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	企业漂绿行为曝光的资本市场惩戒效应研究; The Punishment Effect of Capital Market to the Exposure of Corporate's Greenwashing Behaviors
	王欣 ; 郑若娟 ; 马丹丹
	2015-11-15
关键词	伪社会责任 漂绿行为 资本市场 惩戒效应 pseudo corporate social responsibility greenwashing behaviors capital market punishment effect
英文摘要	本文基于资本市场的视角,旨在探讨市场对企业漂绿这类伪社会责任行为的反应。以《南方周末》2011—2013年发布的“漂绿榜“上榜企业为样本,应用事件分析法,分析企业漂绿行为曝光后资本市场的反应。实证研究表明,企业漂绿行为曝光后,资本市场对企业形成了一定的惩戒效应,但并不十分显著;资本市场对“公然欺骗““空头支票““本末倒置“和“政策干扰“这类漂绿行为反应敏感,当这类行为曝光时,企业股价显著下降;而对“前松后紧““声东击西““故意隐瞒““模糊视线““适得其反““双重标准“这类漂绿行为,资本市场几乎没有反应。此外,当企业漂绿行为曝光所在地与企业上市所在地相同时,资本市场的惩戒效应显著;当两地不相同时,惩戒效应不显著。; In the past several decades,corporate social responsibility(CSR) has been paid great attention,and more and more corporates have engaged in various CSR initiatives.However,a phenomenon in the field of CSR called "greenwashing" gradually comes into people's view,which was firstly recognized in the year of 1986 as a new term.As a kind of pseudo corporate social responsibility behavior,the corporate involving in greenwashing aims to build up a socially responsible reputation with less cost,and expect that it can result in economic return to corporate or avoid the punishment due to irresponsible behaviors.But what is the truth? What kind of impact it will bring to the corporate's economic value when greenwashing behavior is exposed? What kind of factors will affect the effect? The answer to the above questions can drill down on corporate social responsibility theory as well as organizational behavior theory.In particularly,the study on this new phenomenon is significant when people nowadays do not fully aware the negative effects of the pseudo corporate social responsibility to the corporate itself and the society as whole.Comparing to the widespread practice of greenwashing and pseudo corporate social responsibility in China,current research on this issue is badly in need.Therefore,this paper tries to analyze how market react to this kind of pseudo corporate social responsibility behaviors from the perspective of capital.Concluded from related researches,three hypothesis have been proposed as be below.H_1:The exposure of greenwashing behaviors will result in negative abnormal return,which means the stock price of the listed company will have a significant negative effect when its greenwashing behavior is exposed.H2:Capital market will react differently to different types of greenwashing behaviors.H_3:Region as a factor will affect the punishment effect of capital market to the exposure of corporate' s greenwashing behaviors.The sample used in this paper are the companies listed in the "Greenwashing Profile",which was published by South Weekend in the year of 2011,2012 and 2013.This "Greenwashing Profile" is the first and most influential list concerning with the pseudo corporate socially responsible behavior in China.Event study is applied as the analysis methodology.The publish of "Greenwashing Profile" is taken as the critical incident.The empirical analysis reaches the following main findings:Firstly,the capital market do react negatively to the exposure of corporate' s greenwashing behaviors,but not much significant.Secondly,the capital market has different sensitivity to different types of greenwashing behaviors.According to South Weekend,there are ten different greenwashing behaviors,and the capital market is sensitive to the following greenwashing behaviors,for example,cheating openly,the hollowness of promises,putting the cart before the horse,interfering policy making.It means that the stock price of the corporates do decline when their above greenwashing behaviors are exposed.Meanwhile,the capital market has little reaction to the following greenwashing behaviors,for example,being slack at the beginning and have to speed up towards the end,making a feint to the east but attacking in the west,blurring the vision,double standards.It also finds that,capital market reacts significantly when the exposure site of the greenwashing behaviors is the same with where the corporate go listed and there is little reaction when they are not unanimous.The above findings imply that greater effort should be made to increase people's awareness with the harm of pseudo corporate social responsibility,and further research should focus more on the nature of pseudo corporate social responsibility behaviors and its difference with social irresponsibility ones.; 中国社会科学院马克思主义理论学科建设与理论研究项目“马克思主义价值创造理论在中国的新发展”
语种	zh_CN
内容类型	期刊论文
源URL	[http://dspace.xmu.edu.cn/handle/2288/113614]
专题	经济学院－已发表论文
推荐引用方式 GB/T 7714	王欣,郑若娟,马丹丹. 企业漂绿行为曝光的资本市场惩戒效应研究, The Punishment Effect of Capital Market to the Exposure of Corporate's Greenwashing Behaviors[J],2015.
APA	王欣,郑若娟,&马丹丹.(2015).企业漂绿行为曝光的资本市场惩戒效应研究..
MLA	王欣,et al."企业漂绿行为曝光的资本市场惩戒效应研究".(2015).

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