绿色洗涤
业务
利用
激励
公司治理
企业社会责任
经济租金
中国
社会化媒体
会计
经济
财务
公共关系
市场经济
计算机安全
政治学
计算机科学
法学
作者
Jerry Cao,Robert W. Faff,Jing He,Yong Li
出处
期刊:Abacus
[Wiley]
日期:2022-11-16
卷期号:58 (4): 759-786
被引量:4
摘要
We show that those Chinese listed companies that are riding high on the media corporate social responsibility (CSR) ranking lists tend to have greater advertising (sales) expenses and poor environmental performance. This observation suggests that some companies opportunistically use media to greenwash their image, hoping to capture economic rents. Indeed, our evidence shows that greenwashing firms benefit in the lending market by exploiting the media to gain a kind of environmental, social, and governance (ESG) endorsement, thereby allowing them to achieve a lower cost of debt and to experience lower collateral obligations. The evidence suggests an adverse incentive to exploit ESG awareness via media coverage in weak institutional environments and opaque ESG disclosure regimes.
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