Do management climate change concerns mitigate greenwashing? Evidence from China

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

Emerging Markets Review Pub Date : 2025-05-13 DOI:10.1016/j.ememar.2025.101308

Sishi Yue , Mo Yang , Jiawei Cao , Jinyu Yang

引用次数: 0

Abstract

In this study, we investigate whether management climate change concerns (MCCCs) have an effect on the greenwashing behavior of listed firms. We construct a score to measure MCCCs, which is computed via the informational content of the Management Discussion and Analysis (MD&A) sections in annual reports that contain climate-change-related words (phrases). We employ a panel dataset that comprises Chinese companies listed on the A-share market between 2015 and 2021 to examine the effect of MCCCs on greenwashing behavior via panel regression analysis. We find that the number of management concerns regarding climate change have increased, which has mitigated greenwashing behavior. The in-depth integration of MCCCs directly inhibits greenwashing through the corporate governance structure. Additionally, the effects are more evident among enterprises in non-highly polluting industries, enterprises with strong innovation ability, enterprises in eastern China, and enterprises in strongly competitive markets.

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管理层对气候变化的关注是否减轻了“漂绿”？来自中国的证据

在本研究中，我们探讨了管理层对气候变化的关注是否会对上市公司的“漂绿”行为产生影响。我们构建了一个分数来衡量MCCCs，该分数是通过年度报告中包含气候变化相关单词（短语）的管理讨论和分析（MD& a）部分的信息内容来计算的。本文采用2015 - 2021年a股上市公司的面板数据集，通过面板回归分析检验了cccs对“漂绿”行为的影响。我们发现，管理方面对气候变化的关注有所增加，这减轻了“漂绿”行为。MCCCs的深度整合通过公司治理结构直接抑制了“漂绿”。其中，非高污染行业企业、创新能力强的企业、东部地区企业和竞争激烈的市场企业的影响更为明显。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Emerging Markets Review Multiple-

CiteScore

7.10

自引率

4.20%

发文量

审稿时长

100 days

期刊介绍： The intent of the editors is to consolidate Emerging Markets Review as the premier vehicle for publishing high impact empirical and theoretical studies in emerging markets finance. Preference will be given to comparative studies that take global and regional perspectives, detailed single country studies that address critical policy issues and have significant global and regional implications, and papers that address the interactions of national and international financial architecture. We especially welcome papers that take institutional as well as financial perspectives.