Abstract
This research aims to investigate the connection between pollution secretions and corporate investment, with a particular focus on how national governance moderates this relationship. Utilizing a ten-year dataset (2010–2019) from publicly listed enterprises in BRICS countries, the study finds that air pollution negatively affects corporate investment by increasing operational risks and regulatory uncertainties. However, national governance significantly moderates this adverse impact. The analysis suggests that policy officials should prioritize effective governance, highlighting its dual benefits in promoting environmental sustainability and fostering investment growth. Corporate managers are urged to recognize the importance of considering air pollution and national governance when making investment decisions.
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