{"title":"股票市场自由化与企业漂绿:来自沪(深)港通的经验证据","authors":"Hui Huang, Zongyi Zhang, Cheng Xiang","doi":"10.1002/csr.70066","DOIUrl":null,"url":null,"abstract":"<div>\n \n <p>Utilizing the Shanghai- (Shenzhen-) Hong Kong Connect (hereafter, the Connects) as exogenous shocks to the liberalization of China's A-share stock market, we explore how stock market liberalization shapes local firms' greenwashing behaviors. The staggered difference-in-differences (DID) regressions reveal that Chinese public firms' greenwashing levels significantly decrease after they are accessible to foreign investors via the Connects. This finding remains valid in a broad battery of robustness tests, including those addressing concerns about the heterogeneous treatment effects in regular staggered DID estimations. Mechanism tests suggest that the Connects curb greenwashing by improving eligible firms' information transparency, but not by alleviating their financing constraints nor improving green preferences. Moreover, the impact of the Connects is greater for firms with higher ownership by foreign investors, more intensive external monitoring, or larger greenwashing incentives. These results indicate that stock market liberalization, exemplified by the Connects in our study, exerts external governance influences on local firms, thereby reducing their greenwashing propensity.</p>\n </div>","PeriodicalId":48334,"journal":{"name":"Corporate Social Responsibility and Environmental Management","volume":"32 5","pages":"6843-6863"},"PeriodicalIF":9.1000,"publicationDate":"2025-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Stock Market Liberalization and Corporate Greenwashing: Empirical Evidence From the Shanghai- (Shenzhen-) Hong Kong Connect\",\"authors\":\"Hui Huang, Zongyi Zhang, Cheng Xiang\",\"doi\":\"10.1002/csr.70066\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div>\\n \\n <p>Utilizing the Shanghai- (Shenzhen-) Hong Kong Connect (hereafter, the Connects) as exogenous shocks to the liberalization of China's A-share stock market, we explore how stock market liberalization shapes local firms' greenwashing behaviors. The staggered difference-in-differences (DID) regressions reveal that Chinese public firms' greenwashing levels significantly decrease after they are accessible to foreign investors via the Connects. This finding remains valid in a broad battery of robustness tests, including those addressing concerns about the heterogeneous treatment effects in regular staggered DID estimations. Mechanism tests suggest that the Connects curb greenwashing by improving eligible firms' information transparency, but not by alleviating their financing constraints nor improving green preferences. Moreover, the impact of the Connects is greater for firms with higher ownership by foreign investors, more intensive external monitoring, or larger greenwashing incentives. These results indicate that stock market liberalization, exemplified by the Connects in our study, exerts external governance influences on local firms, thereby reducing their greenwashing propensity.</p>\\n </div>\",\"PeriodicalId\":48334,\"journal\":{\"name\":\"Corporate Social Responsibility and Environmental Management\",\"volume\":\"32 5\",\"pages\":\"6843-6863\"},\"PeriodicalIF\":9.1000,\"publicationDate\":\"2025-07-10\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Corporate Social Responsibility and Environmental Management\",\"FirstCategoryId\":\"91\",\"ListUrlMain\":\"https://onlinelibrary.wiley.com/doi/10.1002/csr.70066\",\"RegionNum\":2,\"RegionCategory\":\"管理学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Corporate Social Responsibility and Environmental Management","FirstCategoryId":"91","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1002/csr.70066","RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS","Score":null,"Total":0}
Stock Market Liberalization and Corporate Greenwashing: Empirical Evidence From the Shanghai- (Shenzhen-) Hong Kong Connect
Utilizing the Shanghai- (Shenzhen-) Hong Kong Connect (hereafter, the Connects) as exogenous shocks to the liberalization of China's A-share stock market, we explore how stock market liberalization shapes local firms' greenwashing behaviors. The staggered difference-in-differences (DID) regressions reveal that Chinese public firms' greenwashing levels significantly decrease after they are accessible to foreign investors via the Connects. This finding remains valid in a broad battery of robustness tests, including those addressing concerns about the heterogeneous treatment effects in regular staggered DID estimations. Mechanism tests suggest that the Connects curb greenwashing by improving eligible firms' information transparency, but not by alleviating their financing constraints nor improving green preferences. Moreover, the impact of the Connects is greater for firms with higher ownership by foreign investors, more intensive external monitoring, or larger greenwashing incentives. These results indicate that stock market liberalization, exemplified by the Connects in our study, exerts external governance influences on local firms, thereby reducing their greenwashing propensity.
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.