Abstract Based on the Behavioral Theory of the Firm， using the data from 2004 to 2019 of Chinese listed companies, this study investigates the impact of aspiration loss on enterprises’ divestment decisions and the role of operating environment in these processes. The results indicate that historical aspiration loss and social aspiration loss both have significant positive impacts on enterprises’ divestment decisions, and the latter exhibits a stronger impact. In addition, the supplementary test results further confirm that risk-taking plays a partial mediating role between historical aspiration loss and enterprises’ divestment decisions, while media attention plays a partial mediating role between social aspiration loss and enterprise’ divestment decisions. Also, regional risk culture and the development of intermediary market both have positive moderating effects on the positive relationship between social aspiration loss and enterprises’ divestment decisions. Economic policy uncertainty only strengthens the positive correlation between historical aspiration loss and enterprises’ divestment decisions.
