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

Round 1

Reviewer 1 Report

Comments and Suggestions for Authors

Dear Authors,

 

I have read your manuscript titled “ESG Performance and Enterprise Value in Chinese Tourism Companies: The Chained Mediating Roles of Media Attention and Green Innovation” with great interest. The writing quality is commendable, and the paper presents valuable insights. However, I recommend a major revision to enhance its clarity and coherence. Below, I provide specific comments that I hope will assist you in improving the manuscript.

Introduction

The introduction requires refinement. I suggest removing Paraphrase 1 (line 36) and integrating it with paragraph 7 to create a more cohesive flow. Consider restructuring the introduction to transition from a general overview to a more specific focus on the tourism context in China. Aim to condense the introduction into five comprehensive paragraphs, ensuring smooth transitions between each section.

Analysis and Results

1. Normality Test: Structural Equation Modeling (SEM) assumes that the dataset is normally distributed; however, the normality test results are not reported. Please include the normality test findings in your analysis.
2. Common Method Bias: Kindly report the statistical procedures used to assess the likelihood of common method bias within your study.
3. Confounding Effects: I recommend examining potential confounding effects by controlling for relevant demographic factors. It is important to inform readers whether these factors were considered in your analysis. If no significant changes are observed after accounting for demographic factors, you may retain your current report. Conversely, if significant changes occur in the hypothesized effects upon including these factors, please report both analyses.
4. Section Titles: Please change “Conclusion” and “Discussion” to “Discussion” and “Conclusion” for consistency with standard academic formatting.
5. Typos: Please correct the following typographical errors: "pubic trust" should be "public trust," and "only informs the pubic" should also be corrected to "only informs the public."

Thank you for considering these suggestions. I believe that addressing these points will significantly enhance the quality of your manuscript.

 

 

Best regards,

Comments on the Quality of English Language

I am concerned that many of the paragraphs appear disconnected due to inadequate transitions between them.

Author Response

Reviewer 1

Comments and Suggestions for Authors

Dear Authors,

 I have read your manuscript titled “ESG Performance and Enterprise Value in Chinese Tourism Companies: The Chained Mediating Roles of Media Attention and Green Innovation” with great interest. The writing quality is commendable, and the paper presents valuable insights. However, I recommend a major revision to enhance its clarity and coherence. Below, I provide specific comments that I hope will assist you in improving the manuscript.

We appreciate the reviewers' valuable comments and have carefully addressed each issue raised. To ensure clarity and transparency, we have revised the manuscript accordingly. For the specific sections where changes were made in response to the reviewers' feedback, we have used red font to highlight the modifications. We hope these revisions meet the reviewers' expectations and enhance the quality of our manuscript.

Comment 1: Introduction

The introduction requires refinement. I suggest removing Paraphrase 1 (line 36) and integrating it with paragraph 7 to create a more cohesive flow. Consider restructuring the introduction to transition from a general overview to a more specific focus on the tourism context in China. Aim to condense the introduction into five comprehensive paragraphs, ensuring smooth transitions between each section.

Response: We agree with the reviewer's assessment regarding the introduction refinement. We have removed Paragraph 1 and incorporated its key elements into Paragraph 2. Furthermore, as recommended, we have revised Paragraph 7 by integrating relevant content from Paragraph 1 to enhance the overall coherence of the introduction.

Analysis and Results

Comment 2:

1. Normality Test: Structural Equation Modeling (SEM) assumes that the dataset is normally distributed; however, the normality test results are not reported. Please include the normality test findings in your analysis.

Response: To address the normality test requirements for SEM analysis, we conducted comprehensive distributional analyses. Our results show that all measurement items demonstrate appropriate normality: means range from 3.96 to 4.30, standard deviations from 0.685 to 1.023, skewness values from 0.289 to 2.098, and kurtosis values from 0.059 to 4.844. These values fall well within the accepted thresholds of |3| for skewness and |8| for kurtosis (Kline, 2016; Zhang & Xie, 2022; Long, 2024), confirming that our data follows a normal distribution and is suitable for SEM analysis.

Comment 3:

1. Common Method Bias: Kindly report the statistical procedures used to assess the likelihood of common method bias within your study.

Response: As requested, we have addressed the common method bias issue by adding a comprehensive analysis on page 9 of the manuscript. We employed Harman's single factor test using exploratory factor analysis without rotation. Our analysis revealed six distinct factors accounting for 60.641% of total variance, with the first factor explaining 35.417% of the variance - well below the 40% threshold that would indicate potential bias (Podsakoff et al., 2012; Xu, 2018). These results confirm that common method bias does not significantly affect our data.

