ESG greenwashing and equity mispricing: Evidence from China

被引：50

作者：

Lin, Xudong ^{[1
]}

Zhu, Hao ^{[1
,2
,3
]}

Meng, Yiqun ^{[1
]}

机构：

[1] Shenzhen Univ, Inst Big Data Intelligent Management & Decis, Coll Management, Shenzhen 518055, Peoples R China

[2] Shenzhen Univ, China Ctr Special Econ Zone Res, Shenzhen 518060, Peoples R China

[3] Shenzhen Univ, Coll Management, 1066 Xueyuan Ave, Shenzhen 518055, Peoples R China

来源：

FINANCE RESEARCH LETTERS | 2023年 / 58卷

基金：

国家自然科学基金重大项目;

关键词：

ESG greenwashing; Equity mispricing; Investor sentiment; Peer effect; PROSPECT-THEORY;

D O I：

10.1016/j.frl.2023.104606

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper explores the impact of ESG greenwashing on equity mispricing. Using a firm-level panel dataset from 2011 to 2021, we posit and document that ESG greenwashing provokes investor sentiment, thus leading to equity mispricing. Compared with the relationship with underpricing, the positive relationship between ESG greenwashing and overpricing is more significant. Cross-sectional tests show that the impact is especially evident in the pre-COVID-19 era, in firms with low-quality external auditing, in firms with low levels of industry competition, and in firms operating in less environmentally regulated areas. Furthermore, we find that peer firms' ESG greenwashing is positively related to equity mispricing.

引用

页数：14

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