Purpose

This study aims to examine the determinants of corporate green investments (GI) by using a series of both firm- and country-level factors.

Design/methodology/approach

The authors collect information on environmental expenditures of 763 firms from 40 countries and use random effects regressions to identify the determinants of GI.

Findings

The authors find that larger firms tend to invest more in green projects, whereas firms that are highly valued or more profitable are less likely to go green. In terms of country-level determinants, we find that the gross domestic product (GDP) per capita and population are positively related with GI, while GDP growth and surface area are negatively associated with GI. Additionally, firms in common-law countries and English-speaking countries make fewer GI than firms in other countries.

Social implications

The findings of this research not only contribute to the academic literature in these areas, but also have important implications for both regulators and policymakers in countries that exhibit sub-par GI or who otherwise aim to increase GI by firms operating in their country.

Originality/value

The authors identify and explore the key determinants of GI from both a firm- and country-level perspective.

中文翻译：

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企业和国家层面的绿色投资决定因素：实证分析

目的

本研究旨在通过使用一系列公司和国家层面的因素来检验企业绿色投资 (GI) 的决定因素。

设计/方法/方法

作者收集了来自 40 个国家的 763 家公司的环境支出信息，并使用随机效应回归来确定 GI 的决定因素。

发现

作者发现，较大的公司倾向于更多地投资于绿色项目，而价值高或利润更高的公司不太可能走向绿色。在国家层面的决定因素方面，我们发现人均国内生产总值 (GDP) 和人口与 GI 呈正相关，而 GDP 增长和表面积与 GI 呈负相关。此外，普通法国家和英语国家的公司生产的 GI 少于其他国家的公司。

社会影响

这项研究的结果不仅有助于这些领域的学术文献，而且对那些表现出低于平均水平的 GI 的国家的监管者和政策制定者，或那些旨在提高在其国家运营的公司的 GI 的国家的监管者和政策制定者具有重要意义。

原创性/价值

作者从公司和国家层面确定并探索了 GI 的关键决定因素。