How Does Management Power Affect Corporate Low-carbon Investment:With Evidence from China's A-share High Carbon Emission Listed Firms
In the context of China's"dual carbon"strategy,how to improve the level of low-carbon investment in enterprises with high carbon dioxide emissions has become an important issue for high-quality development.This paper takes China's A-share listed companies with high carbon emission from 2019 to 2021 as research samples to empirically test the influence of management power of enterprises with high carbon emission on low-carbon investment behavior.The results show that:(1)There is a significant negative correlation between management power and low-carbon investment.(2)Cash holding level and internal control quality of enterprises with high carbon emission have a significant moderating effect on the relationship between management power and low-carbon investment level,that is,compared with enterpri-ses with high cash holding level,management power of enterprises with low cash holding level has a stron-ger negative impact on low-carbon investment;compared with enterprises with high internal control quali-ty,the management power of enterprises with low internal control quality has a more obvious negative effect on low-carbon investment.(3)From the perspective of intermediary mechanism,the power of management inhibits the level of low-carbon investment by increasing agency costs and reducing the quality of informa-tion disclosure.The conclusions of this paper provide useful enlightenment for enterprises to rationally allocate management power and improve internal governance to promote low-carbon investment.
management powerlow-carbon investmentlevel of cash holdingsinternal control qualityagency cost
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