Comment 4:

1. Confounding Effects: I recommend examining potential confounding effects by controlling for relevant demographic factors. It is important to inform readers whether these factors were considered in your analysis. If no significant changes are observed after accounting for demographic factors, you may retain your current report. Conversely, if significant changes occur in the hypothesized effects upon including these factors, please report both analyses.

Response:

We sincerely thank the reviewer for raising the important point regarding confounding effects, and we acknowledge the value of including control variables in certain contexts. Our decision to exclude demographic control variables in the SEM analysis was guided by substantial methodological literature in corporate-level research. Numerous studies emphasize that control variables should be included only when they are theoretically justified, as including irrelevant variables may lead to overly complex models and obscure meaningful relationships (Martínez-López et al., 2013; Clément et al., 2023).

In corporate-level analyses such as ours, which focuses on ESG performance and enterprise value, demographic factors are often less relevant compared to firm-specific characteristics like industry sector or size. This approach aligns with established SEM practices to ensure model parsimony and theoretical coherence. Nevertheless, we sincerely apologize if our methodologically-supported approach does not fully meet the reviewer's expectations.

To address the reviewer's valid concern, we have highlighted this limitation in the "Limitations and Suggestions for Future Research" section (page 12), recommending future studies to consider incorporating additional control variables such as population characteristics, policy changes, and economic cycles to validate the robustness of findings. If the reviewer believes it necessary, we are open to conducting additional analyses that incorporate demographic control variables to further enhance the study's comprehensiveness.

We truly appreciate the reviewer's insightful feedback, which has allowed us to refine and clarify our methodological approach. Thank you for your understanding and for contributing to the improvement of our work.

Reference:

Martínez-López, F. J., Gázquez-Abad, J. C., & Sousa, C. M. P. Structural Equation Modelling in Marketing and Business Re-search. European Journal of Marketing2013, 47(1/2), 115-152. Doi: 10.47263/JASEM.8(2)01.

Alexandre Clément, Robinot,Léo Trespeuch. The use of ESG Scores in Academic Literature: A Systematic Literature Re-view. Journal of Enterprising Communities: People and Places in the Global Economy 2023.Doi:10.1108/jec-10-2022-0147.

Comment 5:

1. Section Titles: Please change “Conclusion” and “Discussion” to “Discussion” and “Conclusion” for consistency with standard academic formatting.

Response: As suggested, we have revised the section headings on page 10 to follow standard academic formatting, changing from "Conclusion and Discussion" to "Discussion and Conclusion.

Comment 6:

1. Typos: Please correct the following typographical errors: "pubic trust" should be "public trust," and "only informs the pubic" should also be corrected to "only informs the public."

Response: We have corrected the typographical errors on page 2, changing "pubic trust" to "public trust" and "informs the pubic" to "informs the public."

Thank you for considering these suggestions. I believe that addressing these points will significantly enhance the quality of your manuscript.

 Best regards,

Comments on the Quality of English Language

I am concerned that many of the paragraphs appear disconnected due to inadequate transitions between them.

Response: We acknowledge the reviewer's comment regarding the quality of English language. We have carefully revised the manuscript to improve clarity and flow by enhancing transitions between paragraphs and ensuring smoother connections between ideas. Additionally, we have engaged a native English speaker to proofread and refine the language throughout the manuscript to ensure clarity and proper academic expression.

Reviewer 2 Report

Comments and Suggestions for Authors

Thank you for the opportunity to review and revise this work. This paper addresses an interesting topic by examining ESG Performance and Enterprise Value in Chinese Tourism Companies, specifically focusing on the chained mediating roles of Media Attention and Green Innovation. I truly appreciate the effort invested in this manuscript, which discusses an engaging and relevant subject. However, I have several significant concerns across various aspects of the paper. Below, I outline my main points for each section, hoping these comments will assist the authors in further improving the manuscript.

In terms of the literature review, it is well-constructed overall. However, it would be beneficial to provide a more detailed explanation of ESG scores, including their advantages and limitations, with reference to the work of Ciement et al.

Clément, A., Robinot, É., & Trespeuch, L. (2023). The use of ESG scores in academic literature: a systematic literature review. Journal of Enterprising Communities: People and Places in the Global Economy.   Clément, A., Robinot, É., & Trespeuch, L. (2022). Improving ESG scores with sustainability concepts. Sustainability, 14(20), 13154.

 

Additionally, be cautious with the reliance on master’s theses, and consider incorporating a more internationally diverse literature.

Similarly, as China currently attracts relatively few international tourists, I recommend revising the statement, "As one of the world’s largest tourism markets." Relevant data can be found at Statista and World Population Review.

