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Green or greenwashed? ESG contracting and corporate environmental investment

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  • Liu, Xiumei
  • Tan, Youchao
  • Xie, Ziheng
  • Zhou, Ruixue

Abstract

Using a sample of Chinese listed firms, we find that the adoption of ESG contracting (i.e., linking executive compensation to ESG measures) is negatively associated with corporate environmental investment. This relationship strengthens when local environmental awareness is higher before a firm adopts ESG contracting, supporting the greenwashing argument. Resource-constrained firms exhibit a stronger effect, but stringent supervision reduces their greenwashing tendency. Firms adopting ESG contracting receive more environmental subsidies and lower debt costs, and have better financial performance with lower volatility. Moreover, although there is a greenwashing effect on average, we find that ESG contracting can also play a positive role in firms assigning higher weights to ESG measures, reconciling the two effects of ESG contracting from the efficient contracting perspective and greenwashing. Our study expands the understanding of the economic consequences of ESG contracting, highlighting firms’ symbolic gestures versus actual efforts and contributing to the discourse on greenwashing practices.

Suggested Citation

  • Liu, Xiumei & Tan, Youchao & Xie, Ziheng & Zhou, Ruixue, 2026. "Green or greenwashed? ESG contracting and corporate environmental investment," Journal of Business Research, Elsevier, vol. 204(C).
    • Handle: RePEc:eee:jbrese:v:204:y:2026:i:c:s0148296325006514
    DOI: 10.1016/j.jbusres.2025.115828
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