This study investigates the influence of Confucianism on corporate environmental protection investment among heavily polluting companies in China from 2013 to 2020. We find that Confucianism is positively associated with corporate environmental protection investment. This correlation is mainly reflected in preventive environmental protection investment. Mechanism tests reveal that Confucianism promotes corporate environmental protection investment by increasing environmental legitimacy pressure. Additionally, in areas with a high environmental regulation level, Confucianism plays a stronger role in promoting corporate environmental protection investment. These findings illustrate the factors that influence corporate environmental protection investment and provide insights into the impact of Confucianism on corporate behavior.
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Guo et al. (2023) studied this question.
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