数字时代，散户不散

Core Insights - The study reveals that online environmental inquiries initiated by retail investors can significantly promote corporate green innovation, especially when retail investors hold a larger proportion of shares and express stronger negative sentiments regarding environmental issues [1][2]. Group 1: Impact of Retail Investors - Retail investors' online inquiries can lead to an increase in green patent applications by an average of 3.9% for each additional inquiry post, and a 0.8% increase in green innovation output for every 1% rise in the proportion of environmental inquiry posts [2][3]. - The effectiveness of retail investors' inquiries is heightened in companies with a dispersed shareholding structure, where retail investors hold a significant amount of shares, leading to potential stock price volatility [3][6]. Group 2: Role of Negative Sentiment - Posts containing negative sentiments, such as terms like "malfeasance" or "fraud," have a more pronounced effect on driving corporate green innovation due to their higher ability to awaken public awareness [5][8]. - Negative expressions can serve as effective tools to prompt corporate action, especially when they resonate with public sentiment and highlight severe environmental misconduct [8]. Group 3: Sensitivity of Digital Enterprises - Digital-native companies, which operate entirely online and maintain constant engagement with stakeholders, are more responsive to online environmental inquiries from retail investors [6][7]. - Traditional companies, particularly in manufacturing, may lag in their response to online inquiries due to their less digitalized operations, making them less aware of the power of online sentiment [7]. Group 4: Market Dynamics and Corporate Responsibility - Over 40% of companies attribute the adoption of ESG strategies to demands from customers and investors, indicating that market concerns are increasingly shaping corporate sustainability efforts [8][10]. - The study emphasizes the importance of companies recognizing and respecting the voices of previously overlooked stakeholders, such as retail investors, in the digital age [8].