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<p>Corporate ESG reporting provides the data foundation for rational market resource allocation aligned with sustainable development goals. At the same time, ESG greenwashing behaviors pose a hidden threat to investor decision-making and capital allocation efficiency. This study empirically examines the impact of corporate ESG greenwashing on stock price crash risk, focusing on Chinese Shanghai and Shenzhen A-share listed companies from 2011 to 2021. Mechanism analysis suggests that ESG greenwashing affects stock price crash risk through both accounting performance and corporate reputation pathways. Heterogeneity analysis shows that greenwashing by highly polluting firms has a more significant effect on crash risk, while high media attention reduces the impact of greenwashing on crash risk. These findings remain consistent after addressing endogeneity and robustness checks. Overall, this study highlights the risks of greenwashing in capital markets and enhances the understanding of the economic consequences associated with ESG disclosure quality.</p>

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The Impact of Corporate ESG Greenwashing on Stock Price, Cash Risk

  • 期刊论文

  • 发表日期：

    2026年3月17日

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  • Shuangpeng Zhang,
  • Nuanxing Wang,
  • Jing Liu

摘要

Corporate ESG reporting provides the data foundation for rational market resource allocation aligned with sustainable development goals. At the same time, ESG greenwashing behaviors pose a hidden threat to investor decision-making and capital allocation efficiency. This study empirically examines the impact of corporate ESG greenwashing on stock price crash risk, focusing on Chinese Shanghai and Shenzhen A-share listed companies from 2011 to 2021. Mechanism analysis suggests that ESG greenwashing affects stock price crash risk through both accounting performance and corporate reputation pathways. Heterogeneity analysis shows that greenwashing by highly polluting firms has a more significant effect on crash risk, while high media attention reduces the impact of greenwashing on crash risk. These findings remain consistent after addressing endogeneity and robustness checks. Overall, this study highlights the risks of greenwashing in capital markets and enhances the understanding of the economic consequences associated with ESG disclosure quality.