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Digital media sentiment, financial cooperation, and corporate investment efficiency

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  • Jinsong, Sun
  • Jing, Zhang

Abstract

This study explores the relationship between digital media sentiment, financial collaboration, and corporate investment efficiency based on data from publicly listed companies in China from 2013 to 2023. The research finds that digital media sentiment has a significant impact on corporate investment efficiency. Specifically, the more positive the digital media sentiment, the higher the investment efficiency of the enterprises; conversely, the more negative the digital media sentiment, the lower the investment efficiency. Additionally, the type of industry demonstrates heterogeneity in the impact of digital media sentiment on corporate investment efficiency. Companies in high-tech industries are more susceptible to the effects of digital media sentiment compared to those in traditional industries. Furthermore, financial collaboration has a significant positive impact on corporate investment efficiency, indicating that cooperation between enterprises and financial institutions can enhance their investment efficiency. Financial collaboration plays a positive moderating role between digital media sentiment and corporate investment efficiency.

Suggested Citation

  • Jinsong, Sun & Jing, Zhang, 2025. "Digital media sentiment, financial cooperation, and corporate investment efficiency," Finance Research Letters, Elsevier, vol. 86(PF).
    • Handle: RePEc:eee:finlet:v:86:y:2025:i:pf:s1544612325020963
    DOI: 10.1016/j.frl.2025.108842
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