Does Women's Participation Mitigate Greenhushing?
研究29个OECD国家2002-2022年数据，发现女性董事会参与能降低企业绿色沉默（即因怕被指责“漂绿”而回避公开可持续行动），尤其在重视女性权利的国家效果更强；同时能源转型也有助于减少绿色沉默。
ABSTRACT For fear of being labeled “greenwashing,” many companies choose the opposite “greenhushing”‐they no longer publicly discuss their sustainability actions and goals. But silence does not lead to progress, so what can be done to avoid greenhushing? Using an interactive fixed effects model for 29 OECD countries from 2002 to 2022, we find that women's board participation exerts a pro‐environmental orientation in corporate decision making, which is associated with lower levels of greenhushing in ESG disclosure. This relationship is more pronounced in countries that place greater emphasis on women's rights in politics, business, and civil liberties. More importantly, in the face of geopolitical tensions and energy risks, we find that countries overly dependent on oil imports and exports tend to exhibit weaker business environments in relation to ESG disclosure. Accelerating the energy transition, including renewable energy innovation and consumption, is associated with a weaker tendency toward greenhushing. This study highlights the importance of women's participation in corporate governance for shaping ESG disclosure practices.