Cited by 1,569Corporate Social Responsibility ReportingEnvironmental Sustainability in BusinessAuditing, Earnings Management, Governance

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Greenwash: Corporate Environmental Disclosure under Threat of Audit

Lyon, Thomas P., Maxwell, John W.·2011·Journal of Economics & Management Strategy

DOI 10.1111/j.1530-9134.2010.00282.x

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Abstract

We develop an economic model of “greenwash,” in which a firm strategically discloses environmental information and an activist may audit and penalize the firm for disclosing positive but not negative aspects of its environmental profile. We fully characterize the model's equilibria, and derive a variety of predictions about disclosure behavior. We rationalize conflicting results in the empirical literature, finding a nonmonotonic relationship between a firm's expected environmental performance and its environmental disclosures. Greater activist pressure deters greenwash, but induces some firms to disclose less about their environmental performance. Environmental management systems discourage firms with poor expected environmental performance from greenwashing, which may justify public policies encouraging firms to adopt them.

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Authors: Lyon, T. P., & Maxwell, J. W.
Affiliations: University of Michigan (US)
Indiana University Bloomington (US)
ORCID: Lyon, Thomas P.
Maxwell, John W.
Venue: Journal of Economics & Management Strategy
Publisher: Wiley
Published: 2011-02-24
Volume: 20
Issue: 1
Pages: 3-41
ISSN: 1058-6407 (ISSN-L)
DOI: 10.1111/j.1530-9134.2010.00282.x
OpenAlex: W3125595071
Cited by: 1,569
References: 19
Citations by year: 2026: 280 · 2025: 224 · 2024: 189 · 2023: 168 · 2022: 104 · 2021: 102 · 2020: 106 · 2019: 63 · 2018: 63 · 2017: 58 · 2016: 34 · 2015: 44 · 2014: 42 · 2013: 28 · 2012: 41
FWCI: 125.41
Type: journal article
Language: en
Open access: closed
Licence: doi.wiley.com/10.1002/tdm_license_1.1 (tdm, 1650 d)
Locations: Journal of Economics & Management Strategy (publishedVersion)
RePEc: Research Papers in Economics (submittedVersion)
Deep Blue (University of Michigan) (submittedVersion)
eScholarship (California Digital Library) (submittedVersion)
Topics: Social Sciences › Business, Management and Accounting › Strategy and Management › Corporate Social Responsibility Reporting
Social Sciences › Business, Management and Accounting › Marketing › Environmental Sustainability in Business
Social Sciences › Business, Management and Accounting › Accounting › Auditing, Earnings Management, Governance
Keywords: greenwashing, corporate environmental disclosure, activist investors, corporate auditing, disclosure incentives, environmental performance, environmental management systems, strategic disclosure

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Greenwash: Corporate Environmental Disclosure under Threat of Audit

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