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Article

ESG Performance and Enterprise Value in Chinese Tourism Companies: The Chained Mediating Roles of Media Attention and Green Innovation

by
Yiping Xue
1,
Pankaewta Lakkanawanit
2,*,
Muttanachai Suttipun
3 and
Shi-Zheng Huang
4
1
School of Accountancy and Finance, Walailak University, Nakhon Si Thammarat 80160, Thailand
2
Logistics and Business Analytics Center of Excellence (LOGBIZ), Walailak University, Nakhon Si Thammarat 80160, Thailand
3
Faculty of Management Sciences, Prince of Songkla University, Songkhla 90112, Thailand
4
School of Economics and Management, Nanning Normal University, Nanning 530001, China
*
Author to whom correspondence should be addressed.
Sustainability 2024, 16(23), 10372; https://doi.org/10.3390/su162310372
Submission received: 18 October 2024 / Revised: 18 November 2024 / Accepted: 25 November 2024 / Published: 27 November 2024
(This article belongs to the Section Economic and Business Aspects of Sustainability)
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Abstract

:
This study explores the relationship between environmental, social, and governance (ESG) performance and enterprise value in Chinese tourism companies, with differing degrees of media attention and green innovation as the multiple-chained mediating factors. In this study, we adopted a quantitative approach to collect survey data from 804 samples selected from China’s A-level tourist attractions, star-rated hotels, and travel agencies. Through rigorous statistical analysis and hypothesis testing, our results reveal a significant positive relationship between ESG performance and enterprise value in tourism companies. Media attention and green innovation demonstrate crucial chained mediating effects in this relationship. The findings expand the understanding of ESG performance’s influence on enterprise value in the tourism sector, highlighting how media visibility and innovation initiatives amplify ESG’s positive effects. This study offers practical implications for tourism companies, emphasizing the importance of integrating ESG principles into core business strategies, engaging with media, and investing in green innovation to enhance firm value. In addition, it suggests that policymakers create incentive structures to promote sustainable practices and encourage media–tourism company collaborations to communicate ESG efforts effectively.

1. Introduction

Sustainable development has become essential for corporate survival, particularly as China transitions from rapid economic growth to high-quality development [1,2]. This shift highlights the limitations of traditional financial metrics in evaluating long-term corporate potential and societal contributions [3]. Supported by government initiatives, ESG (environment, social, and government) principles have gained prominence, emphasizing environmental stewardship, social responsibility, and governance alongside financial outcomes [4,5]. Effective ESG performance balances economic growth with sustainability, enhancing resilience [6], fostering innovation, and building stakeholder trust [7,8]. Companies prioritizing ESG practices improve competitiveness and align business growth with societal and environmental responsibilities, ultimately enhancing firm value [9].
The relationship between ESG performance and firm value is strengthened through two critical mediating factors: media attention and green innovation [10,11]. Studies show that media attention plays a crucial mediating role in this relationship [10,11]. When a company demonstrates strong ESG performance, media coverage amplifies its impact, further enhancing its reputation and public trust. Media attention acts as a bridge, increasing visibility and reinforcing the company’s positive image, attracting investment and helping the company stand out in a competitive marketplace [12]. Guided by principles of objectivity and transparency, media not only informs the public but also plays a vital role in showcasing corporate success, further boosting enterprise value [13].
Similarly, green innovation serves as another mediating force in the ESG–firm value connection. As the core drive of transitioning toward a green economy, green innovation enables companies to harness environmental strategies for economic benefit. Strong ESG performance creates an enabling environment for green innovation, allowing companies to achieve breakthroughs in environmental protection while transforming these efforts into tangible economic gains [7,14]. Green innovation enhances enterprise value by fostering long-term growth and sustainability, thus playing a critical role in reinforcing the link between ESG performance and firm value [15]. Together, media attention and green innovation serve as mediators that amplify the positive impact of ESG on firm value, ensuring both environmental and economic success for businesses.
While existing studies have examined the mediating roles of media attention [10,13] and green innovation [6,8,16] separately, there is a lack of research investigating these factors in a single model. Understanding this chained mediation is crucial, as it offers a more holistic view of how external visibility through media and internal innovation can synergize to maximize the positive impact of ESG performance on firm value. This study aims to address this gap by examining the interconnected roles of media attention and green innovation as sequential mediators, providing deeper insights into the mechanisms by which ESG performance drives long-term enterprise value.
China’s tourism industry has experienced significant development since the economic reform and opening-up policy, with particularly substantial growth in the 21st century [17]. The industry continues to play an increasingly important role in China’s economic development. The sustainable development ability and social responsibility performance of Chinese tourism enterprises are crucial to their own competitiveness and brand image and directly impact the overall development and international competitiveness of China’s tourism industry. However, while pursuing economic benefits for a long time, Chinese tourism enterprises have faced issues such as weak environmental awareness, poor environmental management, and inadequate pollution control [18]. These companies have often neglected nonfinancial aspects, including environmental protection, social responsibility, and corporate governance, which has not only constrained their long-term development but also tarnished the overall image of China’s tourism industry.
Given these challenges, this study examines how ESG principles can address these challenges by investigating the relationship between ESG performance and firm value in Chinese tourism enterprises. As ESG principles become increasingly pivotal in shaping sustainable and competitive business practices [3,5], particularly in China’s high-quality development era, understanding their implementation in the tourism sector is crucial. By examining how media attention and green innovation mediate this relationship, this study provides insights into effective ESG integration strategies that balance economic growth with social and environmental responsibilities. The findings contribute to theoretical understanding and practical implementation of sustainable practices in the tourism sector.
The remainder of this paper is organized as follows. Section 2 provides a review of empirical literature and hypothesis development. Section 3 describes the research methods, which consist of population and samples, data collection and variables’ measurement, and data entry and analysis. Section 4, Section 5, Section 6 and Section 7 provide empirical findings, conclusions, implications, and limitations and suggestions for future study.

