Corporate Climate Risk and Greenwashing Behaviour: Evidence From China
企業の気候リスクとグリーンウォッシング行動：中国からのエビデンス (AI 翻訳)
Jilong Chen, Yikai Han, Yating Li, Cunwei Sha, Yang Zhao
🤖 gxceed AI 要約
日本語
本稿は2009～2022年の中国A株上場企業のパネルデータを用い，気候リスクが企業のグリーンウォッシングを有意に高めることを示す。その経路として，資本コストの上昇，サプライチェーンの不安定化，規制監視の強化，ステークホルダー圧力の増大が確認された。環境規制はこの関係を強化する。規制当局や資本市場への示唆を含む。
English
This paper uses Chinese A-share listed firm data from 2009-2022 to show that higher climate risk significantly increases corporate greenwashing. Mechanisms include higher cost of equity capital, weakened supply chain stability, intensified regulatory scrutiny, and heightened stakeholder pressure. Environmental regulation positively moderates this relationship. The findings offer implications for regulators and capital markets.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本ではSSBJが導入され，グリーンウォッシング規制が強化されている。本稿が示す「環境規制がかえってグリーンウォッシングを助長する」という unintended consequences は，日本の政策設計にも重要な示唆を与える。中国の制度環境の違いに留意しつつ，開示の質と実態の乖離を監視する視点が求められる。
In the global GX context
This paper contributes to the global debate on greenwashing by identifying climate risk as a driver—especially relevant under ISSB, CSRD, and SEC climate disclosure rules. The finding that environmental regulation can inadvertently increase greenwashing challenges conventional policy wisdom and calls for smarter enforcement mechanisms. Insightful for both developed and emerging market contexts.
👥 読者別の含意
🔬研究者:Provides causal evidence on the climate risk-greenwashing link, with multiple mechanisms and moderation by regulation.
🏢実務担当者:Highlights that firms facing material climate risk may engage in symbolic ESG actions; compliance teams should strengthen verification.
🏛政策担当者:Warns that environmental regulation alone may backfire; policymakers need to design enforcement to prevent greenwashing.
📄 Abstract（原文）
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.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1002/ijfe.70176first seen 2026-05-15 21:19:06
🔔 こうした論文の新着を逃したくない方は キーワードアラート に登録（無料・3キーワードまで）。
gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。