How Green Technology Innovation Signals to Investors: The Mediation of ESG Disclosure and the Moderating Effects of Governance and Intermediary
研究绿色技术创新如何通过ESG披露影响股票流动性，并发现内部控制、媒体关注和分析师覆盖分别增强信号可信度与可解释性，对国企、高污染行业和机构持股高的企业效果更强。
ABSTRACT Prior studies document green technology innovation's (GTI) market impacts, but the mechanisms through which GTI signals reach investors and the conditions affecting their effectiveness remain underexplored. This study develops a contingent signaling framework integrating financial and nonfinancial pathways with governance and intermediary to explain how GTI conveys value to investors. Using panel data of Chinese A‐share listed firms from 2009 to 2023, we find that only ESG disclosure mediates the effect of GTI on stock liquidity. Internal control and media coverage enhance the credibility of GTI signals on ESG disclosure, whereas analyst coverage amplifies the interpretability of ESG signals. Cross‐sectional analyses show that ESG‐mediated effects are stronger in state‐owned enterprises, high‐pollution industries, and firms with high institutional ownership. Our findings advance signaling theory by integrating financial and nonfinancial pathways into one framework and highlighting the roles of governance and intermediaries in shaping credibility and absorption of GTI signals.