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Effects of greenwashing on financial performance: Moderation through local environmental regulation and media coverage

Citations

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  1. Yi Zhang & Huiming Zhang & Kai Wu & Danyun Shen, 2024. "Governance of Greenwashing Behaviors: A Perspective of Heterogeneous Firm Types," Energies, MDPI, vol. 17(6), pages 1-15, March.
  2. Zixuan Zhang & Zhenyu Ge, 2024. "Fishing in muddy water? Climate policy uncertainty and corporate greenwashing in environmental, social, and governance," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 45(6), pages 4191-4207, September.
  3. Hao Huang & Yaping Chang & Liyuan Zhang, 2023. "CEO's marketing experience and firm green innovation," Business Strategy and the Environment, Wiley Blackwell, vol. 32(8), pages 5211-5233, December.
  4. Jinyu Chen & Yixin Qiu & Qian Ding & Yuan Geng, 2025. "Climate transition risk and corporate environment, social and governance performance: Evidence from Chinese listed companies," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 30(3), pages 2829-2848, July.
  5. Ling Zou & Jiejing Ma, 2026. "Does carbon emission trading scheme improve corporate green mergers and acquisitions? Evidence from Chinese industrial enterprises," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 28(4), pages 9041-9063, April.
  6. Bhullar, Pritpal Singh & Joshi, Mahesh & Sharma, Sharad & Kaur, Amanpreet & Phan, Duc, 2025. "Greenwashing and ESG: Bibliometric analysis and future research agenda," Pacific-Basin Finance Journal, Elsevier, vol. 93(C).
  7. Xinyu Hao & Tingting Tian & Liang Dong & Christina W. Y. Wong & Kee-hung Lai, 2026. "Unmasking greenwashing in ESG disclosure: insights from evolutionary game analysis," Annals of Operations Research, Springer, vol. 356(1), pages 667-695, January.
  8. Chen, Yanpeng & Masron, Tajul Ariffin, 2025. "The role of media visibility in mitigating greenwashing driven by executive environmental cognition: Evidence from China," Finance Research Letters, Elsevier, vol. 74(C).
  9. Kesen Zhang & Bilal Ahmed & Ruping Wang & Baoying Gu, 2025. "The Influence of Internal Governance and External Legitimacy on Greenwashing: A Digitalization Perspective," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 27(2), pages 4881-4909, February.
  10. Chen, Jinyu & Fan, Yirui & Yang, Yan & Tang, Ying, 2025. "Carbon risk and technological mergers and acquisitions(M&A):The perspective of institutional pressures," Energy Economics, Elsevier, vol. 143(C).
  11. 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).
  12. Jing Wei, 2023. "Does the “Greenwashing” and “Brownwashing” of Corporate Environmental Information Affect the Analyst Forecast Accuracy?," Sustainability, MDPI, vol. 15(14), pages 1-28, July.
  13. Wang, Yuxi & Hu, Fangjia & Wang, Yunyun, 2024. "Analyst coverage and greenwashing: Evidence from Chinese A-Share listed corporations," International Review of Economics & Finance, Elsevier, vol. 94(C).
  14. Jiacai Xiong & Zelin Yang & Lijuan Xiao & Yushu Zhu, 2025. "Environmental judicial reform and corporate greenwashing: evidence from China’s environmental public interest litigation pilot," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 12(1), pages 1-16, December.
  15. Xu, Morong & Wang, Yaopeng, 2025. "Beyond the green facade: Evidence of a nonlinear link between greenwashing and financing efficiency," Global Finance Journal, Elsevier, vol. 68(C).
  16. Xiong, Jiacai & Yang, Zelin & Wang, Qing Sophie, 2025. "Can non-punitive regulation curb corporate greenwashing?Evidence from a word embedding model," Research in International Business and Finance, Elsevier, vol. 76(C).
  17. Luca Menicacci & Lorenzo Simoni, 2024. "Negative media coverage of ESG issues and corporate tax avoidance," Sustainability Accounting, Management and Policy Journal, Emerald Group Publishing Limited, vol. 15(7), pages 1-33, February.
  18. Zhang, Mengzhi & He, Wenjian, 2025. "Encouraging or inhibiting: Can analyst attention reduce corporate greenwashing behavior?," Economic Analysis and Policy, Elsevier, vol. 85(C), pages 943-962.
  19. Kiran, Madiha & Chughtai, Sumayya & Naeem, Muhammad Abubakr, 2024. "Navigating greenwashing in the G8: Insights into family-owned firms, technology innovation, and economic policy uncertainty," Research in International Business and Finance, Elsevier, vol. 71(C).
