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The green fog: Environmental rating disagreement and corporate greenwashing

Author

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  • Hu, Xinwen
  • Hua, Renhai
  • Liu, Qingfu
  • Wang, Chuanjie

Abstract

We investigate whether the environmental rating disagreement (ERD) would influence future corporate greenwashing behavior. We find that ERD would increase the future probability of corporate greenwashing, mainly through mechanisms of agency costs and corporate information opacity. The relationship between ERD and corporate greenwashing is stronger in heavily-polluted firms, and would be significantly affected by internal incentives. In the presence of ERD, corporate greenwashing of firms with higher internal supervision intensity and external investor attention exhibits a smaller or even insignificant increase. Overall, our findings indicate that greenwashing could be curbed through the unification of environmental rating standards, the improvement of internal supervision improvement, and the expansion of external monitoring.

Suggested Citation

  • Hu, Xinwen & Hua, Renhai & Liu, Qingfu & Wang, Chuanjie, 2023. "The green fog: Environmental rating disagreement and corporate greenwashing," Pacific-Basin Finance Journal, Elsevier, vol. 78(C).
    • Handle: RePEc:eee:pacfin:v:78:y:2023:i:c:s0927538x23000185
    DOI: 10.1016/j.pacfin.2023.101952
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    More about this item

    Keywords

    Environmental rating disagreement; Corporate greenwashing; Agency costs; Firm opacity;
    All these keywords.

    JEL classification:

    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage

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