Sustainability or Greenwashing: Evidence from the Asset Market for Industrial Pollution
研究了污染性工厂的资产市场，发现企业通过出售污染工厂来应对环境压力，但污染并未减少，卖方却因标榜可持续政策而获得更高ESG评级和收益。
ABSTRACT We study the asset market for pollutive plants. Firms divest pollutive plants in response to environmental pressures. Buyers are firms facing weaker environmental pressures that have supply chain relationships or joint ventures with the sellers. While pollution levels do not decline following divestitures, sellers highlight their sustainable policies in subsequent conference calls, earn higher returns as they sell more pollutive plants, and benefit from higher Environmental, Social, and Governance (ESG) ratings and lower compliance costs. Overall, the asset market allows firms to redraw their boundaries in a manner perceived as environmentally friendly without real consequences for pollution but with substantial gains from trade.