Organizational Ambidexterity and Corporate Low-Carbon Fixed Asset Investment from an Exploration–Exploitation Balance Perspective

This study examines why firms facing similar environmental pressures differ in low-carbon fixed asset investment. Using annual reports and financial data for Chinese A-share listed firms from 2007 to 2024, it constructs a continuous measure of relative exploration orientation. Stronger exploration orientation increases low-carbon investment through technological absorptive capacity, managerial environmental attention, and executive long-termism. The effect operates mainly by inducing firms to initiate such investment, while excessive exploration eventually weakens capital commitment. These findings explain how internal organizational orientation shapes green capital allocation beyond external policy and financial drivers.