How does green finance reform affect corporate ESG greenwashing behavior?

Shi Hu, Peilin Chen and Chunli Zhang

International Review of Financial Analysis, 2025, vol. 102, issue C

Abstract: This study empirically analyzes the relationship between corporate environmental, social, and governance (ESG) greenwashing behaviors and green finance reform from 2011 to 2023, focusing on the 2017 Green Finance Reform and Innovation Pilot Zone. Findings suggest that green finance reform can promote corporate ESG greenwashing behaviors by increasing executive myopia and providing adequate financing. Further research indicates that the negative impact of green finance reform can be mitigated by implementing effective internal control management and developing regional digitization. This study alerts the government to the adverse consequences of green finance reform and offers valuable insights.

Keywords: Green finance reform; Greenwashing; Financing constraints; Internal control (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finana:v:102:y:2025:i:c:s1057521925001243

DOI: 10.1016/j.irfa.2025.104037

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