Regarding methodology, the statement, "This high response rate reflects the relevance of the study within the Chinese tourism industry," requires some nuance. Respondents often participate due to financial or other incentives, or because of familiarity with the person or entity distributing the questionnaire. An 80.4% response rate from 1,000 questionnaires without any form of incentive is highly unusual. Additionally, where do the items for the ESG performance scale originate? Is it from the cited master’s thesis? Was the proper scale development process followed? (See: He, L.L., Research on the Correlation between ESG and Corporate Value Based on Enterprise Life Cycle, Master Dissertation, 558).

As for the model, is it not more likely that green innovation influences media attention? Given that MA and GI are not moderators, the model may need to be adjusted accordingly.

For the managerial implications section, as social and environmental considerations appear to play a significant role, it might be useful to discuss corporate philanthropy in the sense described by Robinot et al. (2023).

Léo, T., & Élisabeth, R. (2023). Exploring the Impact of Corporate Philanthropy on Brand Authenticity in the Luxury Industry: Scale Development and Empirical Studies. Sustainability, 15(16), 12274.

 

Lastly, as a minor suggestion, it would be helpful to clarify citation formatting. Sometimes the authors are mentioned in the text, and sometimes they are not; consistency is needed. Additionally, on page 5, an extra space is missing in “Li(2022)”.

I look forward to reviewing the next version of your work.

 

Author Response

Comments and Suggestions for Authors

Thank you for the opportunity to review and revise this work. This paper addresses an interesting topic by examining ESG Performance and Enterprise Value in Chinese Tourism Companies, specifically focusing on the chained mediating roles of Media Attention and Green Innovation. I truly appreciate the effort invested in this manuscript, which discusses an engaging and relevant subject. However, I have several significant concerns across various aspects of the paper. Below, I outline my main points for each section, hoping these comments will assist the authors in further improving the manuscript.

We appreciate the reviewers' valuable comments and have carefully addressed each issue raised. To ensure clarity and transparency, we have revised the manuscript accordingly. For the specific sections where changes were made in response to the reviewers' feedback, we have used red font to highlight the modifications. We hope these revisions meet the reviewers' expectations and enhance the quality of our manuscript.

 

Comment 1:

In terms of the literature review, it is well-constructed overall. However, it would be beneficial to provide a more detailed explanation of ESG scores, including their advantages and limitations, with reference to the work of Ciement et al.

Clément, A., Robinot, É., & Trespeuch, L. (2023). The use of ESG scores in academic literature: a systematic literature review. Journal of Enterprising Communities: People and Places in the Global Economy.   Clément, A., Robinot, É., & Trespeuch, L. (2022). Improving ESG scores with sustainability concepts. Sustainability, 14(20), 13154.

Response: We appreciate the reviewer's suggestion regarding ESG scores. Following this recommendation, we have incorporated insights from Clément et al.'s (2022, 2023) work to provide a more nuanced discussion of ESG rating scores, including their limitations in measuring non-quantifiable factors and transparency issues. This addition strengthens our justification for using a questionnaire-based approach, particularly given our focus on non-publicly traded tourism companies where ESG rating data is limited.

Reference:

Clément, A., Robinot, É., & Trespeuch, L. The use of ESG scores in academic literature: a systematic literature review. Journal of Enterprising Communities: People and Places in the Global Economy 2023.  

Clément, A., Robinot, É., & Trespeuch, L. Improving ESG scores with sustainability concepts. Sustainability 2022, 14(20), 13154.

 

Comment 2:

Additionally, be cautious with the reliance on master’s theses, and consider incorporating a more internationally diverse literature.

Response: Thank you for your concern regarding citation sources. While we included some master's theses due to their specific insights into the Chinese tourism context, we acknowledge the need for more robust academic sources. Following your suggestion, we have enhanced our literature review by incorporating additional international peer-reviewed journal articles to provide a more comprehensive and globally diverse theoretical foundation.

 

Comment 3:

Similarly, as China currently attracts relatively few international tourists, I recommend revising the statement, "As one of the world’s largest tourism markets." Relevant data can be found at Statista and World Population Review.

Response:  Thank you for this important observation. We have revised the statement to focus on the industry's growth and development rather than market size comparisons. The new statement is "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."

Comment 4:

Regarding methodology, the statement, "This high response rate reflects the relevance of the study within the Chinese tourism industry," requires some nuance. Respondents often participate due to financial or other incentives, or because of familiarity with the person or entity distributing the questionnaire. An 80.4% response rate from 1,000 questionnaires without any form of incentive is highly unusual. Additionally, where do the items for the ESG performance scale originate? Is it from the cited master’s thesis? Was the proper scale development process followed? (See: He, L.L., Research on the Correlation between ESG and Corporate Value Based on Enterprise Life Cycle, Master Dissertation, 558).

