Is policy pilot a viable path to sustainable development? Attention allocation perspective
研究中国碳排放交易试点政策对企业碳排放的影响，发现该政策显著降低了企业碳排放，且政府注意力比公众和媒体注意力更能放大政策效果，对国企和东部地区效果更明显。
Policy pilot programs are gaining attention as innovative governance to encourage sustainable development. However, their effectiveness and influencing factors are debated, while the impact of these pilots under varying concentrations of societal attention is underexplored. This study examined whether policy pilots can aid in sustainable development. We investigated China's carbon emissions trade pilot policy (COTPP), a market-driven environmental regulation. Using a difference-in-differences methodology, we analyzed 13,559 firm–year observations spanning 2011–2021 to assess the policy's impact on corporate carbon emissions. The empirical findings indicate that COTPP implementation significantly reduced corporate carbon emissions. There were heterogeneous effects spanning organizational and regional contexts. The emission reduction effect was more distinct for state-owned enterprises (SOEs) than non-SOEs and firms located in the economically developed eastern region relative to those in the central and western regions. Moreover, societal attention—established through governmental, public, and media engagement—was a critical moderating factor; governmental attention exhibited the greatest expansion effect on policy effectiveness. Integrating organizational heterogeneity and an attention allocation framework advanced the theoretical understanding of policy pilot effectiveness, providing practical insights for designing market-based environmental regulations. These findings augment environmental governance research and policy implementation practice by elucidating how contextual factors and societal engagement mechanisms can be leveraged to strengthen sustainable development. • The carbon trading pilot policy significantly reduced corporate carbon emissions, promoting sustainable practices. • Government attention strongly amplifies the policy's effectiveness, outperforming public and media attention. • State-owned enterprises respond more effectively to the policy than non-state-owned enterprises. • Regional disparities show stronger policy effects in economically developed eastern regions. • Pre-policy attention levels enhance emissions reductions, confirming the moderating role of societal attention.