环境管理体系认证和企业ESG绿色化

IF 14.2 2区经济学 Q1 ECONOMICS

Energy Economics Pub Date : 2025-07-30 DOI:10.1016/j.eneco.2025.108800

Zhonghua Cheng, Xueqin Yan

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引用次数: 0

摘要

环境管理体系认证（EMSC）在提高企业环境管理绩效和减轻环境污染方面的有效性已得到广泛认可。然而，它可能同时通过机会主义行为促进企业的ESG“漂绿”。利用双机器学习在变量选择和模型估计方面的独特优势，我们分析了2012年至2022年中国上市公司的数据，研究了双机器学习框架下环境管理体系认证对企业ESG绿洗的影响和机制。实证结果表明：(1)环境管理体系认证显著抑制企业ESG漂绿，这一发现在各种内生性和稳健性检验中都是一致的。(2)机制分析表明，环境管理体系认证可以影响企业内部治理和外部利益相关者关注，从而约束盈余管理，增强利益相关者监督，减少低效投资，从而缓解企业ESG漂绿。(3)异质性分析表明，环境管理体系认证对中小企业、民营企业和清洁产业企业抑制ESG绿洗的影响更为显著。

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Environmental management system certification and corporate ESG greenwashing

Environmental management system certification (EMSC) has been widely recognized for its effectiveness in enhancing corporate environmental management performance and alleviating environmental pollution. However, it may concurrently facilitate corporate ESG greenwashing through opportunistic behavior. Leveraging the distinct strengths of double machine learning in both variable selection and model estimation, we analyze data from Chinese listed firms during 2012 to 2022 to examine the effects and mechanisms of environmental management system certification on corporate ESG greenwashing within the double machine learning framework. The empirical results reveal that: (1) Environmental management system certification significantly suppresses corporate ESG greenwashing, and this finding holds consistently across various endogeneity and robustness tests. (2) Mechanism analysis indicates that environmental management system certification can affect firms' internal governance and external stakeholder attention, thereby constraining earnings management, enhancing stakeholder supervision, and reducing inefficient investment, thus mitigating corporate ESG greenwashing. (3) Heterogeneity analysis suggests that the impact of environmental management system certification in curbing ESG greenwashing is more pronounced for small-scale firms, private firms, and firms in clean industries.

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来源期刊

Energy Economics ECONOMICS-

CiteScore

18.60

自引率

12.50%

发文量

524

期刊介绍： Energy Economics is a field journal that focuses on energy economics and energy finance. It covers various themes including the exploitation, conversion, and use of energy, markets for energy commodities and derivatives, regulation and taxation, forecasting, environment and climate, international trade, development, and monetary policy. The journal welcomes contributions that utilize diverse methods such as experiments, surveys, econometrics, decomposition, simulation models, equilibrium models, optimization models, and analytical models. It publishes a combination of papers employing different methods to explore a wide range of topics. The journal's replication policy encourages the submission of replication studies, wherein researchers reproduce and extend the key results of original studies while explaining any differences. Energy Economics is indexed and abstracted in several databases including Environmental Abstracts, Fuel and Energy Abstracts, Social Sciences Citation Index, GEOBASE, Social & Behavioral Sciences, Journal of Economic Literature, INSPEC, and more.