“…Among them, some scholars believe that economic development will have an impact on environmental quality and that economic, financial, and trade development will lead to environmental degradation (Khan et al, 2021;Sharma et al, 2021a;Islam et al, 2021;Sharma et al, 2021b;Shahbaz et al, 2020). Other scholars believe that environmental changes will in turn play an important role in economic factors such as production technology, consumption structure, and economic progress (Dagar et al, 2021;Sinha and Shahbaz, 2018;Zakari et al, 2021;Rehman et al, 2021). These studies have laid an important foundation for the construction of environmental regulation and the optimization of enterprises' multinational investment under environmental regulation, and inspired the relevant research on enterprises' multinational investment risk preference under environmental regulation.…”