2. Empirical Literature Review and Hypothesis Development

2.1. The Impact of ESG Performance on Enterprise Value

ESG performance, which encompasses environmental, social, and corporate governance aspects, is increasingly recognized as a critical measure of nonfinancial performance in enterprises. Beyond focusing solely on economic indicators, companies are expected to integrate ESG principles into their operations to promote sustainable development [19]. This approach ensures that businesses pursue profitability and contribute positively to environmental protection, social responsibility, and governance practices. By doing so, ESG performance is hypothesized to enhance long-term enterprise value. Enterprise value, in turn, is defined as the monetized representation of a company’s current profitability and ability to create future profits through the efficient use of its resources [20]. Thus, by improving ESG performance, companies are believed to foster long-term sustainable growth, enhancing their enterprise value.
Scholars worldwide have provided substantial evidence to support the positive relationship between ESG performance and enterprise value. Yoon, Lee, and Byun (2018) [21], along with Irawan and Tatsuyoshi (2021) [22], demonstrated that higher ESG scores are associated with increased firm value across various regions. In a global study of 1996 companies across 47 developed and emerging markets, Yu, Guo, and Bac (2018) found that ESG performance is a significant driver of enterprise value [23]. Similarly, Sadiq, Singh, Raza, and Mohamad (2020) confirmed the positive impact of ESG on firm value in their research on Malaysian companies [24].
In China, several studies have mirrored these findings. Research by Xu, Liu, and Yue (2021) [25] and Tang, Du, and Lu (2022) [26] showed that good ESG performance is consistently linked to a higher enterprise value, regardless of the company’s lifecycle stage. He (2020) [27] further noted that this effect can vary in intensity based on different industries and governance practices. Specifically, Xu et al. (2021) observed that Chinese listed companies with high ESG scores consistently exhibit greater enterprise value than those with lower ESG scores [25]. Wang’s (2021) research highlights the significance of not only environmental efforts but also social responsibility, corporate governance, and technological innovation in enhancing firm value [20]. This trend aligns with China’s recent green development initiatives, which emphasize that improving ESG performance directly affects corporate evaluations and, in the long run, positively influences enterprise value [28]. In summary, the following hypotheses are proposed in this study:
H1. 
ESG performance has a positive impact on enterprise value.

2.2. The Mediating Role of Media Attention

Media attention refers to the continuous tracking and reporting of enterprises or individuals through various platforms, shaping public opinion and functioning as an external regulatory mechanism [29]. In the digital age, media attention serves as a critical bridge for information transmission, especially in capital markets, helping to address information asymmetry and playing a key role in disclosing ESG performance [30]. When confronted with information asymmetry, stakeholders tend to rely more on third-party media reports than on information disclosed directly by the company. This is because media, as an independent entity, can report and evaluate companies objectively without any vested interests. Greater media attention provides stakeholders with more reliable information, reduces information asymmetry, and influences decision-making, which in turn affects both stakeholder behavior and enterprise value [30,31].
Several studies indicate that companies with better ESG performance tend to receive higher levels of media attention [10,12,13]. As an intermediary in the process of information transmission, media attention helps solve the problem of information asymmetry [32]. Through the media, companies can enhance their social image, increasing enterprise value while fulfilling social responsibilities [33,34,35]. Strong ESG performance is often associated with a higher enterprise value, with media attention mediating this relationship [11,13]. Research by Tong and Li (2023) further supports the finding that media attention partially mediates the relationship between ESG performance and enterprise value [10].
In the tourism sector, which is deeply connected to public life, media attention is particularly important. High media visibility encourages tourism enterprises to present themselves in a favorable light, contributing to enhanced enterprise value. Therefore, media attention acts as a bridge and bond in the process by which corporate ESG performance influences enterprise value [36]. Based on the above analysis, the following hypothesis is proposed:
H2. 
Media attention mediates the relationship between ESG performance and enterprise value.

