古老的智慧能遏制现代的绿色清洗吗？CEO过度自信与中国的调节力三大教理

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-09-18 DOI:10.1016/j.frl.2025.108500

Dian Zhang, Zhichao Cheng

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引用次数: 0

摘要

随着新兴经济体的企业面临越来越多的环境审查，了解企业“漂绿”的行为和文化决定因素至关重要。利用2008年至2022年具有强内生性控制的中国a股公司的大型面板数据集，我们发现CEO过度自信显著推动了企业的“漂绿”，这一效应主要在非高科技和非高污染企业中具有统计学意义，而在高科技和高污染企业中则不显著。然后，我们的中心发现证明了中国传统“三教”的对比调节作用：儒家思想大大减轻了这种有害的联系，佛教思想加剧了这种影响，而道教则显得惰性。这些模式在内生性控制和敏感性分析中保持强劲，强调了新兴经济体中管理心理学、文化遗产和企业环境决策之间的复杂联系。

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Can ancient wisdom curb modern greenwash? CEO overconfidence and the moderating power of China's three teachings

As firms in emerging economies navigate increasing environmental scrutiny, understanding the behavioral and cultural determinants of corporate greenwashing is critical. Using a large panel dataset of Chinese A-share firms from 2008 to 2022 with robust endogeneity controls, we find that CEO overconfidence significantly fuels corporate greenwashing, an effect found to be statistically significant primarily in non-high-tech and non-high-pollution firms, whereas it is insignificant in their high-tech and high-pollution counterparts. Our central finding then demonstrates the contrasting moderating roles of China's traditional 'Three Teachings': Confucianism substantially mitigates this detrimental linkage, Buddhist thought intensifies the effect, while Taoism appears inert. These patterns remain robust across endogeneity controls and sensitivity analyses, underscoring the complex nexus of managerial psychology, cultural heritage, and corporate environmental decision-making in emerging economies.

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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

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance