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The Enhancement Effect of Green Bond Issuance on Greenwashing Risk - Research Based on Difference-in-Differences Model

In: Proceedings of the 2025 3rd International Conference on Digital Economy and Management Science (CDEMS 2025)

Author

Listed:
  • Caiping Zhang

    (University of South China
    Institute of Carbon neutral and Nuclear Energy Development and Innovation)

  • Fengshihao Wang

    (University of South China
    Institute of Carbon neutral and Nuclear Energy Development and Innovation)

Abstract

Green bonds, as an important component of the financial market, can help companies raise funds for green projects while potentially increasing greenwashing risks. Using data from 305 A-share listed companies (2014-2023), this study employs DID method and GONE theory to explore how green bond issuance affects greenwashing risk. Results show that green bond issuance positively correlates with greenwashing risk, especially when corruption costs are low, supervision is weak, exposure probability is small, and management control is high. The effect is more pronounced in high-pollution industries and state-owned enterprises with low external financing dependence.

Suggested Citation

  • Caiping Zhang & Fengshihao Wang, 2025. "The Enhancement Effect of Green Bond Issuance on Greenwashing Risk - Research Based on Difference-in-Differences Model," Advances in Economics, Business and Management Research, in: Wenke Zang & Chunping Xia (ed.), Proceedings of the 2025 3rd International Conference on Digital Economy and Management Science (CDEMS 2025), pages 259-267, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-770-0_31
    DOI: 10.2991/978-94-6463-770-0_31
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