Environmental protection is widely perceived as a state responsibility, but market-based solutions such as green investing have emerged in the financial sector. Little research has addressed whether green investing can affect corporate environmental performance and how the state would moderate such an impact. Using an institutional logics perspective, we extend the literature on institutional complexity by exploring the factors leading to compatibility of logics and practices. We theorize that the success of green investing as a novel hybrid practice combining financial means and environmental goals depends on the legitimacy it achieves as an appropriate solution to the stated goal, and this legitimacy can be boosted or dampened by other hybrid practices in the field. Analyzing a panel dataset of 3,706 firms from 20 countries between 2002 and 2013, we find a positive relationship between the relative size of green investment in the economy and firm-level environmental performance in that country. This relationship is moderated by state policies: a strong environmental protection policy weakens the positive relationship between green investing and corporate environmental performance, and a strong shareholder protection policy strengthens the relationship. We contribute to research on institutional complexity, logic compatibility, and public–private cooperation in pursuing the common good.

环境保护被普遍认为是国家的责任，但是在金融领域已经出现了基于市场的解决方案，例如绿色投资。很少有研究探讨绿色投资是否会影响公司的环境绩效，以及政府将如何缓和这种影响。使用制度逻辑的观点，我们通过探索导致逻辑与实践兼容的因素，扩展了关于制度复杂性的文献。我们认为，绿色投资作为一种将金融手段和环境目标相结合的新颖混合实践的成功，取决于其作为实现既定目标的适当解决方案所获得的合法性，并且该合法性可以通过该领域的其他混合实践来增强或削弱。分析了2002年至2013年期间来自20个国家/地区的3,706家公司的面板数据集，我们发现，经济中绿色投资的相对规模与该国企业级环境绩效之间存在正相关关系。这种关系受到国家政策的调节：强有力的环境保护政策削弱了绿色投资与公司环境绩效之间的积极关系，而强有力的股东保护政策则加强了这种关系。我们致力于研究机构复杂性，逻辑兼容性以及追求公共利益的公私合作。强有力的环境保护政策会削弱绿色投资与公司环境绩效之间的积极关系，而强有力的股东保护政策则会加强这种关系。我们致力于研究机构复杂性，逻辑兼容性以及追求公共利益的公私合作。强有力的环境保护政策会削弱绿色投资与公司环境绩效之间的积极关系，而强有力的股东保护政策则会加强这种关系。我们致力于研究机构复杂性，逻辑兼容性以及追求公共利益的公私合作。