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<p>Why do firms react differently to the same economic policy uncertainty? Existing literature struggles to explain this phenomenon, primarily because it overlooks firms’ subjective interpretations of uncertainty. Leveraging textual analysis and the large language model, we develop a firm-level measure of economic policy uncertainty and examine its impact on corporate greenwashing using a dataset of Chinese listed spanning the period from 2011 to 2023. The results reveal that firm-perceived economic policy uncertainty induces corporate greenwashing, with a more pronounced effect for private firms and firms in non-competitive industries. Further discussion reveals that it works by impairing firms’ financial capacity and management governance. Moreover, green innovation tendency, analyst attention and environmental regulations can positively mitigate this effect, with pollution fee reductions being more effective than environmental subsidies. Our study enhances the understanding of greenwashing motivations and provides a reference for greenwashing governance, thereby contributing to the high-quality development of developing countries.</p>

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Firm-perceived economic policy uncertainty and corporate greenwashing: evidence from China

  • 期刊论文

  • 发表日期：

    2026年3月16日

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  • Guangchen Li,
  • Qianlong Ma,
  • Rsha Alghafes,
  • Khaoula Aliani

摘要

Why do firms react differently to the same economic policy uncertainty? Existing literature struggles to explain this phenomenon, primarily because it overlooks firms’ subjective interpretations of uncertainty. Leveraging textual analysis and the large language model, we develop a firm-level measure of economic policy uncertainty and examine its impact on corporate greenwashing using a dataset of Chinese listed spanning the period from 2011 to 2023. The results reveal that firm-perceived economic policy uncertainty induces corporate greenwashing, with a more pronounced effect for private firms and firms in non-competitive industries. Further discussion reveals that it works by impairing firms’ financial capacity and management governance. Moreover, green innovation tendency, analyst attention and environmental regulations can positively mitigate this effect, with pollution fee reductions being more effective than environmental subsidies. Our study enhances the understanding of greenwashing motivations and provides a reference for greenwashing governance, thereby contributing to the high-quality development of developing countries.