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<p>Corporate ESG greenwashing is impeding the global sustainable development process. As an innovative paradigm of international cooperation, can the Belt and Road Initiative (BRI) effectively inhibit such behavior? Based on panel data of Chinese A-share listed companies spanning 2009–2023, this study applies a double machine learning (DML) framework to empirically assess how the BRI affects corporate ESG greenwashing. The results indicate that: (1) the BRI significantly curbs corporate ESG greenwashing, and this finding remains robust after a battery of robustness checks, including instrumental variable estimation, placebo tests, and re-specifications of the machine learning model. (2) Mechanism analysis suggests that the BRI may narrow the gap between firms’ ESG commitments and their actual practices through four channels: promoting green investment, reducing inefficient investment, improving the quality of information disclosure, and restraining earnings management. (3) Heterogeneity analysis reveals that this inhibitory effect is more pronounced among private firms, firms in clean industries, and small-sized firms. This study not only provides new micro-level evidence on the governance effects of the BRI, but also offers policy implications for how governments and firms can jointly curb ESG greenwashing.</p>

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The influence of the Belt and Road Initiative on corporate ESG greenwashing

  • 期刊论文

  • 发表日期：

    2026年2月3日

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  • Zhonghua Cheng,
  • Guang Yang

摘要

Corporate ESG greenwashing is impeding the global sustainable development process. As an innovative paradigm of international cooperation, can the Belt and Road Initiative (BRI) effectively inhibit such behavior? Based on panel data of Chinese A-share listed companies spanning 2009–2023, this study applies a double machine learning (DML) framework to empirically assess how the BRI affects corporate ESG greenwashing. The results indicate that: (1) the BRI significantly curbs corporate ESG greenwashing, and this finding remains robust after a battery of robustness checks, including instrumental variable estimation, placebo tests, and re-specifications of the machine learning model. (2) Mechanism analysis suggests that the BRI may narrow the gap between firms’ ESG commitments and their actual practices through four channels: promoting green investment, reducing inefficient investment, improving the quality of information disclosure, and restraining earnings management. (3) Heterogeneity analysis reveals that this inhibitory effect is more pronounced among private firms, firms in clean industries, and small-sized firms. This study not only provides new micro-level evidence on the governance effects of the BRI, but also offers policy implications for how governments and firms can jointly curb ESG greenwashing.