近日，我院牛枫副教授在国际知名学术期刊International Review of Economics & Finance发表学术论文 “How do enterprises deal with environmental protection ‘fee-to-tax’ reform? Evidence from ESG information greenwashing in China”。International Review of Economics & Finance目前属于SSCI JCR一区期刊，ABDC A类期刊。IREF旨在发表具有高质量原创性的理论和实证研究，最新影响因子为 5.6。
【论文简介】
This study uses the implementation of the Environmental Protection Tax Law in China as a quasi-natural experiment. Using data from Chinese A-share listed companies between 2013 and 2022, it investigates the effect of the environmental protection “fee-to-tax” reform on corporate ESG information greenwashing. The findings indicate that, in response to the reform, companies significantly reduced ESG information greenwashing, and this result remains robust across various tests. Further analysis using the “double machine learning method” reaffirms the causal relationship. Additionally, mechanism tests reveal that the “fee-to-tax” reform primarily mitigates ESG information greenwashing by decreasing information asymmetry, enhancing local government environmental governance capabilities, and fostering green innovation. The moderating effect analysis shows that executive environmental awareness, media supervision, and investor sentiment can amplify the reform's impact on reducing ESG information greenwashing. Heterogeneity analysis demonstrates that the reform's effect is more pronounced in companies that voluntarily disclose ESG reports, heavily polluting companies, and firms with high equity concentration. This study offers empirical evidence to support the enhancement of the environmental protection tax system and provides a new theoretical framework for addressing greenwashing in ESG information disclosure.
【原文链接】
https://www.sciencedirect.com/science/article/pii/S1059056025008202
一审 王培毓
二审 胡晗赟
三审 苏忠秦
