A Study on the Motivations and Governance Strategies for "Greenwashing" Behaviors of Chinese Enterprises in the Context of ESG Disclosure

Abstract

Against the backdrop of the "dual carbon" strategy, environmental, social, and governance (ESG) information disclosure has become a focal point for capital markets. However, some companies engage in misleading disclosure practices to "greenwash" their environmental performance, undermining market fairness and green transition objectives. This study, based on literature analysis and case studies, systematically examines the internal and external drivers of "greenwashing" behavior among Chinese firms, identifying key factors such as management incentives, organizational culture, governance deficiencies, investor preferences, regulatory arbitrage, and industry imitation. It proposes targeted governance strategies at the national, societal, and firm levels. The study finds that greenwashing is a rational choice driven by multiple intertwined factors, and governance must achieve synergy among institutional constraints, public oversight, and internal mechanisms. This research enriches the theoretical framework for studying corporate green behavior and provides practical reference value for improving ESG regulatory policies and enhancing the quality of corporate information disclosure.