Corporate strategic aggression and environmental investment decisions: Evidence from A-share listed firms

Corporate strategy greatly influences corporate investment activities. This study seeks to better understand the relationship between the level of corporate strategic aggression and environmental investment decisions based on 2011–2020 data. We find that increasing the intensity of strategic aggression effectively increases environmental investment. Moreover, this effect is incentivized by good corporate environmental, social, and governance performance, innovation ability, and management tone manipulation. Although financing constraints may hinder the positive effects of corporate aggression on environmental investment, independent directors and corporate risk promote maximum positive effects. These findings enable companies to identify strategically motivating factors for improving environmental protection. •This paper explores the relationship between corporate strategic aggressiveness and environmental investment decision.•Increasing the intensity of corporate strategic aggressiveness can effectively enhance corporate environmental investment.•The primary impact is achieved by providing increasing ESG performance, innovation ability, and management tone manipulation.