The Enhancement Effect of Green Bond Issuance on Greenwashing Risk - Research Based on Difference-in-Differences Model

Caiping Zhang () and Fengshihao Wang ()
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Caiping Zhang: University of South China
Fengshihao Wang: University of South China

A chapter in Proceedings of the 2025 3rd International Conference on Digital Economy and Management Science (CDEMS 2025), 2025, pp 259-267 from Springer

Abstract: Abstract Green bonds, as an important component of the financial market, can help companies raise funds for green projects while potentially increasing greenwashing risks. Using data from 305 A-share listed companies (2014-2023), this study employs DID method and GONE theory to explore how green bond issuance affects greenwashing risk. Results show that green bond issuance positively correlates with greenwashing risk, especially when corruption costs are low, supervision is weak, exposure probability is small, and management control is high. The effect is more pronounced in high-pollution industries and state-owned enterprises with low external financing dependence.

Keywords: green bonds; greenwashing risk; green regulation (search for similar items in EconPapers)
Date: 2025
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DOI: 10.2991/978-94-6463-770-0_31

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