Media Supervision, Overconfidence of Top Managers and Corporate Environmental Investment

Purpose/Significance Corporates are the important part of environmental protection. Promoting corporates to increase environmental investment and actively undertake the responsibility of green governance is the key to effectively achieve the great goal of carbon emission peak and carbon neutrality. Design/Methodology This paper uses linear regression method to examine the impact of overconfidence of top managers on corporate environmental investment, and test the moderating role of media supervision by taking A-share listed corporates from 2007 to 2018 as samples. Conclusions/Findings The results show that overconfidence of top managers can improve corporate environmental investment. Media supervision has a significant positive effect on corporate environmental investment, and can strengthen the positive correlation between overconfidence of top managers and corporate environmental investment. That is to say , there is synergy effect between overconfidence of top managers and media supervision. The moderating role of traditional media supervision is heterogeneous due to different industry attributes. In other words, compared with the non-heavy polluting industry samples, the moderating effect of traditional media supervision on the relationship between overconfidence of top managers and environmental investment is weakened in the heavy polluting industry samples.