Greenwashing as an Unconventional Resource Channel for Corporate R&D Investment in China

DOI

10.2991/978-94-6239-777-4_81How to use a DOI?

Keywords

Greenwashing; R&D Investment; ESG Performance; Financing Constraints

Abstract

Using a sample of A-share firms listed in Shanghai, Shenzhen, and Beijing from 2014 to 2024, this study investigates the impact mechanism of corporate greenwashing on innovation investment. The degree of greenwashing is measured and its relationship with research and development (R&D) intensity is examined, with environmental, social, and governance (ESG) performance and financing constraints incorporated as moderator variables. Empirical results indicate that greenwashing exerts a significant positive effect on R&D investment, a resource crowding-in effect concentrated among non-state-owned enterprises. Financing constraints significantly attenuate this main effect, whereas actual ESG performance does not display a significant moderating role. These findings reveal a mechanism by which spurious green signals can be converted into innovation resources through capital market channels in transitional economies. The analysis further clarifies the heterogeneous logic of the greenwashing effect from an ownership perspective and provides empirical evidence concerning the governance effectiveness of the ESG rating system. The conclusions offer practical implications for optimizing the allocation of green financial resources and strengthening supervision of environmental information disclosure.

Copyright

© 2026 The Author(s)

Open Access

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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TY  - CONF
AU  - Xiang Fang
PY  - 2026
DA  - 2026/09/30
TI  - Greenwashing as an Unconventional Resource Channel for Corporate R&D Investment in China
BT  - Proceedings of the 2026 8th International Conference on Economic Management and Cultural Industry (ICEMCI 2026)
PB  - Atlantis Press
SP  - 796
EP  - 807
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6239-777-4_81
DO  - 10.2991/978-94-6239-777-4_81
ID  - Fang2026
ER  -