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When greenwashing meets ESG: Exploring the role of third-party ESG ratings in corporate greenwashing behavior

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  • Zhang, Hua
  • Lai, Jie
  • Guo, Zheng

Abstract

As third-party ESG ratings gain influence in emerging markets, a critical question arises: will firms actively adopt sustainable practices, or will they passively engage in unethical greenwashing? To investigate the causal impact of ESG ratings on corporate greenwashing behavior, we utilize ESG rating shocks from SynTao Green Finance, a leading ESG rating agency and the first to publish ESG information in China. Analyzing a dataset of Chinese listed firms with a staggered difference-in-differences estimator, we find that ESG ratings significantly reduce corporate greenwashing behavior. This negative effect is both persistent and intensifies over time. The reduction in greenwashing is primarily driven by the alleviation of financial constraints and the enhancement of environmental engagement, with digital transformation further amplifying the inhibitory effect of ESG ratings. The impact of ESG ratings on greenwashing is particularly pronounced among large firms, firms with high media attention, firms in competitive industries, and those located in eastern and central regions. Our study highlights the critical role of third-party ESG ratings in curbing corporate greenwashing practices in a typical emerging economy.

Suggested Citation

  • Zhang, Hua & Lai, Jie & Guo, Zheng, 2025. "When greenwashing meets ESG: Exploring the role of third-party ESG ratings in corporate greenwashing behavior," Journal of Business Research, Elsevier, vol. 200(C).
    • Handle: RePEc:eee:jbrese:v:200:y:2025:i:c:s0148296325004345
    DOI: 10.1016/j.jbusres.2025.115611
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