Climate Policy Uncertainty and Entrepreneur Eco-Investment Behavior for Green Growth—Moderate Effect Analysis of Twin Transition

Owing to the externality of corporate eco-investment (CEI) behavior and serious climate policy uncertainty (CPU), CEI is insufficient, and its structure is distorted. The innovative development and application of the new generation of twin transition (TT), represented by digital technology and green technological innovation, enhances the practice of CEI and has become an important technological force and operational strategy in promoting the development of sustainable corporate transformation. In contrast to existing research that aims to analyze the relationship between CPU, digital transition, and sustainable transformation, this study uses China's A-share listed companies in the heavy-pollution industry from 2010 to 2020 as research samples and empirically examines how corporate TT affects the relationship between CPU and CEI. The main conclusions reveal that CPU has a significant negative effect on CEI. The levels of digitization, green technology innovation, and TT positively moderate the negative effects of CPU on CEI. Entrepreneurial carbon information disclosure, enterprise internal control capability, and regional environmental pollution are the main factors influencing the moderate effect of TT on the relationship between CPU and CEI. This study's findings are helpful in further exploring the potential value of TT in addressing the negative impact of CPU. They are significant in supporting entrepreneurs in implementing CEI practices and promoting sustainable development.