关键词: ESG表现, 同伴压力, 漂绿, 竞争压力, 社会压力

Abstract: Under the requirements for high-quality development, ESG information disclosure for listed companies has received significant attention. The government actively encourages listed companies to publicly disclose information regarding environmental and social responsibilities. However, some enterprises engage in“greenwashing”, where they selectively release information that helps them project an environmentally friendly image while deliberately concealing negative environmental information. This practice involves false environmental advertising and embellishing environmental performance through symbolic green actions. Therefore, a deeper understanding of greenwashing behavior and its driving factors is crucial for mitigating such practices and promoting high-quality green development among enterprises.
This study investigates whether the peer pressure from well-performing ESG (Environmental, Social, and Governance) companies exacerbates greenwashing behavior among underperforming ESG companies. The research focuses on A-share listed companies in the Shanghai and Shenzhen stock exchanges that disclosed ESG reports from 2012 to 2022. The findings indicate that the peer pressure significantly increases greenwashing activities. The growing competitive and social pressures lead companies to adopt symbolic green practices to cope with the peer pressure, while the moderating effect of the institutional pressure is not significant. Regarding external influencing factors, increased media scrutiny and social trust help mitigate the greenwashing effects induced by the peer pressure. Companies with a higher degree of greenwashing tend to respond to the peer pressure by reducing their investments in environmental protection and decreasing their green innovation outputs.
This study offers a new perspective on greenwashing research by examining the impact of peer pressure on corporate greenwashing behavior, enriches the study of its influencing factors,systematically explores how different types of external pressures moderate the impact of peer pressure on greenwashing behavior, and discusses the true drivers of such behavior. These conclusions provide references for alleviating greenwashing and aiding high-quality corporate development.

Key words: ESG Performance, Peer Pressure, Greenwashing, Competitive Pressure, Social Pressure