Response:

Thank you for your important observation regarding the response rate and sampling methodology. We have revised the sampling and data collection section to provide more transparency about our data collection process. The revised section now includes additional details about our two-phase data collection approach (initial distribution and follow-up communications) and our engagement with professional networks within China's tourism industry associations and academic institutions. We have also added clarification about the regional sampling strategy, noting how this approach enhances the generalizability and relevance of the study findings across diverse regional contexts. These revisions provide a more comprehensive and transparent explanation of our methodology and the factors contributing to the response rate.

We appreciate the reviewer’s concern regarding the origin and development of the ESG performance scale. The scale was primarily adapted from He (2020), which provided a foundational framework tailored to the Chinese context, drawing on methodologies from the Thomson Reuters ESG rating agency and the China Syn Green Finance ESG indicator system. To ensure relevance and robustness, the scale was further refined through expert evaluations and pre-survey testing, guided by established methodologies (Fowler, 1995; Sun, 2016; Wang, 2021; Xu, 2022). Additional insights from Lu et al. (2022) , Zhao et al. (2023), and SynTao Green Finance  enhanced the measurement items. The final scale, validated through a pre-survey with 200 participants, includes 38 items distributed across environmental responsibility, social responsibility, and corporate governance dimensions, tailored specifically to Chinese tourism enterprises. We trust this explanation clarifies our rigorous and systematic approach to scale development.

Reference:

He, L.L. Research on the Correlation between ESG and Corporation Value Based on Enterprise Life Cycle. Master Dissertation, Hefei University of Technology, Hefei City, China, April 2020.

Fowler,F.J. Improving survey questions: Design and evaluation. USA: Sage Publications, Inc,1995:191.

Sun,L. The Effect of Information Interaction Capabilities on Value Co-creation and Competitive Advantage of Firms. Doctoral Dissertation, Harbin Institute of Technology, Harbin City, China, August 2016.

Wang,Y.F. The Influence of Corporate Environmental Responsibility on Corporate Sustainable Development. Doctoral Dissertation, Jilin University, Changchun City, China, May 2021.

Lu, Q.Q.; Han, X.Y.; Huang, G.Q. Research on the Impact of Environmental, Social, and Governance Performance of Heavily Polluted Listed Companies on Corporate Value under the Background of Carbon Neutrality. Oper Manag 2022, 07, 11. Doi: 10.16517/j.cnki.cn12-1034/f.20220711.001

Zhao, Q.; Li, X.; Li, S. Analyzing the Relationship between Digital Transformation Strategy and ESG Performance in Large Manufacturing Enterprises: The Mediating Role of Green Innovation. Sustain 2023, 15, 9998.Doi:10.3390/su15139998.

Zhou, S.; Rashid, M.H.U., Mohd. Zobair, S.A.,Sobhani, F.A.,Siddik, A.B.(2023). Does ESG Impact Firms’Sustainability Performance? The Mediating Effect of Innovation Performance. Sustainability 15,5586. Doi: 10.3390/su15065586

Long, Y.J. Research on the Influence Mechanism of Digital Business Strategy on Operational Efficiency in Manufacturing Enterprises. Doctoral Dissertation, Jilin University, Changchun City, China, May 2024.

SynTao Green Finance. Available online: https://www.syntaogf.com/pages/methodology.(accessed on 11 August 2023).

Comment 5:

As for the model, is it not more likely that green innovation influences media attention? Given that MA and GI are not moderators, the model may need to be adjusted accordingly.

Response: We sincerely appreciate the reviewer's insightful comment regarding the potential causal direction of the relationship between green innovation and media attention. While existing literature acknowledges the plausibility of green innovation influencing media attention, our study posits that media attention serves as a precursor to green innovation. This perspective aligns with stakeholder theory, which underscores the role of external supervisory mechanisms, such as media, in shaping corporate behavior. Media attention acts as a bridge between enterprises and stakeholders, amplifying external pressure for transparency and encouraging firms to align with societal demands (Chen et al., 2018; Liao & Xu, 2022).

Empirical evidence supports this directionality, as studies have shown that heightened media coverage informs public perceptions, motivates companies to enhance environmental initiatives, and fosters a culture of innovation to meet stakeholder expectations (Zhang et al., 2021; Yang et al., 2023). By increasing external visibility, media attention incentivizes firms to adopt green technologies, reduce environmental risks, and enhance competitive advantage through sustainable practices.

