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Catering or governance: The impact of customer concentration on corporate ESG greenwashing

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  • Guan, Yueqin
  • Niu, Zhuangzhuang
  • Xu, Liping

Abstract

This study examines the effect of customer concentration on corporate ESG greenwashing. Drawing a sample from Chinese listed firms during 2009–2022, we find that firms with higher customer concentration are more likely to engage in ESG greenwashing, catering the high ESG preferences of major customers. Financial constraints and asset specificity prompt firms to rely on ESG tone management instead of real investments. Strong internal and external governance mechanisms, as well as close relationships with government customers, can mitigate these effects. Finally, such greenwashing behavior exaggerates equity mispricing. These results provide novel evidence on customer concentration as a key driver of corporate ESG greenwashing.

Suggested Citation

  • Guan, Yueqin & Niu, Zhuangzhuang & Xu, Liping, 2026. "Catering or governance: The impact of customer concentration on corporate ESG greenwashing," Research in International Business and Finance, Elsevier, vol. 87(C).
    • Handle: RePEc:eee:riibaf:v:87:y:2026:i:c:s0275531926001418
    DOI: 10.1016/j.ribaf.2026.103414
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