Study On The Motivation And Economic Consequences Of Enterprise "Greenwashing" Behavior From The Perspective Of Dual Pressure

China is currently in a transition period of economic growth,and the green and low-carbon development model has received widespread attention.On the one hand,government environmental supervision is becoming increasingly strict,and the production and operation behavior of enterprises is facing greater environmental regulatory pressure;On the other hand,people’s concept of environmental protection continues to deepen,and green products are more popular in the market.However,some enterprises have tried to evade regulation and win favor through "green drifting" behavior,which has caused negative impacts on the entire society.Therefore,searching for the motivation of enterprises’ "green drifting" behavior and forming targeted solutions have become the focus of research.It has been pointed out in the literature that stress factors are the incentives for enterprises’ "green" behavior,but exogenous and endogenous pressures have not yet been incorporated into an analytical framework.Therefore,this article takes Lanfeng Biochemistry as a case study,based on a dual pressure perspective,to explore the causes and economic consequences of enterprise "green drifting" behavior.This article first introduces the research background and significance,combs the relevant literature on "bleaching green" behavior,and clarifies the achievements and shortcomings of existing research.Secondly,it analyzes the institutional background of corporate environmental information disclosure in China,and constructs a theoretical analysis framework based on the dual pressure perspective on the causes and economic consequences of corporate "green" behavior.Then,it introduces the general situation and market environment faced by the case company Lanfeng Biochemistry,and evaluates its "floating green" performance.On this basis,with the 2016 central environmental protection inspector as the dividing line,the "greening" behavior of Lanfeng Biochemistry is divided into three stages,focusing on the dual pressures to analyze the "greening" motivations of these three stages,and to analyze the economic consequences of the "greening" behavior of the enterprise before and after exposure from aspects such as market reaction,financial performance,and non-financial performance.The research finds that:(1)The motivation of enterprises’ "green drifting" behavior comes from endogenous pressure and exogenous pressure,and there is a certain degree of agreement between the two,forming a positive interaction,but there are differences in the pressure transmission mechanisms at different "green drifting" stages;(2)Prior to the exposure of the "floating green" behavior,the capital market did not respond strongly to the "floating green" behavior.The cost of environmental violations by enterprises was low,their financial performance remained stable,and they were able to maintain a certain customer advantage;(3)After the exposure of "floating green" behavior,the capital market presented a strong negative reaction,which severely impacted the profitability of enterprises,exacerbating the difficulty of debt financing,and causing a certain degree of loss of key customers.Finally,in order to curb the "green drifting" behavior of enterprises,this article puts forward countermeasures and suggestions from the aspects of government supervision,social constraints,green credit,and corporate governance.This article explores the internal and external causes of corporate "green drifting" behavior from the perspective of dual pressures,and constructs a theoretical analysis framework for the "motivation economic consequences" relationship,enriching relevant literature on the factors affecting corporate "green drifting" behavior,which is conducive to further standardizing corporate environmental behavior and promoting better performance of environmental responsibilities.