Xinyuan Zhang , Jiangqiu Wu , Mohammad Nazri Bin Mohd Nor , Chee Heong Quah
{"title":"Corporate strategic aggression and environmental investment decisions: Evidence from A-share listed firms","authors":"Xinyuan Zhang , Jiangqiu Wu , Mohammad Nazri Bin Mohd Nor , Chee Heong Quah","doi":"10.1016/j.irfa.2024.103528","DOIUrl":null,"url":null,"abstract":"<div><p>Corporate strategy greatly influences corporate investment activities. This study seeks to better understand the relationship between the level of corporate strategic aggression and environmental investment decisions based on 2011–2020 data. We find that increasing the intensity of strategic aggression effectively increases environmental investment. Moreover, this effect is incentivized by good corporate environmental, social, and governance performance, innovation ability, and management tone manipulation. Although financing constraints may hinder the positive effects of corporate aggression on environmental investment, independent directors and corporate risk promote maximum positive effects. These findings enable companies to identify strategically motivating factors for improving environmental protection.</p></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"95 ","pages":"Article 103528"},"PeriodicalIF":9.8000,"publicationDate":"2024-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Review of Financial Analysis","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1057521924004605","RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"2024/8/20 0:00:00","PubModel":"Epub","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0
Abstract
Corporate strategy greatly influences corporate investment activities. This study seeks to better understand the relationship between the level of corporate strategic aggression and environmental investment decisions based on 2011–2020 data. We find that increasing the intensity of strategic aggression effectively increases environmental investment. Moreover, this effect is incentivized by good corporate environmental, social, and governance performance, innovation ability, and management tone manipulation. Although financing constraints may hinder the positive effects of corporate aggression on environmental investment, independent directors and corporate risk promote maximum positive effects. These findings enable companies to identify strategically motivating factors for improving environmental protection.
期刊介绍：
The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.
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