and 2022. It innovatively integrates the perspective of Online Public Opinion attention, utilizing the powerful capabilities of deep learning models in artificial intelligence to construct a public opinion attention index. This index aims to accurately and comprehensively capture the dynamic changes in investor sentiment and attention, thereby exploring the relationship between public opinion attention, corporate digital transformation, and green investment behavior. Empirical analysis shows that as corporate digital transformation progresses, investments in environmentally sustainable projects increase. Moreover, attention from online public opinion attention positively influences this relationship. The combination of digital transformation and online public opinion attention exhibits a synergistic effect in promoting environmentally friendly investments. Mechanism analysis reveals that public opinion attention influences corporate green investment through pathways involving digital transformation and public attention to environmental protection. Heterogeneity analysis results indicate that state-owned enterprises show a positive effect on their green investments during the digital transformation process. For companies with strong technological capabilities, digital transformation also significantly drives green investment. Additionally, the impact of digital transformation in promoting environmentally friendly investments is particularly pronounced in the economically developed eastern regions of China, while it is relatively weaker in the less-developed central and western regions. Furthermore, robustness and endogeneity tests confirm the reliability of these conclusions. This study not only enriches the theoretical research in the fields of digital transformation and green investment but also provides new tools for companies to consider Online Public Opinion Attention during their digital transformation process.

Keywords: Corporate green investment; Deep learning model; Digital transformation; Online public opinion attention.