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

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.