Corporate Climate Risk and Greenwashing Behaviour: Evidence From China
利用2009-2022年中国A股上市公司面板数据，发现气候风险显著增加企业漂绿行为，并通过权益资本成本、供应链稳定性、监管压力和利益相关者压力等渠道发挥作用，环境监管会强化这一关系。
ABSTRACT With the growing severity of environmental challenges, climate risk and ESG information disclosure have emerged as critical issues in contemporary corporate governance. This paper examines the impact of climate risk on corporate greenwashing, using panel data from Chinese A‐share listed firms during 2009–2022. We provide causal evidence that higher climate risk significantly increases the likelihood of greenwashing. Mechanism tests show that this effect operates through multiple channels, including higher cost of equity capital, weakened supply chain stability, intensified regulatory scrutiny, and heightened stakeholder pressure. Moreover, we find that environmental regulation positively moderates this relationship, revealing unintended consequences of policy interventions. Heterogeneity analysis further indicates that the impact of climate risk on greenwashing is stronger among firms that are less environmentally friendly, with fewer female directors, greater institutional ownership, stronger analyst attention, and higher baseline levels of greenwashing. These findings enrich the literature on climate finance and ESG disclosure by identifying climate risk as a driver of greenwashing. They also offer practical implications for regulators, capital markets, and corporate governance in curbing greenwashing and promoting credible sustainable practices.