Debates about the drivers of corporate environmental strategy as well as the influence of shareholders on environmental investments have grown exponentially in the last decade. This paper provides a novel perspective on the influence of investors on a firm's environmental strategy by theorizing how the shareholders' orientation may provide different resources for firms to outperform environmental institutional pressures, and further analyzing how foreign market exposure moderates this relationship. Our results, produced from a longitudinal sample of 2237 observations between 2007 and 2017 from 276 US firms in 11 industries, show that having a higher percentage of strategic shareholders positively drives firms' environmental proactivity. Meanwhile, having a higher percentage of financial shareholders is positively related to firms' environmental proactivity only at high levels of foreign market exposure, but is negatively related at low levels. Our results contribute to the ownership and environmental strategy literature by delimitating the different influences of strategic and financial investors on firms' environmental strategy and making a bridge between institutional and resource-based perspectives.

在过去十年中，关于企业环境战略的驱动因素以及股东对环境投资的影响的争论呈指数级增长。本文通过理论化股东导向如何为公司提供不同的资源以超越环境制度压力，并进一步分析国外市场敞口如何调节这种关系，为投资者对公司环境战略的影响提供了一个新的视角。我们的结果是根据 2007 年至 2017 年间来自 11 个行业的 276 家美国公司的 2237 次观察的纵向样本得出的，结果表明，拥有更高比例的战略股东会积极推动公司的环保积极性。同时，拥有较高的财务股东比例与公司的财务状况呈正相关。环境主动性仅在高水平的国外市场暴露下存在，但在低水平下呈负相关。我们的结果通过界定战略和金融投资者对公司环境战略的不同影响并在制度和资源基础观点之间架起桥梁，为所有权和环境战略文献做出了贡献。