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<p>This study provides a systematic examination of how climate risk exposure influences corporate greenwashing, addressing a critical gap in understanding mechanisms connecting climate policy uncertainty to opportunistic environmental disclosure. Using panel data covering 1358 Chinese listed firms from 2009 to 2023, we measure firm-level climate risk exposure through stock return sensitivity to China’s Climate Policy Uncertainty index and operationalize greenwashing as the divergence between Bloomberg’s ESG disclosure scores and Huazheng’s ESG performance ratings. Drawing on the fraud triangle framework, we argue that climate risk simultaneously creates pressure (stakeholder demands amid resource constraints), opportunity (discretionary disclosure with limited verification), and rationalization (wait-and-see justifications) that incentivize symbolic over substantive environmental responses. Employing fixed effects panel regressions with instrumental variable analysis using Bartik-style shift-share instruments, we document that a one-standard-deviation increase in climate risk exposure increases greenwashing by 0.15 standard deviations. This relationship is amplified by managerial power and short-termism but attenuated by strong internal controls and independent analyst coverage. State-owned enterprises and heavy polluters demonstrate particularly strong sensitivities, reflecting regulatory catering dynamics. Our findings contribute to the growing literature on climate risk and corporate behavior by demonstrating that climate risk exposure incentivizes symbolic rather than substantive environmental compliance.</p>

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Climate risk and corporate greenwashing: evidence from China

  • 期刊论文

  • 出版模式：

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  • 发表日期：

    2026年7月29日

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  • Yueling Luo

摘要

This study provides a systematic examination of how climate risk exposure influences corporate greenwashing, addressing a critical gap in understanding mechanisms connecting climate policy uncertainty to opportunistic environmental disclosure. Using panel data covering 1358 Chinese listed firms from 2009 to 2023, we measure firm-level climate risk exposure through stock return sensitivity to China’s Climate Policy Uncertainty index and operationalize greenwashing as the divergence between Bloomberg’s ESG disclosure scores and Huazheng’s ESG performance ratings. Drawing on the fraud triangle framework, we argue that climate risk simultaneously creates pressure (stakeholder demands amid resource constraints), opportunity (discretionary disclosure with limited verification), and rationalization (wait-and-see justifications) that incentivize symbolic over substantive environmental responses. Employing fixed effects panel regressions with instrumental variable analysis using Bartik-style shift-share instruments, we document that a one-standard-deviation increase in climate risk exposure increases greenwashing by 0.15 standard deviations. This relationship is amplified by managerial power and short-termism but attenuated by strong internal controls and independent analyst coverage. State-owned enterprises and heavy polluters demonstrate particularly strong sensitivities, reflecting regulatory catering dynamics. Our findings contribute to the growing literature on climate risk and corporate behavior by demonstrating that climate risk exposure incentivizes symbolic rather than substantive environmental compliance.