绿色洗涤
业务
衡平法
中国
货币经济学
会计
企业社会责任
经济
公共关系
政治学
法学
作者
Xudong Lin,Hao Zhu,Yiqun Meng
标识
DOI:10.1016/j.frl.2023.104606
摘要
This paper explores the impact of ESG greenwashing on equity mispricing. Using a firm-level panel dataset from 2011 to 2021, we posit and document that ESG greenwashing provokes investor sentiment, thus leading to equity mispricing. Compared with the relationship with underpricing, the positive relationship between ESG greenwashing and overpricing is more significant. Cross-sectional tests show that the impact is especially evident in the pre-COVID-19 era, in firms with low-quality external auditing, in firms with low levels of industry competition, and in firms operating in less environmentally regulated areas. Furthermore, we find that peer firms' ESG greenwashing is positively related to equity mispricing.
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