经济政策不确定性与企业“漂绿”行为

Economic Policy Uncertainty and Corporate"Greenwashing"

近年来企业“漂绿”现象屡见不鲜,已成为经济可持续发展的绊脚石。文章基于2010—2021年A股上市公司数据,分析经济政策不确定性如何影响企业“漂绿”行为。研究发现:经济政策不确定性与企业“漂绿”行为之间呈现“U”型关系,且样本期间经济政策不确定性大多处于“U”型左侧,发挥抑制企业“漂绿”行为的作用;调节效应分析表明,环境规制、环境认证、媒体关注和高管环保认知可以弱化经济政策不确定性与企业“漂绿”行为之间的“U”型关系。研究结论不仅深化了对企业“漂绿”行为影响因素的认识,也从外部宏观波动的角度为规范企业行为提供了新的见解。

The phenomenon of corporate"greenwashing"is common and has become a stumbling block to sustainable economic development.Based on the data of A-share listed companies from 2010 to 2021,this study analyzes how eco‐nomic policy uncertainty affects corporate"greenwashing".It finds that the effect of economic policy uncertainty on cor‐porate"greenwashing"shows"U"-shaped relationship,and the economic policy uncertainty during the sample period is mostly on the left side of the"U"-shape,which plays a role in inhibiting corporate"greenwashing".The analysis of mod‐erating effect shows that environmental regulation,environmental certification,media attention and environmental aware‐ness of executives can weaken the"U"-shaped relationship between economic policy uncertainty and corporate"green‐washing".The above findings not only deepen the understanding of the influencing factors of corporate"greenwashing",but also provide new insights into regulating corporate behavior from the perspective of external macro fluctuations.