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Natural disasters reveal firms’ true colors: Evidence from China’s A-share listed firms

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  • Sun, Jianjun
  • Zhang, Chao
  • Liu, Hongtao
  • Naz, Tahira
  • Zu, Nannan

Abstract

We examine the causal effects of natural disasters on corporate environmental, social, and governance (ESG) greenwashing. The findings reveal that natural disasters significantly increase corporate ESG greenwashing. A likely explanation is that a corporation, by intentionally building a sustainable image, can access favorable external financing, which helps to restore and sustain production operations. This effect is more pronounced in firms within high-tech industries and those located in regions with strong environmental regulations. The findings enhance the understanding of how natural disasters affect corporate green development.

Suggested Citation

  • Sun, Jianjun & Zhang, Chao & Liu, Hongtao & Naz, Tahira & Zu, Nannan, 2026. "Natural disasters reveal firms’ true colors: Evidence from China’s A-share listed firms," Finance Research Letters, Elsevier, vol. 100(C).
    • Handle: RePEc:eee:finlet:v:100:y:2026:i:c:s1544612326004782
    DOI: 10.1016/j.frl.2026.109949
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