While the reverse relationship—where green innovation influences media attention—is theoretically plausible and documented in prior research, our study focuses on the sequence in which media attention drives green innovation. This choice is based on its significant theoretical and practical implications within the ESG framework. To clarify this perspective and address the reviewer's valuable feedback, we have revised Section 2.4. The Chain Mediating Role of Media Attention and Green Innovation. The updated section emphasizes that media attention precedes green innovation by creating the external environment necessary for firms to prioritize and invest in innovative practices aligned with societal and environmental demands. This revision provides a clearer rationale for our model’s directionality.

Reference:

Chen, X.; Yi, N.; Zhang, L., et al. Does Institutional Pressure Foster Corporate Green Innovation? Evidence from China’s Top 100 Companies. Journal of Cleaner Production2018,188(19): 304-311.

Liao, G.P.; Xu, M.Z. Environmental regulations, media attention, and green innovation. Productivity Research 2022, (09),24-27+161. Doi: 10.19374/j.cnki.14-1145/f.2022.09.002.

Zhang, Y.M.; Xing, C., Zhang, Y. Research on the impact of media attention on green technology innovation in heavily polluting enterprises. Chinese Journal of Management, 2021, 18(4):12. DOI: 10.3969/j.issn.1672-884x.2021.04.010.

Yang,T.; Chen,J.; Ling, H.C. Media attention, environmental policy uncertainty, and corporate green technology innovation - empirical evidence from Chinese A-share listed companies. Journal of Industrial Engineering and Engineering Management, 2023, 37(4):1-15.

Comment 6:

For the managerial implications section, as social and environmental considerations appear to play a significant role, it might be useful to discuss corporate philanthropy in the sense described by Robinot et al. (2023).

Léo, T., & Élisabeth, R. (2023). Exploring the Impact of Corporate Philanthropy on Brand Authenticity in the Luxury Industry: Scale Development and Empirical Studies. Sustainability, 15(16), 12274.

Response: We sincerely appreciate the reviewer’s suggestion to include a discussion on corporate philanthropy in the managerial implications section. This recommendation has greatly enriched our understanding of the topic and allowed us to broaden the scope of our discussion. We have incorporated the concept of corporate philanthropy and its alignment with ESG principles as follows:

“Corporate philanthropy, as a vital component of corporate social responsibility, plays a significant role in fostering stronger connections with stakeholders and enhancing public trust (Léo, T., & Élisabeth, R., 2023). By integrating philanthropic activities into their ESG strategies, tourism enterprises can effectively highlight their commitment to social and environmental responsibilities. Such initiatives not only garner widespread media attention but also create a positive corporate image, which aligns with stakeholder expectations and strengthens market competitiveness. Strategically executed corporate philanthropy can further differentiate enterprises in competitive markets while simultaneously advancing sustainable development goals."

We believe this addition addresses the reviewer’s valuable suggestion and enhances the depth of the managerial implications section by emphasizing the practical and strategic benefits of corporate philanthropy within the ESG framework. Thank you for this insightful recommendation.

Reference:

Léo, T., & Élisabeth, R. (2023). Exploring the Impact of Corporate Philanthropy on Brand Authenticity in the Luxury Industry: Scale Development and Empirical Studies. Sustainability, 15(16), 12274.

Comment 7:

Lastly, as a minor suggestion, it would be helpful to clarify citation formatting. Sometimes the authors are mentioned in the text, and sometimes they are not; consistency is needed. Additionally, on page 5, an extra space is missing in “Li(2022)”.

Response: Thank you for the reviewer’s detailed observation. We have standardized citation formatting throughout the manuscript for consistency and corrected the missing space in “Li(2022)” to “Li (2022)” on page 5. These revisions ensure clarity and adhere to the journal's guidelines. I look forward to reviewing the next version of your work.

Round 2

Reviewer 1 Report

Comments and Suggestions for Authors

Dear authors,

I have read your revised manuscript, and the improvements made met my expectations. However, there are two remarks that worth mentioning:

1. In line 203 and 2004, the sentence "This approach attracts media attention and helps establish a positive corporate image and improve improves transparency, reducing risks associated with information asymmetry" needs to be clearly stated.

2. You emphasized that "A total of 1,000 questionnaires were distributed to tourism companies across the seven regions" . From the previous lines, the data were collected via email distribution. Please, inform the readers that data were collected via online questionnaire survey and the link was distributed to 1000 email addresses. I do not want to delay the process. I think these minor issues can be corrected during the pre-proof.

 

I was nice reading your manuscript.

 

Regards

Reviewer 2 Report

Comments and Suggestions for Authors

Thank you for taking the feedback into account, and congratulations on the work accomplished.