Abstract: With the increasing corporate attention to Environmental, Social, and Governance (ESG), some companies that do not have ESG investment strengths have also joined the ESG practice. As firms intensively integrate ESG into their operational ethos, discrepancies between proclaimed and actual ESG commitments have given rise to "greenwashing" behaviors. At present, China's research on corporate "greenwashing" is still in its infancy, and it is difficult to accurately identify corporate "greenwashing" behaviors and clarify their motives and impacts, so as to achieve the "anti-greenwashing" effect of precise governance. This paper examines the manifestations, motivations, and effects of "greenwashing" through actual case studies as well as theoretical and comparative literature research in order to propose a comprehensive framework for analyzing the nature of "greenwashing." To counteract "greenwashing," the paper combines the reality of problems to extract the insights and shortcomings of the existing research and propose multi-tiered strategies tailored to policy, corporate, and societal levels to look forward to the direction of future research on "anti-greenwashing." The aim of this paper is to promote the development of "greenwash" research and strengthen the society's awareness of "greenwash" behavior and the understanding of corporate ESG behavior, underscores the theoretical and practical significance of addressing "greenwashing." It calls for sustained research to optimize the ESG investment landscape.
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