2.3. The Mediating Role of Green Innovation

For enterprises, green innovation can reduce environmental pollution, save energy, and achieve environmental protection by developing new technologies, processes, and products. Li and Xiao (2020) believed that green innovation can meet the needs of stakeholders and adapt to the trend of green development [37]. Chen, Lai, and Wen (2006) have shown that through green innovation, companies continuously leverage their technological initiative, shape their green image, gain technological and brand advantages, continuously improve their competitiveness, and ultimately enhance their value [38].
Enterprises must balance social and environmental benefits while pursuing economic benefits in order to achieve comprehensive and long-term development. Zhou’s (2023) study suggests that companies with outstanding ESG performance are more likely to gain lasting market competitive advantages and ensure the sustainability and stability of green innovation activities [39]. ESG performance has a promoting effect on corporate green innovation performance [7,39,40]. Additionally, Song, Huang, and Zhang (2023) found that ESG performance promotes corporate value by driving green technology innovation and that green innovation further amplifies the positive effects of ESG on enterprise value [41]. Qiang, Wang, and Wang (2024) also concluded that strong ESG performance helps companies enhance green innovation development, increasing their achievements in this area and, in turn, improving their market competitiveness and market value [8,42].
Moreover, disclosing a company’s ESG performance demonstrates its commitment to sustainable development to both internal and external stakeholders. This transparency strengthens stakeholder trust and provides a solid foundation for further green innovation and environmental initiatives. Therefore, green innovation is a mediating factor in the relationship between ESG performance and enterprise value [6,9,14,15]. As stated in the review, the following hypotheses are proposed in this study:
H3. 
Green innovation mediates the relationship between ESG performance and enterprise value.

2.4. The Chain Mediating Role of Media Attention and Green Innovation

As an external supervision mechanism, the media play a critical role in disseminating information and overseeing corporate governance [43]. From both stakeholder and supervisory perspectives, media attention serves as a key channel in governing corporate behavior and conveying stakeholder demands regarding corporate value. Research by Zhang [44] and Yan [45], and others, highlights that media attention typically precedes green innovation in the causal chain [46,47,48] because it exerts external pressure on firms to adapt to societal and environmental expectations. Media outlets amplify ESG-related issues, shaping public opinion and signaling to firms the areas where innovation is necessary to meet stakeholder demands. This external visibility creates an environment where companies are motivated to prioritize green innovation to maintain their reputation and respond to external scrutiny. Acting as an essential bridge between the public and businesses, media attention can motivate companies to align with stakeholder needs by increasing investments in green innovation and enhancing their green innovation performance.
Guided by the principles of ESG, companies treat ESG information disclosure as a form of social responsibility. This approach attracts media attention and helps establish a positive corporate image and improve transparency, reducing risks associated with information asymmetry. The visibility created by media attention builds accountability for firms, pushing them to adopt innovative, environmentally sustainable practices as a response to the expectations of stakeholders and external observers. Media attention strengthens external supervision, encouraging firms to focus on green innovation and long-term development. Moreover, media attention enables stakeholders to better understand a company’s contributions to social responsibility, influencing the relationship between the company and its stakeholders [49]. Several studies, including those by Li (2022) [50] and Wang, Sun et al. (2022) [51], found that media attention can prompt companies to increase investments in environmental protection efforts, thereby improving their green innovation capabilities. Liao and Xu (2022), through an analysis of provincial panel data in China from 2010 to 2019, further confirmed that media attention significantly promotes green innovation [52].
In summary, media attention precedes green innovation by creating the external environment necessary for firms to prioritize and invest in innovative practices that align with societal and environmental demands. Strong ESG performance helps reduce information asymmetry between companies and stakeholders through increased media attention. This fosters trust, stakeholder support, and a greater focus on green innovation, which ultimately contributes to sustainable development and enhances enterprise value [41]. Therefore, in the relationship between ESG performance and corporate value, media attention and green innovation work together, forming a dual-chain mediating effect. Based on this analysis, this study proposes the following hypothesis:
H4. 
Media attention and green innovation play a chain mediating role between ESG performance and enterprise value.

