The Impact of Investor Attention on Corporate Debt Default Risk Based on Corporate ESG Performance and Information Disclosure Quality

HaoYu Xu

doi:10.54097/k1ax2112

Authors

HaoYu Xu

DOI:

https://doi.org/10.54097/k1ax2112

Keywords:

Investor Attention, Corporate Debt Default Risk, Information Disclosure Quality, ESG Performance.

Abstract

In the context of sustainable economic transformation, investor attention holds great significance for corporate debt governance and the alleviation of default risks.This paper takes A-share listed companies from 2011 to 2023 as study sample to investigate impact of investor attention on corporate debt default risk. The research outcomes indicate a notable inverse correlation between investor attention and corporate debt default risk. The mechanism analysis reveals that investor attention mitigates corporate debt default risks by boosting corporate information disclosure quality and corporate ESG performance.Further exploration shows that the inhibitory effect of investor attention on corporate debt default risk is more pronounced in companies with a large workforce and low market investment value. And the shareholding ratio of institutional investors plays an important moderating role. This study provides useful references for enterprises to devise scientific debt management strategies, for investors to make informed investment choices, and for regulators to refine regulatory mechanisms.

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