Table 4 Alternative metrics of greenwashing.

From: Environmental judicial reform and corporate greenwashing: evidence from China’s environmental public interest litigation pilot

Panel A: Greenwashing characterized by “talk more, act less”

 

(1)

(1)

(2)

 

GW_DIFF2

GW_DIFFS

GW_ESG

DID

−0.221**

−0.187***

−0.180***

 

(−2.588)

(−2.840)

(−2.753)

Controls

Yes

Yes

Yes

Firm FE

Yes

Yes

Yes

Year FE

Yes

Yes

Yes

City FE

Yes

Yes

Yes

N

10858

11076

4702

Adj.R2

0.356

0.445

0.530

Panel B: Greenwashing characterized by information whitewashing

 

(3)

(4)

(2)

 

GW_TONE1

GW_TONE2

GW_SENTENCE

DID

−0.014**

−0.074*

−0.122**

 

(−2.156)

(−1.909)

(−2.278)

Controls

Yes

Yes

Yes

Firm FE

Yes

Yes

Yes

Year FE

Yes

Yes

Yes

City FE

Yes

Yes

Yes

N

11076

10859

11076

Adj.R2

0.245

0.161

0.372

  1. This table reports the robustness tests using alternative measures of greenwashing. Panel A presents the results of alternative measures for GW_TONE1 in Eq. (4). Panel B presents the results that greenwashing is characterized by information whitewashing. Definitions of GW_DIFF2, GW_DIFFS, GW_ESG, GW_TONE1, GW_TONE2, and GW_SENTENCE are provided in Appendix A. Figures in parentheses are t-statistics. ***, **, and * denote statistical significance at the 1%, 5%, and 10% levels, respectively. Standard errors are clustered at the city level.
Back to article page