关键词: 信息交互网络, 网络中心性, 关键意见领袖, ESG质量

Abstract: The transformation of economic development modes and the development of green industries are inherent requirements for high-quality economic development in China. “Environmental, Social, and Governance” (ESG) provides a systematic and quantifiable operational framework for sustainable and green development, gradually becoming a crucial source of non-financial information for assessing enterprises and guiding investments, as well as a focal point for government and regulatory bodies. Some scholars have investigated the impact of public opinion on corporate environmental pollution behaviors, environmental investments, green innovation efficiency, and social responsibility. However, these studies often focus on traditional media, overlooking the potential role of internet social platforms. Internet social platforms play a positive role in the structure and behavior of the capital market, especially as the information interaction networks forming around key opinion leaders may become a significant exogenous factor affecting corporate governance performance. Based on this background, this paper primarily examines the impact of internet information interaction networks on the ESG quality of listed companies.
This paper utilizes user relationships and posts data from Xueqiu.com, a mainstream financial social network platform in China, to build a complex information interaction network centered around key opinion leaders. The centrality of listed companies in this network is used as a proxy variable for public opinion attention. Subsequently, using annual panel data of Chinese A-share listed companies from 2013 to 2020, a quadratic regression model is constructed and estimated to examine its impact on the ESG quality of listed companies. Finally, dividing the sample into high and low network centrality groups based on the average centrality, moderation effect models are constructed and estimated separately in the two samples to investigate the mechanisms through which internet public opinion attention affects the ESG quality of listed companies.
The research finds that under the dual influence of supervision and pressure mechanisms, as the centrality of listed companies in the information interaction network increases, their ESG quality initially declines then rises, forming a U-shaped pattern. When the network centrality of the listed companies is low, the pressure mechanism generated by the information interaction network has a stronger effect than the supervision mechanism, suppressing ESG quality. Conversely, when network centrality is high, the supervision mechanism’s effect surpasses that of the pressure mechanism, enhancing ESG quality. As an external channel and informal factor, internet public opinion attention has a more significant impact on the ESG of low-pollution industries and non-state-owned listed companies that are less formally regulated, indicating its supplementary effect on corporate governance. The implications of the above conclusions are as follows: First, for regulatory authorities, it is essential to recognize the role of online social platforms and actively integrate online resources to enhance regulatory governance using internet information interaction networks. This includes strengthening the monitoring of listed companies’ ESG quality and punishing negative behaviors, as well as guiding individual investors to establish correct ESG investment concepts and managing public sentiment effectively. Second, for listed companies, it is advisable to use online platforms to enhance the voluntary disclosure of non-financial information, improve the level and quality of information disclosure, and proactively accept investor supervision to achieve long-term sustainable development.

Key words: information interaction network, network centrality, key opinion leader, ESG quality