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Experience and cautious decision-making: Executive green background, environmental investment, and informal institutions

Author

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  • Cheng, Xuanmei
  • Teng, Fangfei
  • Lucey, Brian M.
  • Du, Anna Min
  • Li, Chengnan

Abstract

This study explores how executives with green backgrounds influence corporate environmental protection investment, focusing on the moderating role of informal institutions such as media attention and Confucian culture. Using data from 166 A-share listed companies in the new energy vehicle industry (2010−2022), the results indicate that managers with green backgrounds tend to reduce environmental protection investment, and technological innovation often crowds out such investments. Firms with greater innovation capacity show a stronger negative effect on environmental investment. Media attention and Confucian culture both moderate this relationship by weakening the reduction in environmental investment. These findings offer new insights and practical guidance for corporate green governance.

Suggested Citation

  • Cheng, Xuanmei & Teng, Fangfei & Lucey, Brian M. & Du, Anna Min & Li, Chengnan, 2025. "Experience and cautious decision-making: Executive green background, environmental investment, and informal institutions," International Review of Financial Analysis, Elsevier, vol. 103(C).
    • Handle: RePEc:eee:finana:v:103:y:2025:i:c:s105752192500242x
    DOI: 10.1016/j.irfa.2025.104155
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