Greenwashing and Sustainability Disclosure in the Climate Change Context: The Influence of Third‐Party Certification on Chinese Companies
基于2016至2024年963家中国A股上市公司数据，研究发现第三方认证虽理论上能减少信息不对称，但在标准薄弱时反而可能助长漂绿行为，为政策制定者和企业提供了改进认证与披露框架的建议。
ABSTRACT This study explores the relationship between sustainability disclosure and greenwashing among Chinese companies in the context of climate change, with a focus on the moderating role of third‐party certification. The analysis is based on data from 963 A‐share‐listed companies on the Shanghai and Shenzhen Stock Exchanges, covering the period from 2016 to September 2024. Sustainability disclosure and greenwashing‐related data were obtained from the LSEG and Huazheng databases. ISO standards were used as a proxy variable for third‐party certification, and data scraping was performed using Python via an API interface. Greenwashing was measured as the discrepancy between preperformance and postperformance, with larger gaps indicating higher levels of greenwashing. A mixed‐effects regression model was employed, controlling for fixed effects (year) and random effects (region and industry). The results show that, in theory, third‐party certification has significant potential to reduce information asymmetry and enhance the reliability of sustainability disclosure. However, when standards are weak or poorly implemented, third‐party certification may inadvertently promote greenwashing behavior. This study underscores the importance of establishing robust third‐party certification and sustainability disclosure frameworks to effectively address greenwashing. It offers recommendations for policymakers on strengthening third‐party certification regulations and urges companies to adopt more authentically sustainable practices. Additionally, it provides strategic insights for stakeholders to advance reliable third‐party certification measures, ensuring genuine environmental efforts and contributing to global climate change mitigation.