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ESG performance and "Greenwashing": An analysis of the mediating effect of supply chain finance

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  • Zhang, Xuan
  • Zhang, Zhongtang

Abstract

Drawing on a sample of China's A-share listed companies from 2009 to 2023, this paper systematically examines the impact of corporate ESG performance on "greenwashing" and further analyzes the mediating role of supply chain finance. The results show: first, there is a significant positive correlation between corporate ESG performance and "greenwashing"; second, supply chain finance exerts a partial mediating effect between ESG performance and "greenwashing"; third, the financial backgrounds of directors, supervisors, and senior executives significantly moderate the relationship between ESG performance and "greenwashing"; fourth, the impact of ESG performance on "greenwashing" exhibits heterogeneity between southern and northern regions; fifth, the impact of ESG performance on "greenwashing" differs between heavily polluting and non-heavily polluting firms.

Suggested Citation

  • Zhang, Xuan & Zhang, Zhongtang, 2026. "ESG performance and "Greenwashing": An analysis of the mediating effect of supply chain finance," Finance Research Letters, Elsevier, vol. 89(C).
    • Handle: RePEc:eee:finlet:v:89:y:2026:i:c:s1544612325025048
    DOI: 10.1016/j.frl.2025.109255
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    References listed on IDEAS

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