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取締役兼任ネットワークにおけるグリーンウォッシュの伝染効果：資金調達制約の調整効果と企業の持続可能性への示唆

The Contagion Effect of Greenwashing in Interlocking Directorate Networks: The Moderating Role of Financing Constraints and Implications for Corporate Sustainability (原題)

Duan Wang, Yang Zhou, Byungjun Yu

Sustainability📚 査読済 / ジャーナル2026-08-23#グリーンウォッシュOrigin: CN経営インパクト: 調達リスク対象セクター: manufacturing
DOI: 10.3390/su18178631
原典: https://doi.org/10.3390/su18178631
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🤖 gxceed AI 要約

日本語

中国の製造業企業を対象に、取締役兼任ネットワークを通じたグリーンウォッシュの伝染を実証。資金調達制約が少ない企業ほど影響を受けやすく、市場化度の高い地域やハイテク産業で顕著。

English

Using Chinese manufacturing panel data, this study finds greenwashing contagion through interlocking directorates, moderated by financing constraints. Firms with fewer constraints are more susceptible, especially in marketized regions and high-tech industries.

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開示義務化に伴い、グリーンウォッシュ対策が急務。ネットワーク伝染の知見は、サプライチェーンや取引先リスク管理に示唆を与える。

In the global GX context

This study contributes to global greenwashing literature by highlighting network contagion, relevant for ISSB and CSRD enforcement. It underscores the role of governance networks in sustainability outcomes.

👥 読者別の含意

🔬研究者:Provides empirical evidence on greenwashing contagion mechanisms and boundary conditions, extending ESG research.

🏢実務担当者:Highlights the risk of greenwashing spreading through board networks, informing due diligence and governance practices.

🏛政策担当者:Suggests that green finance regulations should consider network effects to prevent systemic greenwashing.

📄 Abstract（原文）

China’s “dual carbon” targets and stricter green finance regulations have increased compliance pressures on manufacturing firms. In response, some firms engage in greenwashing—exaggerating their environmental performance or concealing negative information. If greenwashing spreads through interlocking directorate networks, it poses a threat to green financial stability. However, existing research primarily focuses on individual firm motivations, leaving the mechanisms of network contagion and their boundary conditions insufficiently understood. Using panel data on A-share manufacturing firms from 2009 to 2023, we employ two-way fixed-effects models to test for peer greenwashing contagion and examine how financing constraints moderate this effect. Our findings reveal significant contagion within manufacturing interlocking directorate networks: firms facing fewer financing constraints are more sensitive to peer greenwashing. This effect is more pronounced in highly marketized regions, in high-tech industries, and among firms with advanced digital transformation.

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