Decoding greenwashing practices toward sustainability: The synergistic influence of governance structure and policy-derive rhetorical strategies
研究了投资者压力与企业漂绿行为的关系，发现公司治理结构和政策衍生修辞策略共同调节这一关系，且两者的协同作用能减少漂绿和环境处罚、增强透明度。
This study empirically examines the nexus between investor pressure, corporate greenwashing practices (CGWPs), corporate governance structure and policy-derive rhetorical strategies (PDRSs). We examine the synergy between corporate governance structure and PDRSs and the combined influence of these two constructs on the nexus between investor pressure and CGWPs. The conceptual framework underpinning this study is rooted on theoretical triangulation, conspicuously on environmental legitimacy theory and rhetorical theory. Datasets employed by this study constructed using Python programming to collect policy-derive texts from Chinese government websites spanning the period (2013−2023), covering 31 provinces, autonomous regions, and municipalities in China. The PDRSs indicators integrated with the CSMAR database, resulting in two samples: one comprising 29,618 observations from 4820 firms, and the other comprising 30,737 observations from 5187 firms. The results of this study indicate that shareholders returns and stock price volatility significantly influence environmental performance. Higher shareholders returns are associated with high- level of CGWPs. There is positive association between stock price volatility and high level of environmental penalties, particularly under severe PDRSs. Findings reveal that both corporate governance structure and PDRSs moderate the relationship between investor pressure and CGWPs. Further, the synergy between corporate governance structure and PDRSs strengthens their moderating impact on the relationship investor pressure and CGWPs. Furthermore, the synergistic influence of corporate governance and PDRSs mitigates CGWPs, mitigates environmental penalties, and strengthens transparency. Our study adds to the extant literature and sheds lights on the interdependency between governance structure and PDRSs, and their combined moderating impact on investor pressure and CGWPs. Findings of this study have theoretical and managerial implications for individual and institutional investors, boardrooms, policymakers, scholars and other stakeholders.