3. Methods

3.1. Sampling and Data Collection

The target population for this study comprises senior management personnel from tourism companies across Mainland China, specifically from A-level tourist attractions, star-rated hotels, and travel agencies. These individuals, such as CEOs, General Managers, R&D Managers, Environmental Department Managers, and Financial Managers, are directly involved in their companies’ strategic management and operations and are well-informed about their firm’s environmental, social, and governance practices [53,54,55].
To ensure comprehensive geographical representation, this study divides Mainland China into seven regions: North China, Northeast China, East China, Central China, South China, Southwest China, and Northwest China [56]. This regional division follows the classification in the “2021 Report on the Development of China’s Environmental Protection Industry”, published by the Department of Science, Technology, and Finance of the Ministry of Ecological Environment. This approach enhances the generalizability and relevance of the study findings across diverse regional contexts.
Following consent from the participating companies, survey questionnaires were distributed via email and social media platforms, with each company receiving one questionnaire. The data collection consisted of two phases: initial distribution and follow-up communications. The survey targeted senior management to capture insights on the companies’ ESG performance, governance practices, and impact on enterprise value. The research team leveraged established professional networks within China’s tourism industry associations and academic institutions to facilitate participation. A total of 1000 questionnaires were distributed to tourism companies across the seven regions. Through systematic follow-up and the research team’s extensive industry connections developed over a decade of academic engagement in China’s tourism sector, this study successfully collected 804 valid responses, resulting in an effective response rate of 80.4%. This high response rate reflects the study’s relevance within the Chinese tourism industry.

3.2. Questionnaire Development

While ESG rating scores can serve as an indicator for assessing a company’s ESG performance, they do not always measure quantifiable factors, and most ESG rating agencies lack transparency [57]. Consequently, caution must be exercised when using these scores [58]. Since most tourism companies in this study are non-publicly traded, obtaining data directly from ESG rating agencies posed significant challenges. To address this, a structured questionnaire survey approach was adopted, enabling the collection of first-hand, context-specific data to ensure relevance and reliability.
The development of the measurement instruments followed a rigorous six-step process based on established methodological guidelines [59,60]. The process began with a comprehensive literature review to identify the study’s core variables and measurement items, which included ESG performance, enterprise value, media attention, and green innovation. Screening and adapting measurement scales from prior research ensured the appropriateness of the tools for the Chinese tourism context. These items were subsequently revised and refined through expert evaluations, pre-surveys, and formal surveys. The pre-survey phase involved collecting responses from 200 participants to test the descriptive statistics, reliability, and validity of the questionnaire. The results confirmed that all indicators met the necessary standards, ensuring the questionnaire’s robustness and effectiveness.
The finalized questionnaire comprised two sections with a total of 77 items. The first section gathers demographic and organizational information, including the respondent’s name, age, education level, position, number of employees, enterprise ownership type, year of establishment, asset size, and geographical location. The second section contains measurement scales for the four key variables: ESG performance (ESG), media attention (MA), green innovation (GI), and enterprise value (EV). All items in these scales were carefully selected from prior related studies and adapted to fit the context of Chinese tourism enterprises, ensuring their relevance and applicability to our research setting.
The ESG performance scale, adapted from widely recognized works in the field [27,61,62], includes 38 items: 10 for environmental responsibility, 16 for social responsibility, and 12 for corporate governance [63,64]. This scale drew primarily from He’s (2020) framework [27], incorporating insights from the Thomson Reuters ESG rating agency and the China Syn Green Finance ESG indicator system to tailor the evaluation system specifically for the Chinese context. The media attention (MA) scale comprises 18 items assessing both traditional and online media coverage [65,66]. The green innovation (GI) scale includes 11 items based on established studies [67,68]. Enterprise value (EV) is measured using 10 items evaluating profitability, debt-paying ability, operational capacity, and growth potential [69,70,71].
Each item was measured using a 5-point Likert scale, where 1 = completely disagree and 5 = completely agree. Respondents provided answers based on their roles and enterprise circumstances. Informed consent was obtained, and data anonymity was assured to all participants.
Reliability and validity were rigorously assessed. Reliability was confirmed with Cronbach’s α values exceeding 0.9 for all variables. The validity of the questionnaire was tested using the Kaiser–Meyer–Olkin (KMO) test, which measures sampling adequacy, yielding a value of 0.974 and Bartlett’s sphericity test, which assesses the overall significance of all correlations within the correlation matrix, returning a significant result (p < 0.001). These results indicate strong inter-item correlations and sampling adequacy, confirming the questionnaire’s suitability for factor analysis and its overall reliability and validity for this study.

