Environmental policy and stakeholder engagement: Incident‐based, cross‐country analysis of firm‐level greenwashing practices

IF 8.3 2区 管理学 Q1 BUSINESS
Judit Lilla Keresztúri, Edina Berlinger, Ágnes Lublóy
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引用次数: 0

Abstract

In this study, we investigate how internal and external monitoring systems can help combat greenwashing. We propose a novel, incident‐based measure to investigate the greenwashing behavior of 1218 large and mid‐cap companies across different industries between 2008 and 2020. These companies are constituents of the MSCI World Index, covering 23 developed market economies. We consider a company to be engaged in greenwashing if it improves its environmental ESG subscore while simultaneously being responsible for severe environmental damage. According to our greenwashing indicator, about 7% of the companies were involved in greenwashing at least once during the 13‐year sample period. The proportion of greenwashing companies is highest in the energy, utilities, and materials industries. We find evidence that both internal and external monitoring mechanisms can be effective in deterring companies from adopting greenwashing strategies. Firms with more independent board members, attracting more attention from the investors, and headquartered in countries where the population is more environmentally aware are significantly less likely to engage in greenwashing. The awareness of the population is a key factor especially in the energy, utility, and material sectors.
环境政策与利益相关者的参与:基于事件的企业级 "绿色清洗 "做法跨国分析
在本研究中,我们探讨了内部和外部监控系统如何帮助打击 "洗绿 "行为。我们提出了一种新颖的、基于事件的测量方法,以调查 2008 年至 2020 年间 1218 家不同行业的大中型公司的 "绿色清洗 "行为。这些公司都是 MSCI 世界指数的成分股,涵盖 23 个发达市场经济体。如果一家公司在提高其环境 ESG 子分数的同时,却对严重的环境破坏负有责任,我们就认为该公司存在 "洗绿 "行为。根据我们的 "洗绿 "指标,约有 7% 的公司在 13 年的样本期内至少参与过一次 "洗绿"。能源、公用事业和材料行业的 "洗绿 "公司比例最高。我们发现有证据表明,内部和外部监督机制都能有效阻止公司采用 "洗绿 "策略。拥有更多独立董事会成员、吸引更多投资者关注、总部位于民众环保意识更强的国家的公司,参与 "洗绿 "的可能性要小得多。民众的环保意识是一个关键因素,尤其是在能源、公用事业和材料行业。
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来源期刊
CiteScore
17.20
自引率
16.30%
发文量
189
期刊介绍: Corporate Social Responsibility and Environmental Management is a journal that publishes both theoretical and practical contributions related to the social and environmental responsibilities of businesses in the context of sustainable development. It covers a wide range of topics, including tools and practices associated with these responsibilities, case studies, and cross-country surveys of best practices. The journal aims to help organizations improve their performance and accountability in these areas. The main focus of the journal is on research and practical advice for the development and assessment of social responsibility and environmental tools. It also features practical case studies and evaluates the strengths and weaknesses of different approaches to sustainability. The journal encourages the discussion and debate of sustainability issues and closely monitors the demands of various stakeholder groups. Corporate Social Responsibility and Environmental Management is a refereed journal, meaning that all contributions undergo a rigorous review process. It seeks high-quality contributions that appeal to a diverse audience from various disciplines.
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