文献类型：期刊文献

英文题名：Incentive or catering effect of environmental subsidies? Evidence from ESG reports on greenwashing

作者：Liu, Guangrui[1];Fang, Ying[1];Qian, Hao[2];Ding, Zhigang[1];Zhang, Alex[3];Zhang, Songlin[1]

机构：[1]Shaoxing Univ, Sch Business, Shaoxing, Peoples R China;[2]Shandong Univ Finance & Econ, Sch Accountancy, Jinan, Peoples R China;[3]Centerville High Sch, Centerville, OH USA

年份：2025

卷号：103

外文期刊名：INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS

收录：SSCI(收录号：WOS:001470901000001)、、Scopus(收录号：2-s2.0-105002308179)、WOS

基金：This work is supported by the Chinese National Funding of Social Sciences "Research on the Mechanism and Policy of Spatial Agglomeration in Urban Agglomerations Promoting Economic Growth" (Grant Number: 22BJL070) . The funded author is Songlin Zhang.

语种：英文

外文关键词：Environmental subsidies; ESG report; Greenwashing; Catering effect; Incentive effect

外文摘要：This study examines how government environmental subsidies impact firm environmental, social, and governance (ESG) information disclosure by focusing on incentive-driven and catering effects. Using data from Chinese listed companies (2011-2021), we develop an ESG report greenwashing catering index. We show that these subsidies generally promote greenwashing in ESG disclosures, with the catering effect outweighing the incentive effect. This is driven mainly by increased investor sentiment, analyst attention and risk-taking capacity following subsidy receipt. Management's greenwashing is amplified by executives' political connections and is more prevalent in the sample of heavy polluters, state-owned enterprises, firms under strong environmental regulation, firms exhibiting voluntary disclosure and firms with poor ESG performance. Overall, we reveal the catering effect of ESG reporting on greenwashing through government environmental subsidies and introduce a new theoretical perspective on such greenwashing.