The Impact and Mechanisms of State-Owned Shareholding on Greenwashing Behaviors in Chinese A-Share Private Enterprises

Xinru Li, Zengrui Tian (), Qian Liu and Beiquan Chang
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Xinru Li: Glorious Sun School of Business and Management, Donghua University, Shanghai 200051, China
Zengrui Tian: Glorious Sun School of Business and Management, Donghua University, Shanghai 200051, China
Qian Liu: School of Public Economics and Administration, Shanghai University of Finance and Economics, Shanghai 200433, China
Beiquan Chang: SHU Center for Innovation and Entrepreneurship, Shanghai University, Shanghai 200444, China

Sustainability, 2025, vol. 17, issue 2, 1-29

Abstract: In response to the increasing global emphasis on environmental accountability, the issue of greenwashing requires urgent resolution. This research investigates how state ownership affects greenwashing behaviors in Chinese A-share private companies over the period from 2010 to 2021, utilizing resource support and supervisory governance as analytical frameworks. Empirical analysis reveals that state-owned shareholder holdings significantly inhibit greenwashing practices in private enterprises, with this result remaining robust across various sensitivity tests. Furthermore, it is demonstrated that these holdings reduce greenwashing through both resource support and supervisory governance pathways. This study enhances the scholarly understanding of how state capital impacts private firms and underscores the distinctive roles and benefits that state-owned shareholders bring to the mixed-ownership reform process. The results suggest new pathways for fostering the sustainable development of private enterprises and offer crucial insights for policymakers focused on advancing mixed-ownership reforms and ensuring corporate accountability.

Keywords: private firms; reverse mixed-ownership reform; state ownership; greenwashing practices (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2025
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