  20. Diogenis Baboukardos & Anastasia Kopita & Charlotte Ranegaard & Elias Demetriades, 2024. "Carbon reporting regulation: Real effects, external pressures, and internal policies," Business Strategy and the Environment, Wiley Blackwell, vol. 33(5), pages 4871-4886, July.
  21. Kaijun Gan & Silin Ye, 2024. "Window Dressing in Impression Management: Does Negative Media Coverage Drive Corporate Green Production?," Sustainability, MDPI, vol. 16(2), pages 1-22, January.
  22. Guangrui Liu & Hao Qian & Yong Shi & Deli Yuan & Ming Zhou, 2024. "How do firms react to capital market liberalization? Evidence from ESG reporting greenwashing," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 31(5), pages 4329-4344, September.
  23. Yiming Wang & Yuhua Xie & Mingwei Liu & Yongxing Guo & Duojun He, 2024. "Silent Majority: How Employees’ Perceptions of Corporate Hypocrisy are Related to their Silence," Journal of Business Ethics, Springer, vol. 195(2), pages 315-334, November.
  24. Karl Weinmayer & Marion Garaus & Udo Wagner, 2024. "The impact of corporate sustainability performance on advertising efficiency," OR Spectrum: Quantitative Approaches in Management, Springer;Gesellschaft für Operations Research e.V., vol. 46(1), pages 175-209, March.
  25. Navarro Ana Inés & Camusso Jorge & Varvello Juan Cruz, 2025. "Commitment to sustainability or marketing strategy to increase profits? A preliminary analysis of startup practices in Argentina's AgTech sector," Asociación Argentina de Economía Política: Working Papers 4824, Asociación Argentina de Economía Política.
  26. Garima Malik & Dharmendra Singh & Amandeep Kaur, 2025. "Greenwashing in green banking: weakening sustainable initiatives, trust, and harming brand reputation," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 30(4), pages 1-21, December.
  27. Xinru Li & Zengrui Tian & Qian Liu & Beiquan Chang, 2025. "The Impact and Mechanisms of State-Owned Shareholding on Greenwashing Behaviors in Chinese A-Share Private Enterprises," Sustainability, MDPI, vol. 17(2), pages 1-29, January.
  28. Hongzhen Fu & Qingquan Jiang & Javier Cifuentes-Faura & Qiuying Chen, 2025. "Corporate environmental governance and firm value: beyond greenwashing for sustainable development," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 27(9), pages 21383-21400, September.
  29. Wang, Zongrun & Fu, Haiqin & Ren, Xiaohang & Gozgor, Giray, 2024. "Exploring the carbon emission reduction effects of corporate climate risk disclosure: Empirical evidence based on Chinese A-share listed enterprises," International Review of Financial Analysis, Elsevier, vol. 92(C).
  30. Irina Heim & Lilya Mergaliyeva, 2025. "Organizational Wrongdoing within the Context of the UN Sustainable Development Goals: An Integrative Review," Journal of Business Ethics, Springer, vol. 198(3), pages 615-635, May.
  31. Chao, Wu & Yifei, Xing & Shuai, Yang, 2025. "Aggravating effect: ESG performance and reputational penalty," Finance Research Letters, Elsevier, vol. 72(C).
  32. Azeez Oyebanji Abiola & Igbekoyi Olusola Esther & Adeyemo Foluke Helen, 2024. "Environmental Risk Management and Financial Performance in Listed Multinational Firms in Nigeria," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 8(12), pages 50-74, December.
  33. Liu, Yuxiang & Zhang, Jiewei & Dai, Yue, 2023. "Analyst following and greenwashing decision," Finance Research Letters, Elsevier, vol. 58(PC).
  34. Huang, Ruihang & Xi, Miaoqing, 2025. "Media-driven greenwashing hype and stock price crash risk," Finance Research Letters, Elsevier, vol. 85(PA).
  35. Luxton, Sarah & Smith, Greg & Williams, Kristen & Ferrier, Simon & Bond, Anthelia & Prober, Suzanne, 2023. "An introduction to financial opportunities, ecological concepts, and risks underpinning aspirations for a nature-positive economy," OSF Preprints cu8rj, Center for Open Science.
  36. Xianwei Ling & Hong Wang, 2024. "Green Behavior Strategies in the Green Credit Market: Analysis of the Impacts of Enterprises’ Greenwashing and Blockchain Technology," Sustainability, MDPI, vol. 16(11), pages 1-21, June.
  37. Sujata Khandai & Ivan Zupic & Harpuneet Singh Kohli & Sonia Kataria & Renu Yadav & Jones Mathew, 2025. "Greenwashing and its consequences: the role of skepticism, brand embarrassment, and brand hate in shaping purchase intentions," Quality & Quantity: International Journal of Methodology, Springer, vol. 59(4), pages 3723-3749, August.