3.3. Data Analysis

This study employed both descriptive and inferential statistical techniques. Initial descriptive statistics were conducted to provide an overview of sample characteristics and variable distributions. Hypothesis testing utilized structural equation modeling (SEM), chosen for its ability to simultaneously test multiple relationships among latent variables. This approach allowed for a comprehensive examination of the complex interactions between ESG performance, media attention, green innovation, and enterprise value, including both direct and indirect effects.
Model fit was assessed using several indices, including Chi-square, Comparative Fit Index (CFI), Tucker–Lewis Index (TLI), and root-mean-square error of approximation (RMSEA). Construct reliability and validity were evaluated using Cronbach’s alpha, composite reliability (CR), and average variance extracted (AVE). Factor loadings were analyzed to confirm the measurement model. The SEM analysis provided insights into the direct effects of ESG performance on enterprise value and the mediating roles of media attention and green innovation in this relationship.

4. Results

4.1. Descriptive Statistics

Descriptive statistical analysis was conducted on the 804 valid responses collected. The analysis covers the background information of the respondents and their respective companies, including variables such as gender, age, education level, position, company size, company type, company establishment time, company asset size, and company location. The basic characteristics of the overall sample are presented in Table 1.
The sample consists of 41% male and 59% female respondents, with the majority aged between 31 and 50 years (77.3%). Regarding education level, most respondents hold a bachelor’s degree (39.7%) or a graduate degree (32.8%). A significant portion of respondents are either Department Managers (38.2%) or hold other management positions (25.7%), while 25.9% serve as Chairman, General Manager, or CEO.
Regarding company size, the majority of respondents work in firms with 101–500 employees (40.8%), while 19.7% are employed in large companies with more than 500 employees. Most companies are private enterprises (69.5%), while state-owned enterprises account for 19.7%. In terms of the company’s establishment, 59.5% of the companies have been operating for more than 10 years, while 54.2% of the companies report assets in the range of more than CNY 50.01 million. Geographically, the sample is well-distributed across different regions of China, with the highest representation from the East China region (29.6%) and the North China region (15.0%).
This study conducted mean, standard deviation, skewness, and kurtosis analysis on the characteristics of variable items. The mean absolute value of all measurement items ranges from 3.96 to 4.30, the standard deviation absolute value ranges from 0.685 to 1.023, the skewness absolute value ranges from 0.289 to 2.098, and the kurtosis absolute value ranges from 0.059 to 4.844, which meet the threshold of skewness absolute value of less than 3 and the kurtosis absolute value of less than 8 [72,73,74]; there are no abnormalities in other data features, and the data follow a normal distribution.

4.2. Reliability and Validity

Cronbach’s alpha coefficient method was employed to ensure the reliability of the measurement scales for ESG, media attention (MA), green innovation (GI), and enterprise value (EV). The Cronbach’s alpha values for the four variables are 0.972, 0.957, 0.949, and 0.913, respectively. The overall Cronbach’s alpha value for the four variables is 0.975, which is significantly higher than the acceptable threshold of 0.60, indicating that the questionnaire data demonstrate high reliability [75].
For validity testing, the KMO test and Bartlett’s sphericity test were conducted. The results showed a KMO value of 0.974 and a significant Bartlett’s test result (sig. = 0.000), confirming that the data are suitable for factor analysis. To test discriminant validity, confirmatory factor analysis (CFA) was performed. The goodness-of-fit of the four-factor model (ESG, MA, GI, and EV) was compared against three alternative models: a three-factor model (combining ESG and MA), a two-factor model (combining ESG + MA and GI + EV), and a single-factor model (combining all variables). The fit indices for each model are shown in Table 2.
The four-factor model, consisting of ESG, MA, GI, and EV, demonstrated the best fit (χ2/df = 1.943 < 3, RMSEA = 0.034 < 0.05, TLI = 0.938 > 0.9, CFI = 0.940 > 0.9, SRMR = 0.033 < 0.08), suggesting a good fit to the data [76]. These results indicate that the four variables have good discriminant validity.
In structural equation modeling, composite reliability (CR) and average variance extracted (AVE) are critical for evaluating model fit and reliability [76]. A CR value greater than 0.7 signifies good internal consistency, while an AVE value above 0.5 suggests strong convergent validity. The CR values for ESG, MA, GI, and EV were 0.936, 0.959, 0.952, and 0.918, respectively. The AVE values were 0.831, 0.569, 0.643, and 0.530. All CR values exceeded 0.7, indicating high internal consistency, while all AVE values were above 0.5, confirming strong convergent validity. This suggests that the measurement model is reliable and the latent variables effectively represent their respective indicators.

