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Biodiversity risk and corporate greenwashing: Evidence from China

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  • Pi, Tianlei
  • Jiao, Linke
  • Zhou, Yuhan
  • Shi, Jin

Abstract

Based on the sample data of Chinese A-share listed companies from 2010 to 2022, this paper explores whether the biodiversity risk faced by enterprises affect their greenwashing behavior. The study shows a significant positive correlation between biodiversity risk and corporate greenwashing. Further analysis reveals that biodiversity risk influences corporate greenwashing primarily by intensifying financing constraints and affecting government subsidies. The heterogeneity test results show that the above positive correlation varies significantly depending on the nature of firm ownership, the level of institutional investors' shareholding, and the degree of pollution of enterprises. This research provides new evidence for understanding the relationship between biodiversity risk and corporate environmental behavior.

Suggested Citation

  • Pi, Tianlei & Jiao, Linke & Zhou, Yuhan & Shi, Jin, 2026. "Biodiversity risk and corporate greenwashing: Evidence from China," Research in International Business and Finance, Elsevier, vol. 83(C).
    • Handle: RePEc:eee:riibaf:v:83:y:2026:i:c:s0275531926000140
    DOI: 10.1016/j.ribaf.2026.103287
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