Analyst coverage and greenwashing: Evidence from Chinese A-Share listed corporations

Abstract

Using empirical data from the Chinese capital market, this study demonstrates that analyst coverage mitigates firms' greenwashing behavior. However, the severity of greenwashing increases with a higher proportion of star analysts in the coverage. Heterogeneity analysis reveals that analyst coverage is particularly effective in reducing greenwashing in non-heavily polluting industries. Mechanism analysis indicates that this mitigating effect is achieved by enhancing corporate disclosure transparency and internal control effectiveness, thereby inhibiting greenwashing.

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