4.3. Common Method Deviation Test

This study used Harman’s single-factor test to examine whether the questionnaires filled out by the survey subjects had common method bias, in order to reduce its impact on the research results. The process is as follows. Exploratory factor analysis without rotation is conducted using SPSS 24.0 software. If the analysis results only obtain one factor, or if the first factor among multiple factors reveals more than 40% of the variance, it indicates a serious common method bias in the data collected from the formal questionnaire. On the contrary, it is considered that there is no significant common method bias in the data. The data analysis results showed that six factors were identified through nonrotated principal component analysis, which met the expected cumulative explanation of 60.641% of the variance in this study, exceeding 60% and meeting the relevant criteria. Among them, the first factor explained 35.417% of the total variation, which is less than the aforementioned 40% criterion. Therefore, there is no significant common method bias issue in the survey data used in this study [77,78].

4.4. Hypothesis Testing

To test the hypotheses and theoretical models, this study employed a structural equation model (SEM) approach, which enables the simultaneous estimation of multiple relationships between variables. This method improves both data analysis efficiency and parameter estimation accuracy compared to hierarchical regression [79]. The model’s fitness was evaluated using standard fit indices, including the Chi-Square (χ2) test, RMSEA, SRMR, TLI, and CFI [68,80]. The fit indices—χ2/df = 1.785 < 3, RMSEA = 0.031 < 0.05, SRMR = 0.034 < 0.08, TLI = 0.937 > 0.9, and CFI = 0.938 > 0.9—indicate that the research model fits the data well [81]. The structural equation model results are summarized in Figure 1.
The direct effects test, as shown in Table 3, reveals that the path coefficient for ESG → EV is 0.418 (p < 0.05), indicating that ESG performance has a significant positive impact on enterprise value (EV). Therefore, Hypothesis H1 is supported.
To verify the mediation effects in this study, Taylor’s (2008) mediation testing approach was adopted [82]. The Bootstrap (Bias-corrected Bootstrap) method was combined with the SEM to assess mediation effects and chain mediation. A 95% confidence interval for the indirect effect was obtained through Bootstrap sampling, repeated 5000 times. If the 95% confidence interval does not include zero, the mediation path is considered significant [11,42,83]. As shown in Table 3, Hypotheses H2, H3, and H4 were all validated.

5. Discussion and Conclusions

This study reveals that ESG performance significantly and positively impacts the enterprise value of tourism companies, aligning with previous research [6,21,23]. In the tourism sector, where environmental and social responsibilities are highly visible, superior ESG performance indicates active engagement in sustainable practices. By excelling in environmental protection, social responsibility, and corporate governance, tourism companies can mitigate risks, stabilize cash flows, and gain stakeholder support, ultimately enhancing their market reputation and enterprise value.
This study also highlights the partial mediating roles of both media attention and green innovation in the ESG performance–enterprise value relationship. Media attention, as identified in prior studies [10,84], serves as a critical channel for communicating a company’s ESG efforts to the public and stakeholders. This visibility reduces information asymmetry and fosters trust, enhancing the company’s value. Simultaneously, green innovation, supporting findings from existing literature [9,26,41,51], allows companies with a high ESG performance to develop environmentally friendly products and processes. This boosts their environmental credentials and strengthens their competitive edge and market position.
Importantly, this study identifies a chain mediating effect of both media attention and green innovation. ESG performance communicated through media channels showcases the company’s commitment to sustainable development. This transparency creates an environment conducive to innovation, with media attention amplifying ESG efforts and green innovation reflecting an ongoing commitment to sustainable growth. Together, these factors contribute to long-term enterprise value enhancement by improving stakeholder perceptions and driving continuous operational improvements.

