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Nearer means better? CSRC proximity and ESG greenwashing

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  • Yang, Zhonghai
  • Song, Pingting
  • Xu, Meng

Abstract

We examine how CSRC (China Securities Regulatory Commission) proximity influences ESG (environmental, social and governance) greenwashing. Based on a sample of A-listed Chinese firms from 2015 to 2022, we find that the firm proximity to the CSRC engages in more ESG greenwashing, which supports the agency theory. We analyse that the CSRC proximity increases ESG greenwashing through increasing agency costs. Our heterogeneity test shows that strict government regulation, high-quality audit, and directors with environmental background can alleviate the relationship between the CSRC proximity and ESG greenwashing.

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  • Yang, Zhonghai & Song, Pingting & Xu, Meng, 2025. "Nearer means better? CSRC proximity and ESG greenwashing," International Review of Financial Analysis, Elsevier, vol. 106(C).
    • Handle: RePEc:eee:finana:v:106:y:2025:i:c:s1057521925006362
    DOI: 10.1016/j.irfa.2025.104549
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