Article2024

The power of crowds: The effect of online platform interactions on greenwashing

22 citations0/0 files storedCorporate Social Responsibility and Environmental Management

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Corporate Social Responsibility Reporting Auditing, Earnings Management, Governance Corporate Governance and Financial Management

Abstract

Abstract Greenwashing is a fraudulent environmental, social and governance (ESG) behavior. Previous literature has explored the impact of unidirectional disclosure on greenwashing. However, how interactive disclosures affect greenwashing has not been fully explored. Given the background of the regulatory transformation of China's capital market, we use data from the Q&A boards of the Shenzhen Stock Exchange (SZSE) “Interactive Easy” and Shanghai Stock Exchange (SSE) “SSE e‐Interactive” online platforms to investigate the impact of interactive disclosure between firms and retail investors on greenwashing. We find that online platform interactions (OPIs) inhibit greenwashing. Moreover, such negative effects are more pronounced for firms with high‐quality internal controls, high executive shareholding, high analyst coverage, low financing constraints, and executives with overseas backgrounds. Overall, our research provides empirical evidence that OPIs improve capital market efficiency by inhibiting greenwashing.

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References

1984Upper Echelons: The Organization as a Reflection of Its Top Managers 1997Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?1979The External Control of Organizations: A Resource Dependence Perspective.2019Environmental, Social and Governance (ESG) Scores and Financial Performance of Multilatinas: Moderating Effects of Geographic International Diversification and Financial Slack 2020Greenwashing in environmental, social and governance disclosures 2022Sustainable development, ESG performance and company market value: Mediating effect of financial performance 1999Managerial ownership and the performance of firms: Evidence from the UK 2018Environmental, social and governance transparency and firm value

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