Corporate Competing Culture and Environmental Investment.
Corporate Competing Culture and Environmental Investment.
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企业竞争文化与环境投资
DOI：
10.3389/fpsyg.2021.774173
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发表时间：
2021
影响因子：
3.8
通讯作者：
Hu S
中科院分区：
文献类型：
--
作者：
Tian J;Cao W;Cheng Q;Huang Y;Hu S
本文以中国上市公司为研究背景，通过对企业管理层讨论与分析（MD&A）信息披露的文本分析，构建了企业竞争文化测度，并考察了企业竞争文化对环境投资的影响。研究结果表明，竞争文化对企业环境投资有显著的正向影响，并且通过一系列的稳健性检验，研究结果仍然是稳健的。此外，中介分析表明，竞争文化通过提高企业内部控制质量促进企业环境投资。异质性结果还表明，企业竞争文化对环境投资的正向影响在规模较大、公司治理较强、处于高污染行业和地处欠发达地区的企业中更为显著。研究结果揭示了企业竞争文化的重要性，并为企业的可持续发展提供了现实意义。
Using Chinese listed companies as research setting, this paper constructs a measure of corporate competing culture through textual analysis on firms’ management discussion and analysis (MD&A) disclosures, and examines the impact of corporate competing culture on environmental investment. The results show that competing culture has a significant and positive impact on firms’ environmental investment, and the results remain robust to a battery of robustness tests. Moreover, the mediating analysis indicates that competing culture promotes corporate environmental investment through enhancing firms’ internal control quality. Furthermore, the heterogeneity results show that the positive impact of corporate competing culture on environmental investment is more pronounced in firms with larger size, stronger corporate governance, in high-polluting industry, and located in less developed regions. Our findings shed light on the importance of corporate competing culture and provide practical implications for corporate sustainable development.
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