Top management team stability and ESG greenwashing: Evidence from China
研究了中国上市公司高管团队稳定性对ESG漂绿行为的影响，发现团队稳定能通过降低代理成本、提高信息质量来减少漂绿，对非四大审计、非国有和高管持股高的企业更明显。
Abstract This study examines the relationship between top management team stability (STMT) and ESG greenwashing. Using a sample of Chinese listed companies for the period 2009–2022, we find that top management team stability has a negative effect on ESG greenwashing. Mechanism tests provide evidence that top management team stability reduces greenwashing by decreasing agency costs and improving the quality of information disclosure. Additional analysis reveals that this relationship is more pronounced for firms audited by non‐Big Four firms, non‐state‐owned enterprises, and firms with high executive shareholding. The study combines the characteristics of internal human capital with the efficiency of market information, offering a new perspective in the literature on ESG greenwashing.