6. Implications

The findings of this study expand the understanding of the relationship between ESG performance and enterprise value in tourism companies, providing deeper insights into the mediating roles of media attention and green innovation. While previous research has predominantly focused on the direct impact of ESG performance on financial outcomes, this study goes further by revealing how media attention and green innovation interact to strengthen the positive effects of ESG on enterprise value. The implications are significant, offering valuable guidance for tourism companies and policymakers to enhance the benefits of sustainable practices.
From a practical perspective, this study highlights implications for tourism companies to integrate ESG principles into their core strategies as evident by the positive impact of ESG performance on corporate value. In a tourism sector where environmental sustainability and social responsibility are becoming increasingly important, companies that prioritize ESG practices can enhance their brand image and market competitiveness and secure long-term stability. This study further highlights a clear path for tourism enterprises to develop more effective ESG strategies by actively engaging with the media to enhance transparency and by investing in green innovation. This dual approach not only increases the company’s visibility and fosters stakeholder trust but also positions it to meet the growing demand for sustainable products and services in the market. Simultaneously, corporate philanthropy, as an indispensable component of corporate social responsibility, is closely intertwined with stakeholders [85]. By strategically deploying philanthropic endeavors that effectively showcase the ESG development strategies of tourism enterprises and attract widespread media attention, enterprises can more effectively meet the expectations of various stakeholders and distinguish themselves in the fiercely competitive market.
The findings also carry significant policy implications. Governments and regulatory agencies can play a pivotal role in encouraging tourism companies to improve their ESG performance. Policymakers should consider creating incentive structures that reward companies for adopting sustainable practices and promoting green transformation across the sector. Such incentives would encourage the adoption of green technologies and sustainable operational practices, driving the sector’s overall transformation toward greater environmental responsibility. In addition to economic incentives, the regulatory agencies should provide clear guidelines on how tourism companies can effectively balance profitability with their social and environmental obligations.
Furthermore, policies should address the critical role of media in promoting transparency and accountability. Governments could encourage partnerships between tourism companies and media outlets to increase coverage of ESG initiatives. This could involve fostering collaborations between tourism companies and media outlets. The governments can encourage greater media attention to ESG practices, ensuring that companies’ sustainable efforts are accurately and widely communicated. By implementing such policies, governments can ensure that tourism enterprises align with national sustainability goals and contribute meaningfully to broader societal and ecological well-being. These measures would enhance stakeholder trust through increased visibility and public awareness of companies’ ESG efforts, ultimately fostering a more sustainable and responsible tourism industry.
In conclusion, this study makes significant contributions to both academic discourse and practical application within the tourism sector. It demonstrates that by embracing ESG strategies, leveraging media attention, and fostering innovation, tourism companies can enhance their market position while contributing to a more sustainable future. As the industry continues to evolve, these insights will be invaluable for navigating the complex relationship between corporate performance, social responsibility, and environmental stewardship, all while advancing sustainability goals.

7. Limitations and Suggestion for Future Research

While this study provides valuable insights into the relationships between ESG performance, media attention, green innovation, and enterprise value in the tourism sector, several limitations present opportunities for future research.
First, this study’s focus was limited to A-level tourist attractions, star-rated hotels, and travel agencies, which, although significant, do not encompass the entire tourism industry. Future research should broaden the sample to include other sectors, such as transportation, shopping, and entertainment services. Expanding the sample scope would improve the generalizability of the findings across the diverse components of the tourism industry. Second, this study did not include demographic or control variables in the SEM analysis due to the focus on corporate-level variables, specifically ESG performance and enterprise value, and in alignment with guidelines from prior studies, which suggest that control variables should be added only when they are theoretically justified [86,87]. However, excluding such variables may limit insights into potential confounding effects. Future research could consider incorporating additional control variables such as population, policy changes, and economic cycles to more comprehensively explore these impacts and validate the robustness of our research findings. Additionally, this study did not explore the impact of emerging trends such as digital transformation, artificial intelligence, and changing consumer preferences on ESG performance and green innovation. Future research should investigate how these developments influence the tourism industry’s operational models, ESG strategies, and enterprise value. Analyzing how companies leverage new technologies to enhance transparency, innovation, and stakeholder engagement will be crucial as the tourism sector evolves.
Another limitation is the reliance on quantitative methods. Although it provides statistical rigor, it may have limited the depth of insights into corporate behavior, such as the motivations and internal dynamics of decision-making. Future research could benefit from a mixed-methods approach, combining quantitative analysis with qualitative methods such as case studies or in-depth interviews. This would offer richer insights into the implementation and perception of ESG strategies within organizations, especially concerning media engagement and innovation practices. Lastly, the cross-sectional nature of this study captured data at a single point in time. Longitudinal studies in the future could track the evolution and long-term effects of ESG performance, media attention, and green innovation on enterprise value as companies adapt to changing market conditions and sustainability trends.

Author Contributions

Conceptualization, P.L., M.S. and Y.X.; methodology, P.L.; software, Y.X.; validation, Y.X. and P.L.; formal analysis, Y.X.; investigation, Y.X.; resources, Y.X.; data curation, Y.X.; writing—original draft preparation, Y.X.; writing—review and editing, P.L., M.S. and S.-Z.H.; visualization, Y.X.; supervision, M.S. and S.-Z.H.; project administration, Y.X. and P.L. All authors have read and agreed to the published version of the manuscript.

Funding

This research received no external funding.

Institutional Review Board Statement

This study was conducted in accordance with the Declaration of Helsinki, and approved by the Institutional Review Board (IRB) of Walailak University, Thailand (protocol code WU-EC-GS-2-065-67, approval number WUEC-24-100-01, and approval date 20 March 2024).

