Аңдатпа
The objective of this study is to empirically examine the relationship between corporate green investment and biodiversity conservation initiatives. Using a sample of U.S. listed firms from 2002 to 2023, the results reveal that green investment is positively associated with biodiversity conservation actions. This positive effect is stronger for firms operating in carbon-intensive sectors. The findings are robust to alternative measures and various endogeneity tests. Heterogeneity analyses further reveal that the positive impact of green investment on biodiversity conservation is more pronounced for firms that have sustainability committees and for firms that have adopted the GRI guidelines. Additional analyses provide evidence that ESG performance positively moderates the relationship between green investment and biodiversity conservation. This study is among the first to uncover the association between green investment and biodiversity conservation in the context of U.S. firms. It extends the environmental strategy, biodiversity risk, and sustainability literature by emphasizing the role of green investments in conserving biodiversity and ecosystems, particularly in carbon-intensive sectors. Overall, the findings of this study contribute to the extant literature and provide valuable implications for corporate leaders, national governments, and regulators aiming to protect ecosystems, conserve biodiversity, and foster sustainable development.