Intelligent policy empowerment and heterogeneous responses of enterprise sustainability: A visibility perspective

As a strategic technology driving a new round of technological revolution and industrial transformation, artificial intelligence is profoundly reshaping the mechanisms and pathways for corporate sustainable development. Drawing on visibility theory and employing a multi-period difference-in-differences model, this paper examines the impact of policies in national pilot zones for the innovative development of next-generation artificial intelligence on corporate sustainable development. The findings reveal that this policy significantly promotes corporate sustainability. Specifically, through mandatory information disclosure, support for innovation resources, and the establishment of industry standards and collaborative governance platforms, the policy enhances enterprises' "transparency visibility," "technological visibility," and "institutional visibility," respectively. Mechanism analysis indicates that media attention plays a mediating role in the policy's effects. Moderation analysis reveals that corporate internal control levels, information transparency, the intensity of regional environmental regulations, and public environmental concern all significantly amplify the promotional effects of AI policies. Heterogeneity analysis finds that the policy's effects are more pronounced in non-state-owned enterprises, high-tech enterprises, non-high-polluting enterprises, and firms in the decline phase. In summary, this study reveals the mediating mechanisms through which AI policies empower corporate sustainable development from the perspective of visibility theory, providing a theoretical basis and decision-making reference for governments to optimize policy design and for enterprises to leverage AI to achieve green transformation.