企业ESG"漂绿"行为的行业同群效应研究
A Study on the Industry Peer Effect of Corporate ESG Greenwashing Behavior
张康宁 1张长江 1杨叶1
作者信息
- 1. 南京工业大学经济与管理学院，南京 211816
- 折叠
摘要
企业在环境、社会和治理（ESG）方面的实践表现逐渐成为各国政府、监管机构以及市场主体关注的核心议题。然而企业虚假或夸大其ESG表现的"漂绿"行为频繁出现，且呈现出"扎堆"现象，这放大了ESG"漂绿"的恶性后果。本文聚焦中国企业ESG"漂绿"行为的同群效应及其形成机制，旨在揭示其扩散规律并提出治理路径。本文借鉴学术界有关"漂绿"、同群效应的研究成果，基于制度理论、利益相关者理论、信号理论、动态竞争理论等，以2012-2022年沪深A股工业上市公司为样本，对企业ESG"漂绿"行业同群效应的存在性及发生机制进行了检验，并对相应治理措施进行了探讨。研究发现：第一，企业ESG"漂绿"行为存在显著的行业同群效应。第二，企业ESG"漂绿"行为的作用机制主要表现为学习机制和竞争机制。非领先企业通过学习机制模仿行业标杆企业的ESG"漂绿"策略以降低决策风险与道德压力；高竞争行业中企业则因竞争机制采取ESG"漂绿"行为以维持市场地位。基于上述结论，我们根据企业ESG"漂绿"行为同群效应的机制提出了对应治理措施。本文从群体视角揭示了企业ESG"漂绿"的动因，扩展了从企业个体层面出发的研究视角。最终根据ESG"漂绿"的同群效应是学习模仿与市场竞争共演的结果这一结论，为政府、社会和企业提供借鉴与指导，助力各方形成合力推动经济绿色转型与社会可持续发展。
Abstract
Corporate practices in Environment, Social, and Governance (ESG) have gradually become a core issue of concern for governments, regulatory bodies, and market participants worldwide. However, corporate "greenwashing" behavior-falsely exaggerating or misrepresenting ESG performance-has emerged frequently and often exhibits a "clustering" phenomenon, which amplifies the adverse consequences of ESG greenwashing. This paper focuses on the peer effect of ESG greenwashing among Chinese enterprises and its underlying mechanisms, aiming to reveal its diffusion patterns and propose governance pathways. Drawing on academic research on greenwashing and peer effects, and grounded in institutional theory, stakeholder theory, signaling theory, and dynamic competition theory, this study uses a sample of A-share listed industrial companies in Shanghai and Shenzhen from 2012 to 2022 to examine the existence and mechanisms of industry-level peer effects in corporate ESG greenwashing, and discusses corresponding governance measures.The findings reveal that: First, there is a significant industry-level peer effect in corporate ESG greenwashing behavior. Second, the mechanisms driving corporate ESG greenwashing primarily manifest as learning mechanisms and competition mechanisms. Non-leading enterprises mimic the ESG greenwashing strategies of industry benchmark firms through learning mechanisms to reduce decision-making risks and moral pressure; meanwhile, enterprises in highly competitive industries adopt ESG greenwashing behaviors through competition mechanisms to maintain their market positions. Based on these findings, we propose corresponding governance measures tailored to the mechanisms underlying the peer effect of corporate ESG greenwashing.This study reveals the drivers of corporate ESG greenwashing from a group perspective, extending the research perspective beyond individual firms. Ultimately, by concluding that the peer effect of ESG greenwashing results from the co-evolution of learning imitation and market competition, this paper provides insights and guidance for governments, society, and enterprises, helping all parties form a joint force to promote green economic transformation and sustainable social development.关键词
ESG漂绿/同群效应/学习机制/竞争机制/治理措施Key words
ESG greenwashing/Peer effect/Learning mechanism/Competition mechanism/Governance measures引用本文复制引用
张康宁,张长江,杨叶.企业ESG"漂绿"行为的行业同群效应研究[EB/OL].(2026-05-25)[2026-05-27].http://www.paper.edu.cn/releasepaper/content/202605-104.学科分类
经济学/环境管理/社会与环境
