Research On The Mechanism And Effect Of Listed Companies' Greening Behavior On Stock Price

With the increasing importance of corporations in today's social economy,issues related to corporate social responsibility are receiving more and more attention worldwide,while fierce business competition is forcing companies to constantly differentiate themselves from their competitors.Companies therefore choose to go green as a differentiation strategy.In addition,businesses are becoming increasingly aware of the need for environmental responsibility,as consumers and other stakeholders are concerned about their environmental performance.However,due to the lax external regulatory environment and internal motivation for cost reduction,along with the increase of enterprise greening,enterprise greenwash behavior is also more frequent,greenwash refers to a kind of "false greening",that is,originally not a green company,but through various means(such as false propaganda),to achieve the purpose of promoting enterprise green image.However,at present,the academic community has not formed a consistent conclusion and clear understanding of the concept,manifestation,motivation,impact and governance of greenwash,and the reaction of the capital market to the exposure of greenwash behavior of listed companies has yet to be studied.In this paper,the concept,manifestation,motivation,impact and governance of greenwashing are first combed through,and the theoretical mechanism of the impact of greenwashing on firms before and after exposure is proposed based on stakeholder theory.And then use the event research method and regression analysis to study the share price fluctuation of the market after the exposure of greenwash by listed companies based on the "China Greenwash List" published by Southern Weekend from 2009 to 2016.It is concluded that the capital market has a certain punitive effect on the pseudo-greening behaviour of listed companies,but it is not continuous during the event period.Corporate heterogeneity has a significant effect on the bleaching green exposure effect.The capital market disciplinary effect of larger companies and the ownership of state-owned companies after the exposure of greenwash is weakened,while the capital market disciplinary effect is stronger for capital markets with imperfect governance structure.Throughout the full text,this paper hopes to contribute in the following aspects: First,this paper proposes a theoretical mechanism for the impact of pseudo-greening on firms,such as greenwashing,based on stakeholder theory,and hopes to enrich the theory about the impact of greenwashing.In addition to the general event study method,this paper also adopts regression analysis method to analyze the impact of greenwash empirically,hoping to fill the gap of the current empirical research on the impact of greenwash using regression models in China.Third,this paper further explores the impact of corporate heterogeneity on the greenwash exposure effect in the research content,and helps to guide companies to establish the correct corporate ethics in practice.