喻园管理论坛2025年第13期(总第1054期)

演讲主题：Does Greenwashing Pay Off? Evidence from the Corporate Bond Market

主讲人：王硕 爱丁堡大学助理教授

主持人：李安泰 计算金融系副教授

活动时间：2025年04月10日（周四）10:00-11:30

活动地点：必赢76net线路唯一官方网站107教室

主讲人简介：

王硕博士现任英国爱丁堡大学(University of Edinburgh)商学院财务会计系助理教授，并担任会计与金融硕士（MSc Accounting and Finance）项目主任。他拥有英国布里斯托大学金融与投资硕士学位及会计与金融博士学位，研究聚焦于企业信息披露对债券市场的影响。近年来，他的研究领域进一步拓展至供应链管理及可持续发展报告的审计与鉴证。其研究成果发表于European Accounting Review、Journal of Business Finance & Accounting、Accounting & Business Research及Journal of Supply Chain Management等国际权威期刊。

王硕博士现为欧洲会计学会学术委员会成员，并担任European Accounting Review、British Accounting Review、Accounting and Business Research、European Journal of Finance及Business Strategy & Environment等期刊的特邀审稿人，致力于推动会计与金融领域的学术发展。

活动简介：

This study investigates whether and how a firm’s greenwashing—the gap between its“green talk”and“green walk”—affects bond pricing. Using 3,810 public bonds issued by U.S. firms, we find a positive relationship between greenwashing and the cost of bonds. We identify the causal relation by using the Federal Trade Commission’s 2012 regulatory intervention to curb misleading environmental claims as an exogenous shock to greenwashing. We also find a more pronounced relation between greenwashing and the cost of bonds for firms whose credit rating is adjacent to the investment/speculative borderline, firms within environmentally sensitive industries, and firms with opaque information environments. Moreover, we show that greenwashing is associated with higher environmental litigation costs and a higher chance of rating disagreements among credit rating agencies, thus identifying risk and information channels through which greenwashing increases the cost of bonds. Overall, our results shed new light on the economic consequences of greenwashing through the lens of bondholders.