Does Societal Trust Reduce Greenwashing? International Evidence
研究利用ESG争议得分衡量漂绿行为，发现高社会信任国家的企业漂绿更少，且该效应在正式制度弱的国家更强、在高可见度企业更明显，通过声誉、透明度和利益相关者参与三条路径起作用。
ABSTRACT I investigate the influence of societal trust on greenwashing. Utilizing the ESG controversies score as a proxy for greenwashing, this research finds that firms in high‐trust societies engage in fewer greenwashing activities. The effect is less pronounced for firms in countries with strong formal institutions, consistent with the notion that societal trust works as a substitute for country‐level formal institution. However, the effect is more pronounced for highly visible firms. This study highlights three potential mechanisms through which societal trust reduces greenwashing practices: enhanced firm reputation, improved accounting transparency, and stronger stakeholder engagement. Overall, these findings underscore the significant role of societal trust in mitigating corporate greenwashing and fostering sustainable business practices.