Luu Nguyen H, Le Chau, Luu Hiep N, Nguyen Dung T K
VNU University of Economics and Business, Vietnam National University, Hanoi, Viet Nam; Lincoln International Business School, University of Lincoln, Lincoln, UK; School of Banking and Finance, National Economics University, Hanoi, Viet Nam.
Lincoln International Business School, University of Lincoln, Lincoln, UK; School of Banking, University of Economics HCMC, Ho Chi Minh City, Viet Nam.
J Environ Manage. 2025 Jan;373:123740. doi: 10.1016/j.jenvman.2024.123740. Epub 2024 Dec 17.
This study examines the impact of the mandatory greenhouse gas emissions reporting program (GHGRP) on corporate greenwashing behaviour. Utilising the GHGRP in the United States as a quasi-natural experiment, we perform a difference-in-difference analysis to a panel dataset of 2731 publicly listed US firms from 2007 to 2022. The data consist of annual observations of firm-level variables, including ESG performance and disclosure metrics, financial characteristics, and environmental innovation indicators. Our results reveal a notable reduction in greenwashing behaviour following the adoption of the GHGRP, suggesting that increased transparency and accountability discourage deceptive disclosure practices. A decomposition analysis shows that the GHGRP motivates firms to improve actual ESG performance while curbing inflated ESG claims. Larger and more profitable firms exhibit a more significant decrease in greenwashing, indicating that those under greater public scrutiny respond more strongly to regulatory oversight. Additionally, firms with higher levels of environmental innovation demonstrate a greater reduction in greenwashing post-GHGRP adoption, reflecting an alignment between sustainability commitments and corporate culture. This study offers valuable insights for firm managers, investors, and policymakers on leveraging the GHGRP framework to promote transparency in corporate reporting practices.
本研究考察了强制性温室气体排放报告计划（GHGRP）对企业漂绿行为的影响。以美国的GHGRP作为一项准自然实验，我们对2007年至2022年期间2731家美国上市公司的面板数据集进行了双重差分分析。数据包括公司层面变量的年度观测值，包括环境、社会和治理（ESG）绩效与披露指标、财务特征以及环境创新指标。我们的结果显示，采用GHGRP后，漂绿行为显著减少，这表明透明度和问责制的提高抑制了虚假披露行为。一项分解分析表明，GHGRP促使企业改善实际的ESG绩效，同时抑制夸大的ESG声明。规模较大且盈利能力较强的企业在漂绿行为上的降幅更为显著，这表明受到更多公众监督的企业对监管监督的反应更为强烈。此外，环境创新水平较高的企业在采用GHGRP后，漂绿行为的减少幅度更大，这反映了可持续发展承诺与企业文化之间的一致性。本研究为企业管理者、投资者和政策制定者利用GHGRP框架提高企业报告实践的透明度提供了有价值的见解。
