Research on the masking effect of vertical interlock on <scp>ESG</scp> greenwashing in the context of sustainable Enterprise development

Liu, Guangrui; Hao, Qi; Wu, Qianqian; Han, Fei

doi:10.1002/csr.2562

Cited by 16 publications

(1 citation statement)

References 64 publications

(114 reference statements)

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“…This article incorporates a series of control variables into the regression model, drawing from previous literature (Liao et al, 2023;Liu et al, 2024;Wang et al, 2023) to enhance the accuracy and reliability of the study. We include firm size (Size), leverage ratio (Lev), return on assets (Roa), liquidity ratio (Liquidity), Tobin's Q (Q), the proportion of shares held by the largest shareholder (Top1), board size (Board), and the proportion of independent directors (InBoard) as control variables to measure the operating and management conditions of the company.…”

Section: Control Variablesmentioning

confidence: 99%

Fishing in muddy water? Climate policy uncertainty and corporate greenwashing in environmental, social, and governance

Zhang,

2024

Manage Decis Econ

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This study investigates the relationship between climate policy uncertainty and corporate greenwashing behavior using data from Chinese A‐share listed companies from 2009 to 2021. The results indicate that the increasing climate policy uncertainty significantly and robustly strengthens corporate greenwashing behavior, particularly among firms located in regions with weaker environmental regulations, within high‐polluting industries and with shorter‐term management perspectives. Additionally, the development and widespread adoption of digital technologies, along with enhanced external regulatory pressures, can inversely moderate the positive relationship between climate policy uncertainty and corporate greenwashing. In summary, this study contributes to our understanding of corporate behavior under climate risks and provides insights for achieving social sustainability.

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Section: Control Variablesmentioning

confidence: 99%

Fishing in muddy water? Climate policy uncertainty and corporate greenwashing in environmental, social, and governance

Zhang,

2024

Manage Decis Econ

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How do firms react to capital market liberalization? Evidence from ESG reporting greenwashing

Liu,

Qian,

Shi

et al. 2024

Corp Soc Responsibility Env

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Based on catering theory, this study employs a difference‐in‐differences model to investigate the impact of capital market liberalization on environmental, social, and governance (ESG) reporting greenwashing using mainland Hong Kong Connection Programs as a quasinatural experiment. Our findings indicate that corporate management increasingly engages in ESG reporting greenwashing in capital market liberalization to cater to foreign investors. This conclusion remains valid after controlling for endogeneity. Mechanistic analysis indicates that investor sentiment increases with capital market liberalization. In response, corporate management intensifies ESG reporting greenwashing to cater to foreign investors, and analysts' focus does not serve as a supervisory mechanism for restraining ESG reports greenwashing. Heterogeneity tests demonstrate that ESG reports greenwashing within the capital market diminishes for mandatory disclosure and state‐owned firms. However, ESG reports greenwashing intensifies among firms facing high financing constraints amid capital market liberalization. Overall, we identify a significant catering effect on ESG reporting amid capital market liberalization, offering a novel theoretical framework on greenwashing in ESG disclosures.

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Social media attention and corporate greenwashing: Evidence from China

Ren,

Wu,

Hou

2024

Corp Soc Responsibility Env

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This study examines the effect of social media attention on corporate greenwashing using a sample of Chinese A‐share listed firms from 2011 to 2021. We find that social media attention increases corporate greenwashing, and the effect is more pronounced for firms with negative financial performance and those with violations, supporting the pressure hypothesis. Drawing on fraud triangle theory, which considers the interplay of pressure, opportunity, and rationalization, we also find that the pressure effect is more pronounced for firms with higher CEO power, greater information asymmetry, as well as firms located in regions with a gambling culture and non‐state‐owned firms. This indicates that firms are more inclined to greenwash when they perceive an opportunity and can rationalize this behavior. Furthermore, our heterogeneity analyses demonstrate that the pressure effect is more significant for firms located in regions characterized by higher marketization, firms operating in non‐heavily polluting industries, and those that do not provide assured non‐financial reports. This study contributes to the literature on the role of social media and determinants of corporate greenwashing, providing important implications for firms' sustainable development.

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Research on the masking effect of vertical interlock on ESG greenwashing in the context of sustainable Enterprise development

Cited by 16 publications

References 64 publications

Fishing in muddy water? Climate policy uncertainty and corporate greenwashing in environmental, social, and governance

Fishing in muddy water? Climate policy uncertainty and corporate greenwashing in environmental, social, and governance

How do firms react to capital market liberalization? Evidence from ESG reporting greenwashing

Social media attention and corporate greenwashing: Evidence from China

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