企业ESG表现具有同伴压力效应吗?  

Does Corporate ESG Performance Exhibit Peer Pressure Effects?

作　　者：李学峰 蔡新怡 LI Xuefeng;CAI Xinyi(School of Finance,Nankai University,Tianjin 300350,China)

机构地区：[1]南开大学金融学院,天津300350

出　　处：《财经论丛》2024年第10期70-80,共11页Collected Essays on Finance and Economics

基　　金：国家社会科学基金后期项目(20FJYB016)。

摘　　要：本文以2012—2022年进行ESG披露的沪深A股上市企业为研究对象,考察ESG表现良好的企业给ESG表现欠佳的企业造成的绿色环保压力(即“同伴压力”)是否会加剧企业漂绿现象。研究发现,同伴压力会显著增加企业漂绿行为,竞争压力和社会压力越强,企业越倾向于以象征性绿色行为应对同伴压力,但制度压力的调节作用并不显著;从外部影响因素来看,媒体监督和社会信任的增加有助于减轻同伴压力带来的企业漂绿现象;从企业绿色行为视角来看,相比于漂绿程度低的企业而言,漂绿程度高的企业在面临同伴压力时更倾向于削减绿色行为投入和绿色创新产出,而选择象征性的绿色行为。Under the requirements for high-quality development,ESG information disclosure for listed companies has received significant attention.The government actively encourages listed companies to publicly disclose information regarding environmental and social responsibilities.However,some enterprises engage in“greenwashing”,where they selectively release information that helps them project an environmentally friendly image while deliberately concealing negative environmental information.This practice involves false environmental advertising and embellishing environmental performance through symbolic green actions.Therefore,a deeper understanding of greenwashing behavior and its driving factors is crucial for mitigating such practices and promoting high-quality green development among enterprises.This study investigates whether the peer pressure from well-performing ESG(Environmental,Social,and Governance)companies exacerbates greenwashing behavior among underperforming ESG companies.The research focuses on A-share listed companies in the Shanghai and Shenzhen stock exchanges that disclosed ESG reports from 2012 to 2022.The findings indicate that the peer pressure significantly increases greenwashing activities.The growing competitive and social pressures lead companies to adopt symbolic green practices to cope with the peer pressure,while the moderating effect of the institutional pressure is not significant.Regarding external influencing factors,increased media scrutiny and social trust help mitigate the greenwashing effects induced by the peer pressure.Companies with a higher degree of greenwashing tend to respond to the peer pressure by reducing their investments in environmental protection and decreasing their green innovation outputs.This study offers a new perspective on greenwashing research by examining the impact of peer pressure on corporate greenwashing behavior,enriches the study of its influencing factors,systematically explores how different types of external pressures moderate the impact of peer pre

关 键 词：ESG表现 同伴压力 漂绿 竞争压力 社会压力 

分 类 号：F832[经济管理—金融学]