作者：Ma Zhong, Zhuangzhuang Niu, Yunfu Zhu, Ruiqian Li
题名：Government green subsidies and corporate ESG greenwashing: Evidence from Chinar
期刊：Economic Analysis and Policy, 2025
摘要：This research aims to reveal the impact of government green subsidies on corporate Environmental, Social, and Governance (ESG) greenwashing. Using the panel data from Chinese listed firms for the period from 2009 to 2022, the key findings are as follows: First, green subsidies significantly mitigate corporate ESG greenwashing. Second, regional government green attention, political connections, board gender diversity, and executive green cognition amplify the inhibitory effect of green subsidies on ESG greenwashing. Third, green subsidies mitigate ESG greenwashing by easing financing constraints and improving information transparency. Finally, there is an incentivizing effect of green subsidies on the peers of subsidized firms, namely, the peers exhibit improved ESG performance and lower ESG greenwashing. This research provides valuable insights for regulators to gain a deeper understanding of the influence of green subsidies as a market-based environmental regulatory instrument in limiting ESG greenwashing, and offers practical guidance for further application and improvement of such instruments.
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