Abstract
In the context of sustainable development, governments, consumers and other external institutions have become increasingly concerned about corporate social responsibility (CSR) issues. The behavior of companies attempting to improve their corporate image with social responsibility investment, but not actually implementing or exaggerating the effect is called greenwashing. Such behavior is extremely harmful to consumers, companies and the development of green markets. This paper explores the relationship between corporate greenwashing and financial performance. In this paper, the degree of corporate greenwashing is measured by the company's peer-relative greenwashing score. Based on this, we examined the negative relationship between corporate greenwashing behaviors and financial performance using a sample of 349 A-share listed companies in China from 2017 to 2020, and made suggestions to enterprises, government departments and regulators to reduce the occurrence of corporate greenwashing.
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