Sustainability Reporting Quality, Ethical Leadership, and Earnings Management: Evidence From an Emerging Economy
研究了新兴经济体中可持续发展报告质量与盈余管理的关系，发现报告质量高时短期可能伴随盈余管理（绿色洗白），但长期有抑制作用，且伦理领导力能加强这种抑制。
ABSTRACT This study analyzes the relationship between sustainability reporting quality (SRQ) and earnings management (EM) in an emerging economy and investigates the moderating role of ethical leadership. Analyzing 531 firm‐year observations from mandatory reports (2022–2024), SRQ is measured via a 51‐indicator index, while EM is proxied by the modified Jones and Kothari models. Using firm fixed effects and 2SLS to address endogeneity, the results show a positive, simultaneous correlation between SRQ and EM, supporting the view that greenwashing disclosures mask short‐term manipulation. Conversely, lagged specifications reveal a negative correlation, suggesting that consistent quality fosters long‐term discipline. Additionally, ethical leadership acts as an internal control mechanism, reversing the positive association and inhibiting the symbolic exploitation of sustainability. By shifting focus from disclosure quantity to quality and employing an objective financial measure, this research provides vital insights for regulators and investors regarding reporting integrity and ethical conduct in emerging markets.