Unmasking green camouflage: The governance effect of common institutional ownership on firm greenwashing

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-09-21 DOI:10.1016/j.frl.2025.108522

Qing Zhao , Xiaojuan Feng , Chunhong Zhang , Xinyu Chen

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引用次数: 0

Abstract

Amid growing global concerns over corporate greenwashing and the role of institutional investors in environmental governance, this study investigates whether and how common institutional ownership (CIO) acts as a market-based force to curb greenwashing among Chinese A-share firms. Using panel data from 2009 to 2023 and applying firm- and year-fixed effects, Heckman two-stage estimation, and multiple robustness tests, we find consistent evidence that CIO significantly reduces both the likelihood and severity of greenwashing. On average, CIO presence lowers the greenwashing index by 13.5 % relative to the sample mean. Mechanism analysis highlights two governance channels: (1) stronger reputational discipline, which heightens firms’ sensitivity to reputational risks, and (2) increased monitoring by financial analysts, which enhances external oversight. Together, these mechanisms explain much of CIO’s governance effect. Policy implications include promoting long-term institutional holdings, optimizing investor structures, and reinforcing monitoring frameworks to strengthen disclosure credibility and deter greenwashing.

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揭露绿色伪装：共同所有制对企业“漂绿”的治理效应

在全球对企业漂绿和机构投资者在环境治理中的作用日益关注的背景下，本研究探讨了共同机构所有权（CIO）是否以及如何作为一种基于市场的力量来遏制中国a股公司的漂绿。利用2009年至2023年的面板数据，应用公司固定效应和年固定效应、Heckman两阶段估计和多重稳健性检验，我们发现了一致的证据，表明CIO显著降低了绿色清洗的可能性和严重程度。平均而言，相对于样本平均值，首席信息官的存在降低了“漂绿”指数13.5%。机制分析强调了两个治理渠道：(1)加强声誉纪律，提高公司对声誉风险的敏感性；(2)增加金融分析师的监测，加强外部监督。总之，这些机制解释了CIO的治理效果。政策影响包括促进长期机构持股，优化投资者结构，加强监督框架，以加强披露可信度和阻止“漂绿”。

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

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

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