Informed Consent Statement

Informed consent was obtained from all subjects involved in the study.

Data Availability Statement

The data presented in this study are not publicly available due to privacy and ethical restrictions. Data supporting the reported results can be made available upon reasonable request from the corresponding author, subject to approval from the Institutional Review Board and compliance with data protection regulations.

Conflicts of Interest

The authors declare no conflicts of interest.

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Sustainability 16 10372 g001
Figure 1. Structural equation modeling diagram. Source: Created by authors. *** p < 0.001.
Figure 1. Structural equation modeling diagram. Source: Created by authors. *** p < 0.001.
Sustainability 16 10372 g001
Table 1. Distribution of respondent and company characteristics.
Table 1. Distribution of respondent and company characteristics.
CharacteristicCategoryNumber of RespondentsProportion (%)
GenderMale33041.0
Female47459.0
AgeUnder 30 years old516.3
31–40 years old30638.1
41–50 years old31539.2
51–60 years old12715.8
Over 61 years old50.6
Education levelJunior high school and below162.0
High school (technical secondary school)364.5
College degree16921.0
Undergraduate degree31939.7
Graduate student26432.8
PositionOther management personnel313.9
Department Manager (Person in charge)30738.2
Deputy General Manager/Director20725.7
Director516.3
Chairman/General Manager/CEO20825.9
Number and scale of employees in the company1–50 people18222.6
51–100 people14117.5
101–500 people32840.8
501 or more people15319.0
Company typeState owned enterprises15819.7
Joint ventures and affiliated enterprises546.7
Private enterprises55969.5
Others334.1
Date of establishment of the company1–3 years556.8
4–6 years13116.3
7–9 years14017.4
More than 10 years47859.5
Company asset sizeLess than CNY 1 million455.6
CNY 1.01–5 million465.7
CNY 5.01–10 million597.3
CNY 10.01–50 million21827.1
More than CNY 50.01 million43654.2
The region where the company is locatedNortheast region577.1
North China region12115.0
East China region23829.6
South China region9511.8
Central China region10513.1
Northwest region8410.4
Southwest region10412.9 1
1 N = 804, Source: Created by authors.
Table 2. Validation factor analysis model fitting results.
Table 2. Validation factor analysis model fitting results.
Fit Indexχ2dfχ2/dfCFITLIRMSEASRMR
Four-factor model5518.418 2840 1.943 0.940 0.938 0.034 0.033
Three-factor model16,072.453 2846 5.647 0.704 0.696 0.076 0.112
Two-factor model18,650.242 2848 6.549 0.647 0.637 0.083 0.128
Single-factor model23,436.873 2849 8.226 0.540 0.528 0.095 0.126 1
1 N = 804, Source: Created by authors.
Table 3. Hypothesis test results.
Table 3. Hypothesis test results.
HypothesisRouteEffect ValueStandard Errorp-Value95% Confidence Interval
Upper LimitLower Limit
H1ESG → EV0.4180.0300.0000.3690.467
H2ESG → MA → EV0.0830.0120.0000.0630.103
H3ESG → GI → EV0.1030.0140.0000.0800.127
H4ESG → MA → GI → EV0.0220.0050.0000.0140.029 1
1 N = 804, Source: Created by authors.
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Xue, Y.; Lakkanawanit, P.; Suttipun, M.; Huang, S.-Z. ESG Performance and Enterprise Value in Chinese Tourism Companies: The Chained Mediating Roles of Media Attention and Green Innovation. Sustainability 2024, 16, 10372. https://doi.org/10.3390/su162310372

AMA Style

Xue Y, Lakkanawanit P, Suttipun M, Huang S-Z. ESG Performance and Enterprise Value in Chinese Tourism Companies: The Chained Mediating Roles of Media Attention and Green Innovation. Sustainability. 2024; 16(23):10372. https://doi.org/10.3390/su162310372

Chicago/Turabian Style

Xue, Yiping, Pankaewta Lakkanawanit, Muttanachai Suttipun, and Shi-Zheng Huang. 2024. "ESG Performance and Enterprise Value in Chinese Tourism Companies: The Chained Mediating Roles of Media Attention and Green Innovation" Sustainability 16, no. 23: 10372. https://doi.org/10.3390/su162310372

APA Style

Xue, Y., Lakkanawanit, P., Suttipun, M., & Huang, S.-Z. (2024). ESG Performance and Enterprise Value in Chinese Tourism Companies: The Chained Mediating Roles of Media Attention and Green Innovation. Sustainability, 16(23), 10372. https://doi.org/10.3390/su162310372

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