作者：Ma Zhong，Yunfu Zhu，Ruiqian Li，Zhen-yuan (Ralph) Liu
题名：ESG greenwashing and retail investor criticisms
期刊：Research in International Business and Finance，2025
摘要：This study investigates whether and how retail investors influence greenwashing governance mechanisms in the era of social media. Using data from Chinese listed firms between 2009 and 2022, we find that environmental, social, and governance (ESG) greenwashing provokes heightened criticism from retail investors on social media, which can reduce stock returns for these firms. Moreover, stringent sustainability regulations and bad corporate reputation reinforce the positive relationship between ESG greenwashing and retail investors’ criticism, whereas proactive communication strategies mitigate this relationship. Further analysis indicates that ESG greenwashing firms engage in other types of misconduct, which also provoke retail investors’ criticism, and that greenwashing across the environmental, social, and governance pillars prompts adverse reactions from retail investors. This study enhances the understanding of retail investors’ governance role in shaping corporate ESG activities in the era of social media. These findings suggest that governments, particularly those in emerging markets, should recognize the influence of retail investors and encourage their active participation in corporate governance through social media platforms.
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