Exploring the impact of economic and environmental target constraints on and the green investment efficiency of firms: The moderating role of anti-corruption

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE International Review of Economics & Finance Pub Date : 2024-10-16 DOI:10.1016/j.iref.2024.103687

Yi He , Haixin Chen , Tingyu Zhang

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Abstract

As the main body of economic activity and technological innovation, enterprises’ investment motivation and efficiency in environmental protection directly affect the process of national green development. Based on data from A-share listed firms from 2012 to 2021, this study investigates the impact of economic and environmental targets set by local governments on the green investment efficiency of firms and the moderating role of anti-corruption. Our findings suggest that economic growth target constraints inhibit the green investment efficiency of firms and that environmental target constraints facilitate the green investment efficiency of firms. Anti-corruption weakens the negative relationship between economic growth target constraints and the green investment efficiency of firms, and strengthens positive relationship between environmental target constraints and the green investment efficiency of firms. In the heterogeneity tests, we find that these relationships are influenced by the region and intensity of the target constraints. The results are consistent with a series of robustness checks. This study is helpful for understanding how government policies and the political environment affect the green investment behavior of enterprises.

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探索经济和环境目标约束对企业绿色投资效率的影响：反腐败的调节作用

企业作为经济活动和技术创新的主体，其环保投资动机和效率直接影响着国家绿色发展的进程。本研究基于 2012 年至 2021 年 A 股上市公司的数据，考察了地方政府设定的经济和环保目标对企业绿色投资效率的影响以及反腐败的调节作用。研究结果表明，经济增长目标约束会抑制企业的绿色投资效率，而环境目标约束会促进企业的绿色投资效率。反腐败削弱了经济增长目标约束与企业绿色投资效率之间的负相关关系，加强了环境目标约束与企业绿色投资效率之间的正相关关系。在异质性检验中，我们发现这些关系受到目标约束的地区和强度的影响。这些结果与一系列稳健性检验结果一致。本研究有助于理解政府政策和政治环境如何影响企业的绿色投资行为。

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来源期刊

International Review of Economics & Finance Multiple-

CiteScore

7.30

自引率

2.20%

发文量

253

期刊介绍： The International Review of Economics & Finance (IREF) is a scholarly journal devoted to the publication of high quality theoretical and empirical articles in all areas of international economics, macroeconomics and financial economics. Contributions that facilitate the communications between the real and the financial sectors of the economy are of particular interest.