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<p>This study examines the relationship between board characteristics and environmental, social, and governance (ESG) greenwashing among Chinese A-share listed companies from 2009 to 2023, based on 13,246 firm-year observations from 1,380 firms. Using ordinary least squares regression, six board characteristics are analyzed: gender diversity, independence, director tenure, meeting frequency, size, and CEO duality. Results show that higher proportions of female and independent directors, longer average tenure, lower meeting frequency, and separation of CEO–chairperson roles are associated with significantly less greenwashing, whereas board size has no significant effect. Economic significance analysis reveals that director tenure and independence exert the greatest impact, while female representation, meeting frequency, and CEO duality exert smaller yet meaningful effects. Heterogeneity analysis indicates that media attention moderates the board–greenwashing relationship through governance and legitimacy pressure mechanisms. The study contributes by (1) applying fraud triangle theory to the board–greenwashing nexus, incorporating tenure and meeting frequency for the first time; (2) quantifying the economic magnitude of key board attributes to provide a cost-effective governance roadmap; and (3) introducing a framework that captures media attention’s dual-mechanism effects. The findings suggest that differentiated oversight strategies aligned with internal governance structures can enhance ESG authenticity.</p>

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Behind the green veil: board characteristics, greenwashing, and the fraud triangle

  • 期刊论文

  • 出版模式：

    开放获取

  • 发表日期：

    2026年3月19日

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  • Jingzhuo Yu,
  • Yong-Sik Hwang

摘要

This study examines the relationship between board characteristics and environmental, social, and governance (ESG) greenwashing among Chinese A-share listed companies from 2009 to 2023, based on 13,246 firm-year observations from 1,380 firms. Using ordinary least squares regression, six board characteristics are analyzed: gender diversity, independence, director tenure, meeting frequency, size, and CEO duality. Results show that higher proportions of female and independent directors, longer average tenure, lower meeting frequency, and separation of CEO–chairperson roles are associated with significantly less greenwashing, whereas board size has no significant effect. Economic significance analysis reveals that director tenure and independence exert the greatest impact, while female representation, meeting frequency, and CEO duality exert smaller yet meaningful effects. Heterogeneity analysis indicates that media attention moderates the board–greenwashing relationship through governance and legitimacy pressure mechanisms. The study contributes by (1) applying fraud triangle theory to the board–greenwashing nexus, incorporating tenure and meeting frequency for the first time; (2) quantifying the economic magnitude of key board attributes to provide a cost-effective governance roadmap; and (3) introducing a framework that captures media attention’s dual-mechanism effects. The findings suggest that differentiated oversight strategies aligned with internal governance structures can enhance ESG authenticity.