  38. Dan Daugaard & Sana Ejaz & Ayobolawole Adewale Ogundipe, 2025. "Greenwashing in the Tuna Industry: Implications for Consumers, Businesses and Planetary Health," Challenges, MDPI, vol. 16(4), pages 1-19, September.
  39. Liang, Qianxu & Wang, Chaonan & Li, Yongping, 2025. "How does green finance influence enterprise greenwashing tendencies? Theoretical and empirical evidence from China," International Review of Financial Analysis, Elsevier, vol. 106(C).
  40. Walid Ben‐Amar & Breeda Comyns & Isabelle Martinez, 2024. "Firm commitments on climate change: Effects of science‐based targets on financial outcomes during the COVID‐19 crisis," Business Strategy and the Environment, Wiley Blackwell, vol. 33(8), pages 7768-7787, December.
  41. Birindelli, Giuliana & Chiappini, Helen & Jalal, Raja Nabeel-Ud-Din, 2024. "Greenwashing, bank financial performance and the moderating role of gender diversity," Research in International Business and Finance, Elsevier, vol. 69(C).
  42. Bitao Yin & Zongting Li & Zhiqiao Xiong & Daqian Shi, 2024. "How Does Environmental Regulation Affect Corporate Environmental, Social, and Governance (ESG) Greenwashing? Evidence from China," Sustainability, MDPI, vol. 16(23), pages 1-17, December.
  43. Célia Santos & Arnaldo Coelho & Beatriz Lopes Cancela, 2025. "The impact of greenwashing on sustainability through green supply chain integration: the moderating role of information sharing," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 27(9), pages 21709-21736, September.
  44. Abdullah, Mohammad & Wali Ullah, G M & Turner, Jason, 2025. "50 shades of dark green: The nexus of narcissistic leadership and corporate greenwashing," International Review of Financial Analysis, Elsevier, vol. 104(PA).
  45. Jianjun Sun & Nannan Zu & Chao Zhang, 2025. "Big data and firm greenwashing: evidence from China’s national big data comprehensive pilot zone," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 12(1), pages 1-10, December.
  46. Francesca Bernini & Fabio La Rosa, 2024. "Research in the greenwashing field: concepts, theories, and potential impacts on economic and social value," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 28(2), pages 405-444, June.
  47. Yue, Sishi & Yang, Mo & Cao, Jiawei & Yang, Jinyu, 2025. "Do management climate change concerns mitigate greenwashing? Evidence from China," Emerging Markets Review, Elsevier, vol. 67(C).
  48. Hong Wang, 2025. "Antecedent and consequences of sustainability employee’s perception of greenwashing: the role of ethical incentive," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 27(9), pages 21401-21424, September.
  49. Tang, Pengcheng & Wang, Guolin & Wang, Jinwei & Tian, Hao, 2025. "Decoding carbon information disclosure with NLP techniques: Combating carbonwashing for energy and climate transition," Energy, Elsevier, vol. 335(C).
  50. Muhammad Ansar Majeed & Irfan Ullah & Samia Tariq & Tanveer Ahsan, 2025. "Does brand capital improve stock liquidity? Evidence from China," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 30(1), pages 382-404, January.
  51. Cheng, Zhonghua & Yan, Xueqin, 2025. "Environmental management system certification and corporate ESG greenwashing," Energy Economics, Elsevier, vol. 149(C).
  52. Wang, Yuan & Xing, Chao & Zhang, Luxiu, 2024. "Is greenwashing beneficial for corporate access to financing? Evidence from China," Finance Research Letters, Elsevier, vol. 65(C).
  53. Zhu, Danlin & Yu, Lin, 2025. "Does twitter sentiment induce or reduce earnings management?," Finance Research Letters, Elsevier, vol. 81(C).
  54. Siqian Chen & Xin Leng & Kun Luo, 2024. "Supply chain digitalization and corporate ESG performance," American Journal of Economics and Sociology, Wiley Blackwell, vol. 83(4), pages 855-881, September.
  55. Jiaying Li & Ying Fu & Ying Wu, 2024. "Advertising and Corporate Green Innovation: From the Perspective of Greenwashing," Sustainability, MDPI, vol. 16(23), pages 1-14, November.
  56. Mithilesh Gidage & Shilpa Bhide & Yuriy Bilan, 2025. "Greenwashing in the Indian corporate landscape: an empirical assessment of ESG disclosures of NIFTY 50 companies," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 27(9), pages 21861-21885, September.
