Top Management Team Connectedness and Greenwashing

Jinyu Chen, Yan Yang, Qian Ding and Julan Xie

International Journal of Finance & Economics, 2025, vol. 30, issue 4, 3725-3743

Abstract: This paper examines the effect of top management team (TMT) connectedness on greenwashing from the lens of social network view. Using a sample of Chinese listed firms during 2015–2020, we find that TMT connectedness is positively related to greenwashing. This finding is robust based on a battery of empirical tests. Additionally, the internal governance curbs the association, while the role of market competition and environmental regulation is very limited. Our findings are also in accordance with social network theory, suggesting that well‐connected TMTs use their power and influence in the social hierarchy to take greenwashing behaviour and reap private benefits. Overall, we contribute to the literature by providing evidence that social connectedness is an important driver of greenwashing.

Date: 2025
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