Can Industry‐Specific Information Disclosure Guidelines Alleviate Corporate Greenwashing?
Corporate Social Responsibility and Environmental Management
Published online on August 04, 2026
Abstract
["Corporate Social Responsibility and Environmental Management, EarlyView. ", "\nABSTRACT\nThis study explores how industry‐specific information disclosure guidelines (IIDGs) influence corporate greenwashing, using a sample of firms listed on the Shanghai and Shenzhen Stock Exchanges from 2008 to 2023. Drawing on insights from highly institutionalized ESG disclosure regimes, the study highlights the role of disclosure stringency in constraining greenwashing. Against this backdrop, the study examines whether sector‐specific disclosure regulation can effectively mitigate corporate greenwashing. Using the implementation of the IIDGs as an exogenous shock, we employ a staggered difference‐in‐differences (DID) model and find that corporate greenwashing is significantly reduced following the implementation of the IIDGs. A series of robustness checks confirm the reliability of the results, including parallel trend tests, placebo tests, propensity score matching, and alternative model specifications. Mechanism analyses suggest that IIDGs mitigate corporate greenwashing by attracting greater analyst attention and reducing information opacity. The effect is more pronounced among firms audited by non‐Big 4 auditors, firms in non‐polluting industries, and firms that do not adopt the Global Reporting Initiative (GRI) framework. This study demonstrates the significant role of IIDGs in mitigating corporate greenwashing, and provides empirical evidence for optimizing disclosure frameworks and promoting sustainable governance.\n"]