  57. Divinus Oppong-Tawiah & Jane Webster, 2023. "Corporate Sustainability Communication as ‘Fake News’: Firms’ Greenwashing on Twitter," Sustainability, MDPI, vol. 15(8), pages 1-26, April.
  58. repec:osf:osfxxx:cu8rj_v1 is not listed on IDEAS
  59. Mangenda Tshiaba Sidney & Gaoke Liao, 2025. "Deciphering the Intricate Influence of Greenwashing and Environmental Performance on Financial Outcome Through Panel VAR/GMM Analysis," Sustainability, MDPI, vol. 17(9), pages 1-30, April.
  60. Li, Yunqian & Xiao, Jun, 2025. "The effect of institutional investors’ site visits on corporate greenwashing behavior," International Review of Economics & Finance, Elsevier, vol. 97(C).
  61. Gong, Qi & Kong, Zhaoyang & Li, Liang & Dong, Xiucheng & Li, Yang, 2026. "The consequences of hypocrisy: how ESG greenwashing undermines green total factor productivity," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 106(C).
  62. Xing, Chao & Zhang, Xinyue & Zhang, Yuming & Zhang, Luxiu, 2024. "From green-washing to innovation-washing: Environmental information intangibility and corporate green innovation in China," International Review of Economics & Finance, Elsevier, vol. 93(PB), pages 204-226.
  63. Zahid Yousaf & Maria Palazzo & Magdalena Radulescu & Asad Javed, 2025. "Unleashing the role of greenwashing in the relationship of environmental sustainability thoughts and environmental performance: exploring the importance of generative leadership," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 27(9), pages 21175-21194, September.
  64. Jin, Chenfei & Monfort, Abel & Chen, Feng & Xia, Neng & Wu, Bao, 2024. "Institutional investor ESG activism and corporate green innovation against climate change: Exploring differences between digital and non-digital firms," Technological Forecasting and Social Change, Elsevier, vol. 200(C).
  65. Liu, Guangrui & Fang, Ying & Qian, Hao & Ding, Zhigang & Zhang, Alex & Zhang, Songlin, 2025. "Incentive or catering effect of environmental subsidies? Evidence from ESG reports on greenwashing," International Review of Financial Analysis, Elsevier, vol. 103(C).
  66. Wang, Menghan & Zhang, Yinglin & Gong, Xiaoxiao, 2025. "The impacts of social credit environment improvement on corporate ESG greenwashing: Evidence from China," International Review of Economics & Finance, Elsevier, vol. 102(C).
  67. Hu, Shi & Chen, Peilin & Zhang, Chunli, 2025. "How does green finance reform affect corporate ESG greenwashing behavior?," International Review of Financial Analysis, Elsevier, vol. 102(C).
  68. M. Lahandi Baskoro & Benny Tjahjono & Macarena Beltran & Anna Bogush & Yichuan Wang, 2024. "The imperative of communication signals in boosting business strategies of the bioplastic packaging industry," Business Strategy and the Environment, Wiley Blackwell, vol. 33(2), pages 307-334, February.
  69. Xiang, Yilin & Chen, Lu & Zhang, Zhenya & Sun, Xinyu, 2024. "Does perceived greenwashing promote or inhibit ethical voice? Effects of moral disengagement and perceived competitive pressure," Journal of Business Research, Elsevier, vol. 182(C).
  70. Chen, Lu & Ma, Yan & Feng, Gen-Fu & Chang, Chun-Ping, 2024. "Does environmental governance mitigate the detriment of greenwashing on innovation in China?," Pacific-Basin Finance Journal, Elsevier, vol. 86(C).
  71. Liao, Zhongju & Chen, Jie & Weng, Chen & Zhu, Cunbin, 2023. "The effects of external supervision on firm-level environmental innovation in China: Are they substantive or strategic?," Economic Analysis and Policy, Elsevier, vol. 80(C), pages 267-277.
  72. Huisu Lai & Lei Quan & Fei Wu & Song Tang & Chong Guo & Xiaobing Lai, 2025. "Corporate environmental publicity and green innovation: are words consistent with actions?," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 12(1), pages 1-14, December.
  73. Huanyong Ji & Liu Yang & Chuande Lian, 2025. "CEO Power and Green Innovation: Evidence from China," Sustainability, MDPI, vol. 17(8), pages 1-17, April.
  74. Li, Menghan & Chen, Qi, 2024. "Executive pay gap and corporate ESG greenwashing: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 95(PA).
  75. Xu, Jinhua & Cai, Zhehui & Li, Xiaoxia, 2025. "Unveiling greenwashing trends: The curious effect of digital-driven M&As among listed Chinese firms," Research in International Business and Finance, Elsevier, vol. 80(C).
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